Poll: Most Blacks Optimistic About Their Financial Future

A survey asked Black Americans how much money they need to live the life they want.

A majority of Black Americans say they are optimistic about their financial future even though they currently do not earn the income they need to live the life they want, according to a Pew Research Center survey released on July 18.

About 40 percent of the 4,742 Black adults polled said they need at least $100,000 of annual income to lead the kind of life they want, while 56 percent said they need less than a six-figure income.

Interestingly, those already earning a high income were the most likely (72 percent) to say they needed at least $100,000 to live the lifestyle they wanted, compared to 46 percent of middle-income earners and just 27 percent of those in the low-income bracket. Pew’s analysis found that only 6 percent of Black Americans had an annual income of at least $100,000 in 2021.

Explainer: Many Black Americans View Capitalism Negatively, But There Are Reasons New Study Shows

Despite the different income goals, whether $100,000 or less, 68 percent of those surveyed said they do not currently have the income they need to live comfortably. Nearly two-thirds (64 percent) of high-income Black Americans said they’ve reached their minimum income goal, compared to 36 percent of middle-income and 17 percent of low-income Blacks.

Still, 58 percent of Black Americans said their financial future looks bright. They’re optimistic that – one day – they will earn enough money to live the life they want. That was especially true for high-income and middle-income Blacks but not so much for those at the bottom income levels. The lowest-income earners split at 49 percent each on their confidence in making enough money to live comfortably.

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