Diversity and financial wellness: Prudential study explores financial lives of Americans by race, gender, sexual identity, caregiver status

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NEWARK, N.J.–(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.

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.

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