Diversity & financial wellness: Prudential study explores financial lives of Americans by race, gender, sexual identity, care...
December 11 2018 - 8:00AM
Business Wire
Bright spots and areas of optimism exist within traditionally
underserved groups in the face of income inequality, retirement
insecurity and household debt, new data from Prudential Financial,
Inc. (NYSE: PRU) reveals. The in-depth exploration of data from
Prudential’s Financial Wellness Census™ highlights the dramatic
differences in the experiences of diverse populations within the
U.S., many of whom were disproportionately impacted by the 2008
financial crisis.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20181211005437/en/
"The Cut - Exploring Financial Wellness
Within Diverse Populations" is based on a survey of more than 3,000
U.S. adults and examines the financial lives of a diverse group of
Americans.
The report, “The Cut – Exploring Financial Wellness Within
Diverse Populations,” is based on a survey of more than 3,000 U.S.
adults and examines the financial lives of a diverse group of
Americans: women, black Americans, Latino Americans, Asian
Americans, caregivers, and the LGBTQ community.
“Resilient and diverse communities are the foundation of a
stable and strong economy. Their progress enables our progress,”
said Judy Dougherty, Prudential’s financial wellness officer. “This
new analysis presents a layered portrait of the financial lives of
Americans and exposes factors that underlie and sometimes impede
our ability to achieve financial security. These insights are
critically important to Prudential’s businesses, informing our
efforts to develop products and services that help more Americans
improve their financial health.”
The data highlights challenges and opportunities
The research details the wide range of outcomes, experiences and
attitudes among traditionally underserved communities. For
example:
- By significant margins, black Americans
at all income levels are more likely than the general population to
prioritize helping others financially: taking care of parents or
other family members, providing college tuition for their children,
helping children with a down payment on a home, leaving an
inheritance to their heirs, and giving to charity.
- The average annual income for women in
the survey was $52,521, compared with $84,006 for men—women
reported earning about 63 cents for every dollar earned by men.
Additionally, 54 percent of all women reported being the primary
breadwinner in their household, irrespective of its makeup.
- Thirty-eight percent of caregivers in
the study do not think they will ever be able to retire versus only
25 percent of non-caregivers. Although caregivers for children with
special needs were as likely as other caregivers and non-caregivers
to have a defined contribution retirement plan, they were also the
most likely to have taken a loan or hardship withdrawal.
“The journey to financial wellness is deeply personal,” said
Lata Reddy, Prudential’s senior vice president, Diversity,
Inclusion & Impact. “While there are common experiences that
tie us all together, there are also distinct factors that are
unique to our individual journeys that impact the ultimate
destination. These factors need to be clearly understood for true
progress to be made. The first step is to actively listen to the
voices in our communities, and it is in this spirit that this
research was conducted.”
For more information, view the full report, “The Cut – Exploring
Financial Wellness Within Diverse Populations.” Prudential has also
created a three-minute self-assessment to enable individuals to
discover where they stand on their own personal path to financial
wellness. To take the financial wellness assessment and to explore
a visualization of its data, visit prudential.com/stateofus.
Prudential Financial Wellness Census methodology
The original Financial Wellness CensusTM was conducted by
Prudential’s Decision Insights Group and Chadwick Martin Bailey
within the United States between Sept. 20 and Oct. 9, 2017, among a
nationally representative sample of 3,013 U.S. adults ages 25-70.
For the complete survey methodology, including weighting variables
and subgroup sample sizes, please contact
prudential@sharpthink.com.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial services
leader with more than $1 trillion in assets under management as of
September 30, 2018, has operations in the United States, Asia,
Europe, and Latin America. Prudential’s diverse and talented
employees are committed to helping individual and institutional
customers grow and protect their wealth through a variety of
products and services, including life insurance, annuities,
retirement-related services, mutual funds and investment
management. In the U.S., Prudential’s iconic Rock symbol has stood
for strength, stability, expertise and innovation for more than a
century. For more information, please visit
news.prudential.com.
1014426-00001-00
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181211005437/en/
MEDIA CONTACT:Prudential Financial, Inc.Yemi
Rose973-802-7641yemi.rose@prudential.com
Sharp CommunicationsBeverly Basiga212-829-0002
ext.113bb@sharpthink.com
Prudential Financial (NYSE:PRU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Prudential Financial (NYSE:PRU)
Historical Stock Chart
From Apr 2023 to Apr 2024