Online Loan 24 Publishes An Alarming Infographic About African-Americans’ Personal Finance
New York City, New York (PRWEB) November 26, 2012
OnlineLoan24.com, an influential financial website released a new infographic on their blog titled “African-American Personal Finance: Down, Not Out”. The infographic itself was designed by Ruby Media Corporation, a group of experienced graphic designers and marketers. This time it dwells on the subject of African American’s financial situation and the most common problems they face in their daily lives. The infographic is partially based on 2011 report titled “The State of the African-American Consumer” and highlights the fact that although the buying power of African Americans is almost as high as $ 1 trillion each year (a huge number considering there are only 15 countries in the world with a higher buying power) most of them still have to struggle for things the majority of white Americans take for granted. Being by far the largest minority in the US with 43 million black Americans constituting 16.3% of the entire US population it looks like African-Americans are disadvantaged in just about every area of personal finance.
One of the common problems discussed by the infographic is the amount of savings. Twice as much adult African-Americans don’t have any savings whatsoever compared with white Americans. This will make them much more likely to use some of their retirement funds to cover daily expenses. According to the infographic African-Americans are also significantly more likely to express concerns about keeping the roof above their heads, keeping the debt collector away, and keeping their credit history clean. This seems to be heavily affected by income, and the infographic shows a pretty grim picture here. It turns out that on average African-Americans earn only 61% of white American’s salary. This situation is only made worse by the apparent gap in the knowledge on how to profit from various investment opportunities such as owning a stock market portfolio. African-Americans also seem to be less aware of their financial rights, for example the right to obtain a credit report for free.
This cloud has a silver lining though. Despite the alarming statistics a 2011 study on “The African American Financial Experience” shows that as much as two-thirds of African-American households with incomes greater than $ 50,000 show a strong desire to look for financial steps to meet their goals. Such people are in the most part self-directed, very resourceful, and display a highly entrepreneurial spirit. They seem to be very confident about their capability to make educated and knowledgeable financial choices and are highly optimistic about the prospect of United States recovering from the setbacks associated with financial crisis. Considering the fact that African-Americans are a group that displays a lot of concern regarding both family and community in general in terms of making financial decisions, the future looks brighter.
This infographic is yet another example of OnlineLoan24.com and Ruby Media Corporation skill with making the data sing. The design is appealing and clear in showing the data and relationships between them. It also neatly illustrates a serious problem and and attractive form of presentation might help to raise the awareness levels among a wider range of people. If you are also worried about the state of our economy and of how money is distributed between different social groups make sure you show this infographic to your friend.
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