Ariel survey: Blacks' finances take big hit from recession - USATODAY.com: Faced with hardships caused by the Great Recession, middle-class blacks dialed back stock and retirement investments and dipped into savings more than their white counterparts, causing them to 'slip even further behind' in their quest for financial security, according to a survey to be released today.
In a sign of just how savage the economic downturn has been on black Americans, nearly half (48%) of blacks polled said they pulled money out of savings to make ends meet in the past two years, vs. just 31% of whites, the 2010 Ariel Black Investor Survey found. Blacks also were forced into committing personal finance no-nos, such as reducing monthly contributions to retirement savings and withdrawing money from 401(k)s.
'No question, we have taken a step back. Our community is slipping even further behind,' says Ariel President Mellody Hobson.
