Sunday, August 9, 2009

Minorities Make "Cents" of the Economy


An interesting new study by Citi Financial shows an interesting turn of events in minority communities in direct relation to the economic challenges of this current recession. Citi surveyed low to moderate income Hispanic and Africans in communities across the country on their individual perspectives on their finances and the state of the economy. The first cities' data to be released is Chicago. The findings are not only positive, but quite interesting when compared to the national perspective in the same tax bracket.

Taken From Target Market News

Eighty-two percent of the African-Americans surveyed said they believe the economy will improve (48 percent) or stay the same (34 percent) over the next six months.

Seventy-five percent of the Hispanic residents surveyed said they believe the economy will improve (49 percent) or stay the same (26 percent) for the same period.

In comparison, 67 percent of the respondents in the cross-ethnic, national sample said they think the economy will improve (38 percent) or stay the same (29 percent).

In terms of the local economy, 72 percent of the Chicago-area African-Americans surveyed believe that their local economy will improve (22 percent) or stay the same (50 percent) over the next six months. This is similar to the results from the respondents in the cross-ethnic, national sample, 73 percent of whom believe that their local economy will improve (22 percent) or stay the same (51 percent). However, among the Chicago-area Hispanics polled, a full 81 percent believe that their local economy will improve (28 percent) or stay the same (53 percent) for the same period.

Other findings in the study showed that even though African Americans and Hispanics have a more positive outlook on the state of the economy, they are taking the financial changes lightly. Respondents admitted to watching their spending and saving much more closely in this new age.

I personally think that it is great to see the minority communities not taking this recession with a grain of salt. It is definitely a time to focus on bettering our financial health, but at the same time not losing all optimism for the future. It will be interesting to see how other samples from major cities compare to the Chicago sample. Let's hope they follow suite.

-MiKe

mike@thenantandmikeshow.com

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