African American investors are more confident in their financial futures than the average investor, and a new survey has found that slightly more than half say they are better off now than they were three years ago.

The optimism and confidence articulated by African American investors is encouraging, said Jeff Cosby, financial advisor and vice president in the Bloomington, Minn., office of Wells Fargo Advisors.

The survey found that 45 percent of African Americans who responded have cut back on their spending as a way to save money for retirement and 40 percent of that demographic, those who haven't retired yet, have a savings plan in place. Individuals who make more than $100,000 a year are more likely to have a retirement plan in place than those who earn less.

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