A recent survey by Achieve, a leading digital personal finance company, sheds light on the financial attitudes and aspirations of Black Americans. The study paints a complex picture, revealing optimism amidst financial challenges. Despite facing significant hurdles like inflation and debt, the survey reveals a prevailing sense of resilience and hope regarding financial well-being in the coming year.
The survey, designed to understand Black Americans’ financial pain points and aspirations, underscores the hardships faced by many. A staggering 76% of respondents live paycheck-to-paycheck, highlighting the prevalence of financial stress. Inflation adds further pressure, with nearly half expecting increased grocery expenses and 40% anticipating higher utility costs in 2024.
Yet, amidst these concerns, a remarkable sense of optimism persists. A significant 56% of respondents expect an increase in household income over the next year. This optimism extends beyond income, many also harbor hopes of bolstering savings and tackling debt in 2024.
Brad Stroh, Co-Founder and Co-CEO of Achieve, acknowledges the challenges while highlighting the resilience and determination of Black Americans. He states, “Our research shows that while many Black Americans are optimistic about their income and earning potential, paying off debt and managing inflation’s impact on household finances remain major concerns.”
The survey also reveals the financial goals driving Black consumers in 2024. Making more money and increasing savings are top priorities for over half of respondents, closely followed by paying down debt. Notably, investing in cryptocurrency and selling a home rank lower on the list of financial aspirations.
While access to traditional banking services remains high among Black Americans, building a significant financial cushion remains challenging. Despite 79% having a checking account, 58% report balances of less than $500. A similar trend is observed with savings accounts, where 63% have an account, but 50% hold less than $500.
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The Achieve survey, conducted in January 2024 with a sample size of 556 Black/African American respondents, offers valuable insights into their financial landscape. Additionally, the survey included 830 respondents overall, ensuring representation across various demographics.
The Achieve Center for Consumer Insights spearheaded this research, leveraging the company’s expertise in digital personal finance. Their mission is to provide actionable insights and support Achieve’s mission of empowering individuals to achieve financial stability.
As a beacon of financial empowerment, Achieve continues to serve its diverse customer base through its mobile app, Achieve MoLO (Money Left Over). The company offers personal loans, debt resolution services, and educational resources, backed by over 2,500 dedicated team members nationwide.
