Study Finds African Americans Dream Big, But Struggle to Reach Financial Goals

Northwestern Mutual study reveals insights on African Americans' finances for Black History Month

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Feb 17, 2016, 08:00 ET

MILWAUKEE, Feb. 17, 2016 /PRNewswire/ -- Seven in 10 African Americans currently do not have a long-term financial plan. While most African Americans have set financial goals, many feel they are not on track to achieve financial success without a long-term financial plan. In recognition of Black History Month, Northwestern Mutual has identified opportunities to help African Americans achieve their financial dreams.

According to a 2015 Northwestern Mutual study, Elements of Success, only 1 in 5 African Americans have set financial goals.

According to the Elements of Success Study, conducted by Northwestern Mutual in 2015, African Americans dream big dreams but represent untapped potential when it comes to their finances. Study insights reveal African Americans have a strong desire to set financial goals, but lack a plan or resources to achieve them.

"These insights reveal a significant gap when it comes to what African Americans want for their financial futures and where they actually are on their journey," said Francisca Brown, director of multicultural marketing for Northwestern Mutual. "The findings also emphasize the important role of our company, our financial representatives and the financial services industry to engage, educate and connect with African Americans so we can help close that gap and prepare this demographic for a bright financial future."

Key findings from the study highlight opportunities for African Americans to expand their financial education and take steps today towards creating a financial plan.

Only 1 in 5 African Americans has set clear financial goals.
7 in 10 African Americans do not have a long-term financial plan.
Half of African Americans think they don't make enough money to employ a financial representative, and 1 in 4 don't know where to start.

Visit www.northwesternmutual.com to learn more about creating a plan that will provide the financial foundation to help achieve life's biggest dreams.

Methodology
Harris Poll conducted over 4,300 interviews in June 2015. The interviews were completed among U.S. adults age 18+ and included members of the general population.

About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for nearly 160 years. Our financial representatives build relationships with clients through a distinctive planning approach that integrates risk management with wealth accumulation, preservation and distribution. With more than $230 billion in assets, $27 billion in revenues and more than $1.5 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.2 million people who rely on us for insurance and investment solutions, including life, disability and long-term care insurance; annuities; trust services; mutual funds; and investment advisory products and services.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI, and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; and Northwestern Long Term Care Insurance Company.

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SOURCE Northwestern Mutual