African-Americans Say Govt. Needs Bigger Role In Retirement

Among well-heeled Americans, African-Americans almost two to one over whites believe the government should have a hand in retirement planning, according to an Ariel Mutual Funds/Charles Schwab & Co. survey of investors.

Among well-heeled Americans, African-Americans almost two to one over caucasions believe the government should have a hand in retirement planning, according to an Ariel Mutual Funds/Charles Schwab & Co. survey of investors. While 90% of both groups felt they themselves were “very responsible” for their retirement planning, 35% of African-Americans compared with 18% of caucasions say the government should share some responsibility in planning, while 67% of African-Americans polled claim the government should pay pensions when a company goes bankrupt, versus 18% of caucasions. The survey also found that the median investment in a retirement accounts for African-Americans was $59,000, while African-Americans had a media of $93,000. Stock market participation by African-Americans fell from 74% in 2002 to 64% in the current survey, while 83% of whites invested in stocks – a figure virtually unchanged in eight years of polling.