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Retirement financial planning among black professionals.

V Richardson, K M Kilty

    The Gerontologist
    |February 1, 1989
    PubMed
    Summary

    Financial planning patterns showed similarities between Black and White professionals, with income and age being key predictors. Both groups expected continued income and relied on pensions or spouses.

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    Area of Science:

    • Socioeconomics
    • Behavioral Finance

    Background:

    • Financial planning is crucial for long-term economic security.
    • Understanding demographic differences in financial behaviors is essential for targeted policy and education.

    Purpose of the Study:

    • To compare financial planning extent and patterns between Black and White professionals.
    • To identify significant predictors of financial planning across racial groups.

    Main Methods:

    • Comparative analysis of financial planning data from 234 Black professionals and a comparable group of White professionals.
    • Statistical examination of income expectations, supplementary income sources, retirement income, and spousal dependency.

    Main Results:

    • Similar expectations regarding continued income, supplementary employment, pension income, and spousal financial support were observed in both groups.
    • Black professionals invested less in stocks, bonds, and bank certificates compared to White professionals.
    • Income and age emerged as the most significant predictors of financial planning for both racial groups.

    Conclusions:

    • Despite some differences in investment vehicles, core financial planning expectations are comparable across Black and White professionals.
    • Income and age are critical determinants of financial planning behaviors, irrespective of race.
    • Future interventions should consider these universal predictors to enhance financial planning efficacy.

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