The study finds there are bright spots within under-served demographic groups when it comes to income inequality, retirement insecurity and household debt. However, some groups have suffered disproportionately in the wake of the Great Recession. (Photo: Shutterstock)
When it comes to finances, socioeconomic factors take a toll on particular groups within the U.S. population .
According to Prudential Financial's financial wellness census “The Cut – Exploring Financial Wellness Within Diverse Populations,” there are bright spots within under-served demographic groups when it comes to income inequality, retirement insecurity and household debt.
However, some groups have suffered disproportionately in the wake of the Great Recession.
Unique challenges
The study looks at the unique challenges facing Asian Americans, blacks, Latinos, caregivers, women and the LGBTQ community. It finds, among many things, the following:
- Black Americans, Asian Americans and Latino Americans are far more likely than the general population to be providing financial support to extended family members.
- More than half of women are the primary breadwinners in their households, as well as taking on more nonfinancial responsibilities than men.
- Caregivers (many of whom are women) are also not just providing care, but “still working outside the home at levels that almost match those who are not caregivers.”
- Both men and women in the LGBTQ community tend to earn less than the general population.
Asian Americans
Within the Asian community, foreign-born Asians are more likely than the general population to be taking advantage of a workplace retirement plan, while U.S.-born Asians are less likely.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
