Please tell yo’ cuzzin to stop buying those lotto tickets!
on March 2nd, 2005 at 3:45 amMINORITIES EXPRESS HIGHER CONFIDENCE IN BUILDING WEALTH VIA LOTTERY ABOVE SAVING AND RETIREMENT PLANNING
Tyson Q. Bellamy, CFP®
Coalition of Financial Educators of America, Inc.
info@cofea.org
What are the methods that minorities are using to build wealth? Are minorities in the U.S. comfortable that they can build wealth through the traditional means of retirement planning and saving? A survey released by Minority Wealth Magazine reveals some surprising results. When minorities were asked, “which of the following do you think provides the best opportunity to build wealth,” and given the following choices: Save in a retirement plan, Save outside of a retirement plan or Play the state lottery, the number one response from minorities was playing the state lottery. Nearly twice as many minorities surveyed admit that they have a higher confidence in building wealth through playing the state lottery, rather than contributing to a retirement fund. (Minorities surveyed consisted of 48% African Americans, 41% Hispanic Americans, 5% Asian Americans, and 6% other minority.) (more…)
Sphere: Related Content
