State-Of-Black-Oregon-2015

BLACK FINANCIAL EXPERIENCEIn general, Black Americans are inadequatelyprepared for retirement. 3Blacks retire earlierthan the general population and withthe medianless than halfsavings in their employer plans—$9,000 compared with $20,000. 4Blacks are more likely to use credit cards and lesslikely to have savings accounts. Many report notlearning financial skills from their parents. Blackcollege graduates say that they’re disadvantagedby a lack of financial literacy and by their inabilityto manage debt. 5Financial literacy programs can overcome thesebarriers. Such programs should help participants:• Know their legal rights• Access financial products and options• Gain awareness of individual susceptibility totemptation• Develop structures to facilitate good financialdecisions• Enlist social networks to promote positiveactions regarding personal finance. 6Social Security is a critical program tohelp older Blacks as well as children• Social Security benefits are the onlysource of income for two of every fiveBlack retiree households age 65 or olderreceiving benefits.• More than a third of Blacks expect SocialSecurity to be their major source ofretirement income.• One of every five children (nearly 21percent) who receive Social Securitydisability benefits is Black.• Social Security keeps roughly one-thirdof older Blacks and Hispanics and 20percent of older Asians out of poverty.Nonetheless, high poverty rates persistamong these groups.• In Oregon, 91.6 percent of older Blacksreceive Social Security benefits, which theyhave earned through a lifetime of work. 7118