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Fewer Black, Asian Americans Get Financial Planning Aid: Allianz

By Max Reyes

Black and Asian Americans are trailing when it comes to getting professional help with their finances, a gap fueled by lack of money and costs, according to a survey by Allianz Life Insurance Co. of North America.

Results published recently show that 46 percent of white people are working with professionals to plan their finances, while 38 percent of African Americans, 36 percent of Asian respondents and 44 percent of Hispanic people are doing the same.

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More than one-third of Black people cited not having enough money when asked why they weren’t working with a financial professional, while some 45% of Asian Americans responded that it was too costly.

Overall, all groups surveyed reported a similar level of concern that they wouldn’t have enough money saved for retirement, according to the online poll of 1,000 Americans conducted by Allianz in December.

The three minority groups –African American, Asian and Asian American, and Hispanic — identified a similar slate of top retirement risks. Asian Americans were most worried that rising health-care costs would make treatment unaffordable or that the cost of living would stop them for paying for necessities. African Americans were the least concerned about these risks, while Hispanic Americans tended to fall between the two groups in terms of concern.

More stories like this are available on bloomberg.com

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