Blacks were less likely than the general population to be worried about the U.S. economy in 2009 (27% vs. 32%), according to Nationwide and the Tavis Smiley Group. That may be because Blacks (18%) are more likely than the general population (12%) to say their household’s financial situation improved over the prior year, and they are less likely to say it has worsened (38% of Blacks vs. 42% of the general population). In addition, 66% of Blacks are optimistic about their household’s financial situation improving in the coming year, compared to 39% of the general population.
Black households were as likely — and in many cases more likely — than general population households to make sacrifices during the prior year, such as:
• Cutting back on eating out and entertainment (62% of Blacks and 62% of the general population);
• Delaying non-essential purchases (50% vs. 49%);
• Budgeting less for travel (45% vs. 44%);
• Reducing spending other than entertainment (45% vs. 43%);
• Focusing on paying off credit cards and other debts (49% vs. 42%);
• Taking fewer personal or family vacations (46% vs. 41%);
• Delaying big-ticket purchases (42% vs. 41%); and
• Creating a household budget (37% vs. 31%).
Overall, Black households are more likely than general population households to say these changes in spending and saving are short term changes. Their most important household goals in 2010 include paying rent or mortgage (33%), paying monthly expenses (23%), saving for an emergency (15%), saving for retirement (9%), and saving to buy a home (7%). [Finance, Consumer Spending & Attitudes]
Source: “Economic Opinion Poll,” Nationwide, Gayle Saunders, One Nationwide Plz., Columbus, OH 43215; 614-203-4772; saundee4@nationwide.com; www.nationwide.com. Price: Available online at no charge.
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