The Ariel Mutual Funds/Charles Schwab & Co., Inc. Black Investor Survey. Saving and Investing Among High Income African-American and White Americans

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1 The Ariel Mutual Funds/Charles Schwab & Co., Inc. Black Investor Survey: Saving and Investing Among High Income African-American and Americans April,

2 Prepared for Ariel Mutual Funds and Charles Schwab & Co., Inc. For further information, contact Ariel Mutual Funds: ARIEL Charles Schwab & Co., Inc.:

3 TABLE OF CONTENTS Background and Objectives.. 5 Methodology Highlights of Previous and Current Studies Investing Habits o Investors vs. Non-Investors Over Last 2 Years 13 o Likelihood to Begin Investing..14 o Likelihood to Begin Investing Among Younger African-Americans.. 15 o Goal for Savings and Investing 16 o Goal for Savings and Investing Among Those Under 35 Years Old.. 17 o Life Event Most Impacting Investing Habits Family Financial Support o Financial Support of Parents o Financial Support of Adult Children o Funding of Children s Education. 22 o Amount Saved for Children s Education o Investments as a Gift 24 o Expectation of Inheritance o Leaving an Inheritance. 26 CONTINUED NEXT PAGE 2

4 TABLE OF CONTENTS (CONTINUED) Preparing for Retirement o Investments in Employer-Sponsored Retirement Programs o Retirement Account Savings o Monthly Retirement Account Contributions o Retirement Plans.. 31 o Sources of Retirement Income 32 o Most Important Source of Retirement Income Attitudes About Money, Wealth, and Investing o Financial Background. 35 o Attitudes About Investing o Contributors to Overall Wealth...38 o Attitudes About Making Money in America.. 39 o Attitudes About Making Money Among $100K+ Income Category. 40 o Attitudes About African-American Wealth Creation o Most Important Component of Success.. 42 o Best Use of Federal Budget Surplus o Attitudes About the Financial Services Industry 44 o Preference for African-American Financial Advisors 45 o Choice of Black-Owned or Managed Mutual Fund As Part of 401(k) Plan.. 46 o Responsibility For Teaching About Investing 47 o Perception of Best Investments Overall o Preference for Index Funds vs. Actively Managed Funds..49 o Key Attitudinal Differences Between Younger and Older African-Americans 50 CONTINUED NEXT PAGE 3

5 TABLE OF CONTENTS (CONTINUED) Savings and Spending Habits. 51 o o o o o o Investing as a Source of Current Income Paying Off Credit Cards.. 53 Annual Household Spending on Vacations. 54 Annual Household Charitable Contributions Borrowing Money From Employer-Sponsored Retirement Plan Borrowing Money From Whole Life Insurance.. 57 Study Participant Profile o Demographic Comparison o Demographic Profile o Financial Profile

6 BACKGROUND AND OBJECTIVES Ariel Mutual Funds and Charles Schwab & Co., Inc. commissioned Neuwirth Research Inc. to conduct primary research comparing and contrasting high income (household income of $50,000 or more) African-Americans and s in terms of their savings and investment attitudes and behaviors. This study builds upon similar studies conducted in January 1998 and January The main objective of this research is the following: To identify similarities and differences between high income African-Americans and s with regard to saving and investing. More specific objectives include: To build upon previous research and identify any changing attitudes or behaviors. To better understand how past influences and underlying beliefs may impact how African-Americans and s think about financial matters. To better understand the expectations and issues that African-Americans and s face in their financial futures. 5

7 METHODOLOGY 605 African-Americans and 607 s were interviewed by phone during late November and early December, All respondents were over the age of 18 and had a household income of at least $50,000. Additionally, all identified themselves as the primary or joint decision-maker in the household in terms of investment decisions. The sample, national in scope, was drawn via a random-digit dialing technique which ensured an equal probability of contacting individuals with unlisted as well as listed numbers within the target areas. These areas included census exchanges that have a median income of $40,000 or more, as well as census exchanges that have, in addition, a 25 or above African American population. The survey ran for an average of 23 minutes. The margin of error for African-Americans (605 respondents) is ±3.99. For s (607 respondents) the margin of error is ±

8 HIGHLIGHTS OF JANUARY 1998 STUDY The 1998 study revealed a number of interesting differences between the two groups surveyed, such as how, relative to s, African-Americans: Are underinvested in the stock market, due to several social and cultural reasons Prefer more conservative investment vehicles, including life insurance; also regard real estate as the best investment overall Have less wealth than s with similar incomes Are less likely to rank retirement as their #1 goal in terms of savings and investing Are less likely to trust financial advisors 7

9 HIGHLIGHTS OF JANUARY 1999 STUDY The 1999 study built on the previous year s findings to help identify why certain attitudes and behaviors are so divergent. The reasons for the differences were found to include: African-Americans were introduced to savings and investing tools later in life African-Americans are motivated to invest in more conservative investment vehicles because of the feeling of security those investments provide African-Americans feel that brokers greed may influence the advice they give African-Americans say a lack of knowledge prevents them from making investments Spending patterns, beyond paying for basic necessities, are different between s and African Americans At the same time, this study also uncovered heightened interest in investing among African-Americans relative to s: African-Americans are more likely to have participated in a number of activities that increase one s knowledge of investing African-Americans who do not yet invest are more likely to say they will begin investing in the next year Other areas explored included how women and men behave differently: Women are more likely than men to consider themselves beginner investors Women are relatively underinvested in comparison to men Women are more likely to own conservative investments than men 8

10 HIGHLIGHTS OF THIS YEAR S STUDY This year s study finds that African-American stock investing is on the rise. Today, 64 of African-Americans are stock investors, compared to 57 two years ago. Among s, the percentage who own stocks has held steady (81 in 1998 and 82 today). Family obligations, including children s education, are driving African-American savings. Among African-Americans, 32 expect to support adult children, compared to 20 of s; 45 of African-Americans expect to support aging parents, compared to 29 of s. African-Americans have considerably less saved for retirement than s ($44K vs. $69K), and fewer African-Americans (33 vs. 49) cite retirement as their most important reason for saving. Just 41 of Blacks said they would spend more time on leisure activities during retirement, vs. 56 of s. Children s education ranked as a somewhat higher reason for saving among African-Americans (22 vs. 16 of s). African-Americans are saving as much or even more for education than s: over $12,200. More African-Americans than s (39 to 33) cite education as the key to financial success. 9

11 HIGHLIGHTS OF THIS YEAR S STUDY (CONTINUED) African-Americans and s support diversity programs for the financial services industry. Eighty-one percent of African-Americans and 49 of s believe racism continues to be a major obstacle for African-American wealth creation. Seventy-five percent of African-Americans and 52 of s believe African- Americans are at a disadvantage because they are less likely to have a financial head-start. Overall, 75 of African-Americans and 61 of s agree that there are not enough African-American role models in the financial industry; 79 of African- Americans and 60 of s think that the industry should practice affirmative action to increase diversity. Younger African-Americans are less concerned with racism as an obstacle for wealth creation as compared to those over 50 years of age (75 vs. 87). 10

12 HIGHLIGHTS OF THIS YEAR S STUDY (CONTINUED) The survey also uncovered some interesting differences between African-Americans and s in terms of their money management, spending habits, and attitudes about wealthbuilding. By a 47 to 57 margin, African-Americans are less likely than s to describe someone who earns over $100K annually as affluent. On average, African-Americans annually spend more on vacations than s ($7,038 vs. $5,326). By a 65 to 53 margin, more African-Americans agree that This country would be better off if the wealthiest paid more taxes to help the poorest people. More African-Americans than s favor spending the federal budget surplus on domestic programs (45 vs. 30) and saving Social Security (25 vs. 20) instead of tax cuts (13 vs. 19). On average, African-Americans annually give less to charities ($1,917 vs. $2,352). 11

13 INVESTING HABITS 12

14 INVESTORS VS. NON-INVESTORS OVER LAST TWO YEARS Do you personally, or with a spouse, have any money invested in the stock market right now, either in individual stocks or in a stock mutual fund? ( answering yes) African-American 13

15 LIKELIHOOD TO BEGIN INVESTING Excluding 401(k) plans, how likely are you to begin investing in stocks or mutual funds during the next year? Base: Those who do not own individual stocks, or stock or bond mutual funds Not at all likely Not very likely Somewhat likely Very likely Don t know African-American

16 LIKELIHOOD TO BEGIN INVESTING AMONG YOUNGER AFRICAN-AMERICANS Excluding 401(k) plans, how likely are you to begin investing in stocks or mutual funds during the next year? Base: African-Americans who do not own individual stocks, or stock or bond mutual funds Not at all likely Not very likely Somewhat likely Very likely Don t know 4 1 Under or older 15

17 GOAL FOR SAVINGS AND INVESTING Of the following, which would you say is your most important goal in saving or investing money? Other/Not sure 3 To leave money to your children or heirs 14 To obtain a better lifestyle 13 To be prepared for an emergency or future need To send children to college 22 For retirement African-American 16

18 GOAL FOR SAVINGS AND INVESTING AMONG THOSE UNDER 35 YEARS OLD Of the following, which would you say is your most important goal in saving or investing money? Other/Not sure 3 2 To leave money to your 8 6 children or heirs To obtain a better lifestyle To be prepared for an emergency or future need To send children to college For retirement African-American <35 <35 17

19 LIFE EVENT MOST IMPACTING INVESTING HABITS Which one of the following life events would you say has most impacted your savings and investing habits? Inheriting money Not sure 6 5 Getting divorced 7 7 Retiring Getting married Getting or losing a job Having kids African-American 18

20 FAMILY FINANCIAL SUPPORT 19

21 FINANCIAL SUPPORT OF PARENTS If your parents are living, do you now, or do you expect in the future to support them financially? Base: Have living parents No do not expect to support Yes expect to support African-American 20

22 FINANCIAL SUPPORT OF ADULT CHILDREN Do you now, or do you expect in the future to support your children financially in their adult lives? Base: Have children No do not expect to support Yes expect to support African-American 21

23 FUNDING OF CHILDREN S EDUCATION In which of the following ways will your children s education be funded? Base: Have children under 18 living in the household You will pay 56 African- American 65 Your children will receive scholarships Your children will work or take out student loans Your children are unlikely to attend college

24 AMOUNT SAVED FOR CHILDREN S EDUCATION How much have you saved so far, in total, for your children s education? Base: Will pay for children s college education $20,000 or more $5,000 to under $20, $1 to under $5, Nothing African-American Mean amount $12,289 $12,239 23

25 INVESTMENTS AS A GIFT Have you ever given stocks, bonds, mutual funds or other investments as a gift? Yes have gifted investments No haven t gifted investments African-American 24

26 EXPECTATION OF INHERITANCE Do you expect to receive an inheritance in the future? Not sure No do not expect to receive inheritance Yes expect to receive inheritance African-American 25

27 LEAVING AN INHERITANCE Who do you expect to leave an inheritance to? Family African- American Spiritual or religious organization Other charities Friends School Do not expect to leave an inheritance Other/not sure

28 PREPARING FOR RETIREMENT 27

29 INVESTMENTS IN EMPLOYER-SPONSORED RETIREMENT PROGRAMS Do you or your spouse have money invested in employer-sponsored retirement programs, such as 401(k), 403(b), or Keough? No don t have employer-sponsored plan Yes have employersponsored plan African-American 28

30 RETIREMENT ACCOUNT SAVINGS How much money do you have in accounts specifically for retirement, such as 401(k)s or any other type of employer-sponsored retirement plan, such as Keoughs, 457s or 403(b)s? Base: Have investments in employer-sponsored retirement programs >$100,000 $50,000-99, $25,000-49, $5,000-24,999 <$5, African-American Mean amount $44,000 $69,000 29

31 MONTHLY RETIREMENT ACCOUNT CONTRIBUTIONS How much money are you investing per month in any sort of retirement account, including an employersponsored retirement plan? >$500 per month $ $ $ $ <$50 Nothing at this time African-American Mean monthly amount $163 $228 30

32 RETIREMENT PLANS What do you plan to do in your retirement? Base: Not retired Spend more time on leisure activities 41 African- American 56 Spend time with family Start a new business or new career Work part time Volunteer Don t plan to retire 7 10 None of the above/not sure

33 SOURCES OF RETIREMENT INCOME Which of the following sources of money do you expect to rely on in retirement? Base: Not retired African- American An employer-sponsored plan, such as a 401(k) A personal retirement plan, such as an IRA Other personal savings or investments Social Security Income from real estate investments Benefits from a life insurance policy Income from part-time employment The sale of your home An inheritance or trust Support from children or other family members Other Not sure/none

34 MOST IMPORTANT SOURCE OF RETIREMENT INCOME Which of the following sources you just mentioned do you expect to be your most important source of money in retirement? Base: Not retired African- American An employer-sponsored plan, such as a 401(k) A personal retirement plan, such as an IRA Other personal savings or investments Social Security Income from real estate investments An inheritance or trust Income from part-time employment Benefits from a life insurance policy The sale of your home Support from children or other family members Other Not sure/none

35 ATTITUDES ABOUT MONEY, WEALTH AND INVESTING 34

36 FINANCIAL BACKGROUND Percentage agreeing with following statements Your family had to work hard to make ends meet financially when you were growing up African- American Financial matters were not openly discussed in your home when you were growing up You received a regular allowance as a child Your family was very secure, financially, when you were growing up Your parents frequently argued about financial matters when you were growing up Your family has invested in stocks and bonds for as long as you can remember

37 ATTITUDES ABOUT INVESTING Percentage agreeing with following statements African- American You are optimistic about your financial future You know more about investing and managing your finances than your parents You prefer to consult with a financial advisor when investing You feel that your personal financial situation is well under control You have a close friend or relative who has done very well in the stock market over the last few years It seems that the stock market is too complicated for the average person to understand

38 ATTITUDES ABOUT INVESTING (CONTINUED) Percentage agreeing with following statements Stockbrokers and financial advisors are more interested in making money for themselves than giving you good advice African- American Over the last several years, you have personally benefited from the strong stock market Investing in the stock market is exciting and fun You have savings and investments that you keep separate from your spouse You would rather increase your wealth by working harder than by investing in the stock market You think the stock market is due for a major drop You just don t trust the stock market with your money

39 CONTRIBUTORS TO OVERALL WEALTH Which of the following sources do you believe will be the biggest contributor to your overall wealth and that of your family? Personal savings and investments African- American Employer-sponsored retirement plan Employment income Life insurance policy 3 11 Stock options from employer 6 5 Inheritance or trust fund 4 4 Other/not sure

40 ATTITUDES ABOUT MAKING MONEY IN AMERICA Percentage agreeing with following statements African- American The best opportunities go to people who have a financial head start This country would be better off if the wealthiest people paid more taxes to help the poorest people Corporate America has more impact on your life than government If you make over $100,000 a year, you are affluent Only wealthy people can afford to invest in the stock market

41 ATTITUDES ABOUT MAKING MONEY IN AMERICA AMONG $100,000+ INCOME CATEGORY Percentage agreeing with following statements $100K+ African- American 100K+ The best opportunities go to people who have a financial head start This country would be better off if the wealthiest people paid more taxes to help the poorest people Corporate America has more impact on your life than government If you make over $100,000 a year, you are affluent Only wealthy people can afford to invest in the stock market

42 ATTITUDES ABOUT AFRICAN-AMERICAN WEALTH CREATION Percentage agreeing with following statements African- American Racism continues to be a major obstacle for African-American wealth creation The government is not doing enough to stimulate economic growth in African-American neighborhoods There are not enough African- American role models in the financial community African-Americans are at at disadvantage, because they are less likely than s to have a financial head start As a whole, African-Americans don t receive as good an education as Americans

43 MOST IMPORTANT COMPONENT OF SUCCESS Which one of the following items do you believe is the most important component of financial success? Other/not sure Luck Wealthy parents 7 Connections Intelligence 14 Hard work Education African-American 42

44 BEST USE OF FEDERAL BUDGET SURPLUSES Over the next 10 years, the federal government is projected to have budgetary surpluses of $1 trillion. In your opinion, which one of the following options would be the government s best use of these budget surpluses? Not sure Paying off the national debt Lowering taxes Preserving Social Security Addressing domestic issues like housing, crime, health care, and education African-American 43

45 ATTITUDES ABOUT THE FINANCIAL SERVICES INDUSTRY Percentage agreeing with following statements The financial services industry should do more to educate consumers about investing 81 African- American 90 The financial services industry should practice affirmative action to increase diversity Overall, financial services firms treat people like you with respect The financial services industry has done a great deal to increase the affluence of the general population in this country

46 PREFERENCE FOR AFRICAN-AMERICAN FINANCIAL ADVISORS Would you prefer to work with an African-American financial advisor? Base: African-American respondents Not sure Doesn t matter 34 No wouldn t prefer African-American advisor 14 Yes would prefer African-American advisor 49 African-American 45

47 CHOICE OF BLACK-OWNED OR MANAGED MUTUAL FUND AS PART OF 401(K) PLAN Would you prefer to have a choice of investing in a black-owned or managed mutual fund as part of your 401(k) or other employer-sponsored retirement plan? Base: Have investments in employer-sponsored retirement programs Not sure No it doesn t make a difference Yes would prefer choice African-American 46

48 RESPONSIBILITY FOR TEACHING ABOUT INVESTING Who do you think should be responsible for teaching people about saving and investing? African- American Parents Schools Financial services companies Employers The government

49 PERCEPTIONS OF BEST INVESTMENTS OVERALL Which of the following do you think is the best investment overall? Not sure 5 7 Individual bonds Whole life insurance Individual stocks Mutual funds Real estate African-American 48

50 PREFERENCE FOR INDEX FUNDS VS. ACTIVELY MANAGED FUNDS Do you prefer actively managed funds, where a portfolio manager makes buy and sell decisions on the fund holdings, OR index funds, where the fund simply tracks a general stock market index such as the S&P 500? Not sure Prefer index funds Prefer actively managed funds African-American 49

51 KEY ATTITUDINAL DIFFERENCES BETWEEN YOUNGER AND OLDER AFRICAN-AMERICANS Percentage of African-Americans agreeing with following statements Racism continues to be a major obstacle for African-American wealth creation 75 Under or older 87 The financial services industry should practice affirmative action to increase diversity You received a regular allowance as a child Your family was very secure, financially, when you were growing up Your family has invested in stocks and bonds for as long as you can remember

52 SAVINGS AND SPENDING HABITS 51

53 INVESTING AS A SOURCE OF CURRENT INCOME Do you use any of your investments as income to support your current lifestyle? Yes do use as income No don t use as income African-American 52

54 PAYING OFF CREDIT CARDS Do you generally pay off your entire credit card balance every month? No do not pay off monthly Yes pay off monthly African-American 53

55 ANNUAL HOUSEHOLD SPENDING ON VACATIONS Approximately how much does your household spend on vacations each year? $10,000 or more $5,000 to under $10, $3,000 to under $5,000 $2,000 to under $3,000 $1,000 to under $2,000 $1 to under $1,000 Nothing African-American Mean amount $7,038 $5,326 54

56 ANNUAL HOUSEHOLD CHARITABLE CONTRIBUTIONS Approximately how much does your household spend per year contributing to charitable causes? $5,000 or more $1,000 to under $5, $200 to under $1,000 $1 to under $200 Nothing African-American Mean amount $1,917 $2,352 55

57 BORROWING MONEY FROM EMPLOYER- SPONSORED RETIREMENT PLAN Have you ever borrowed money from your employer-sponsored retirement plan? Base: Have investments in employer-sponsored retirement programs No have not borrowed money Yes have borrowed money African-American 56

58 BORROWING MONEY FROM WHOLE LIFE INSURANCE Have you ever borrowed money from your whole life insurance policy? Base: Currently own whole life insurance No have not borrowed money Yes have borrowed money African-American 57

59 STUDY PARTICIPANT PROFILE 58

60 DEMOGRAPHIC COMPARISON Some demographic differences between African-Americans and s may help explain certain attitudinal and behavioral differences in the overall study data. These differences include: Age: African-Americans in the study are slightly younger than s in the study (40 is the mean age for African Americans, while 43 is the mean age for s.) Income: African-Americans in the study have somewhat lower average annual household incomes than whites in the study ($98,000 vs. $107,000.) Employment: Of the study respondents who are employed (90 of African- Americans and 84 of s), more African-Americans work for the state or federal government (32 vs. 18) Geography: A greater proportion of s in the study live in the West (21 vs. 6) and North Central (28 vs. 18) regions of the country, while more African- Americans live in the South (52 vs. 28). African-Americans and s living in the Northeast comprised virtually the same proportion of study respondents (24 and 23, respectively.) 59

61 DEMOGRAPHIC PROFILE GENDER Male Female AGE Mean Median African- American African- American EDUCATION Some HS or less HS graduate Some college College graduate Postgraduate study $50,000-74,999 $75,000-99,999 $100, ,000 Over $250,0000 Mean Median African- American HOUSEHOLD INCOME African- American $98K $73K $107K $82K EMPLOYMENT STATUS Employed full time Self-employed Retired Employed part-time Unemployed Homemaker Full-time student TYPE OF EMPLOYER (of those employed) Private co. State/fed. gov t Not-for-profit African- American African- American

62 DEMOGRAPHIC PROFILE (CONTINUED) MARITAL STATUS HAVE CHILDREN Single/never married Not married/living together Married Divorced/separated Widowed NON-SPOUSE ADULTS IN HOME Other adults present No other adults present INTERNET ACCESS African- American African- American Yes No None African- American African- American # OF MINOR CHILDREN IN HOUSEHOLD (of those who have children) No Yes - both home and work Yes at work Yes at home African- American Mean Median

63 FINANCIAL PROFILE VALUE OF SAVINGS AND INVESTMENTS (ex. real estate) >$1,000,000 $500,00-$999,999 $250,000-$499,999 $100,000-$249,999 $50,000-$99,999 $25,000-$49,999 $5,000-$24,999 <$5,000 Mean African- American $157K $273K MONTHLY SAVINGS/INVESTMENTS >$2.500 $1,001-$2,500 $501-$1,000 $351-$500 $201-$350 $101-$200 $51-$100 <$50 Nothing at this time Mean African- American $ $578 MARKET VALUE OF REAL ESTATE HOLDINGS >$300,000 $200K-$300K $100K to $200K $20K-$100K Under $20K Mean HAVE PERSONAL BROKER/ FINANCIAL ADVISOR Yes No African- American African- American $267K HAVE A SECOND JOB/ DO MOONLIGHTING Yes No African- American $284K 62

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