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  • More Than Half of Black Employees Say the Pandemic Caused Them to Re-Evaluate What Matters Most Financially

    July 19, 2022 by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–The pandemic’s onset in the U.S. has surpassed the two-year mark and the crisis has had long-term effects on financial attitudes and behaviors across various demographics—including a few silver linings. According to Lincoln Financial Group’s (NYSE: LNC) 2021 Retirement Power® study, Black employees are more likely than the total population to report the pandemic caused them to re-evaluate what matters most to them financially (55% vs. 44%). And among those who re-evaluated what’s important to them, more than a third (34%) say they have a new attitude about money and place a greater value on their personal finances.

    Putting finances first
    “COVID-19 created financial challenges in many segments of the population, but our research underscores that Black Americans have been most impacted and are looking for solutions to help them achieve positive outcomes for the future,” said Ed Walters, senior vice president, Chief Operating Officer and Head of Wealth Management for Lincoln Financial Network. “By focusing on their wallets and financial planning, Black Americans will be in a stronger position to not only weather the next crisis, but to also build generational wealth.”

    Lincoln’s data went on to reveal that although 93% of Black workers reported having two or more competing financial priorities, they are the most focused of any demographic on setting financial goals, which is a key first step toward financial security. Almost half (45%) reported setting a budget for expenses this year, compared to 34% of the total population, and they also lead in goal setting for the following areas:

    • Retirement savings (40% vs. 33%)
    • Debt repayment (46% vs. 36%)
    • Other savings priorities (40% vs. 31%)

    While it is good news that Black employees recognize the need to set goals and prioritize their finances, debt is one area that remains an ongoing concern. Lincoln’s Retirement Power® research showed that Black employees are more likely to view debt as a problem than the total population (85% vs. 73%).

    “At Lincoln, one of our top priorities is financial security, which is why we partner with community organizations to provide knowledge, tools and access to guidance that empowers people to feel more confident about their finances,” said Kameka Grady, assistant vice president, Marketplace & Community Diversity for Lincoln Financial. “Each demographic has unique priorities. As such, Lincoln partners with industry peers, personalizes its education and resource offerings to meet the needs of the diverse communities we serve, including Black consumers.”

    Supporting community needs
    In September 2020, Lincoln Financial Group announced its action plan to amplify the company’s ongoing commitment to diversity and inclusion and drive meaningful, measurable change. As part of that long-term plan, Lincoln Financial Network (LFN), the retail wealth management arm of Lincoln Financial Group, launched its African American Financial Professional Network (AAFPN) that is designed to support advisor development efforts, attract more Black financial professionals to LFN, and to help define new strategies for supporting multicultural clients.

    Additionally, Lincoln’s AAFPN recently announced a unique partnership with Changing How Individuals Prosper (CHIP) Professionals, which provides access and opportunity to Black and Latino financial professionals and consumers by using CHIP’s online platform to easily match consumers with financial professionals who can help support their financial goals.

    “According to the 2021 Multicultural Report from the University of George’s Selig Center for Economic Growth, the spending power of Americans of African descent increased to over $1.6 trillion dollars,” said Carl Myers, who is a board member of the AAFPN, as well as a registered representative of Lincoln Financial Securities and a financial professional with WealthPlan Financial Group. “That’s great news! As a result, we must continue to focus on important financial actions like saving and investing, owning a home, purchasing life insurance, improving our credit scores, establishing a will and owning successful businesses.”

    Taking steps forward
    Myers recommends three tips to help Black consumers and all Americans build wealth, especially during these times of high inflation:

    1. Create a budget. Review your current income and expenses, while seeking ways to reduce discretionary spending on items like dining, traveling, clothing and entertainment. Create a simple budget so you can prioritize increased savings and retirement contributions to strengthen your financial future. Take advantage of any online budgeting tools and worksheets to help.
    2. Lower your interest rates. As part of a holistic financial plan, identify ways to reduce interest rates on your vehicle loans, home mortgages and credit cards. This can have a direct impact on your ability to contribute more towards your long-term financial security, such as retirement planning, life insurance, college funding and long-term care. The results of your efforts can provide peace of mind and financial security for your family during unforeseen life events.
    3. Meet with a financial professional. Financial planning revolves around you and your family’s financial philosophy and vision. As part of the process, a financial professional can help identify your needs and objectives, as well as evaluate your current situation. For example, seeking additional income sources might be one recommendation to help strengthen your finances. Trusted advice can help inform financial decisions and create a legacy for the future.

    For more information, tools and resources, visit www.LincolnFinancial.com.

    About the 2021 Retirement Power® Study
    The 2021 Retirement Power® Study was conducted by Greenwald Research on behalf of Lincoln Financial Group, who has been measuring consumer perspectives on retirement via the Retirement Power® research program since 2012. While prior years of the study focused solely on plan participants, the 2021 research surveys all full-time workers who are eligible to contribute to an employer-sponsored retirement plan. This includes both “Participants” and “Non-Participants,” the latter being those who are offered a retirement plan at work but do not participate. Information for this study was gathered through an 18-minute online survey with a total of 2,535 full-time workers, including 2,030 Participants and 505 Non-Participants. Respondents for the survey were recruited through the Dynata online panel. Online interviewing took place from February 19 to March 18, 2021. Quotas were established by generation (including Gen Z, Millennials, Gen X, and Baby Boomers) and for Participants of certain ethnic/racial backgrounds to ensure comparability and representativeness. The data are weighted by gender, age, race/ethnicity, education, and Participant/Non-Participant status to reflect the total population of full-time workers. If this study were a random survey of 2,535 employed individuals in a retirement plan, it would have a margin of error (at the 95% confidence level) of plus or minus about 2 percentage points.

    About Lincoln Financial Group
    Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, approximately 16 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $308 billion in end-of-period account values as of March 31, 2022. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good and ranks among Newsweek’s Most Responsible Companies. Dedicated to diversity, equity and inclusion, we are included on transparency benchmarking tools such as the Corporate Equality Index, the Disability Equality Index and the Bloomberg Gender-Equality Index. Committed to providing our employees with flexible work arrangements, we were named to FlexJobs’ list of the Top 100 Companies to Watch for Remote Jobs in 2022. With a long and rich legacy of acting ethically, telling the truth and speaking up for what is right, Lincoln was recognized as one of Ethisphere’s 2022 World’s Most Ethical Companies®. Learn more at: www.LincolnFinancial.com. Follow us on FacebookTwitterLinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

    Contacts

    Media Contacts:
    Holly Fair
    Lincoln Financial Group
    484-583-1632
    Holly.fair@lfg.com

    Originally Posted at BusinessWire on July 12, 2022 by Lincoln Financial Group.

    Categories: Industry Articles
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