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African Americans tend to look at obtaining life insurance as a financial goal. While more likely to be underinsured, 80 percent of African American respondents in the New York Life study ranked having life insurance as a primary financial goal. By comparison, 63 percent of all adults in the overall population felt the same way.
African Americans tend to be more proactive in trying to solve financial stresses than whites, the study found.
“Although African Americans report more financial stress than the general population, they are consistently working to mitigate it by seeking guidance from trusted advisors to ensure their families’ futures are protected, and their broader retirement and wealth planning needs are met,” said Eric Jackson, corporate vice president and market manager at New York Life.
