Limra research finds financial confidence on the rise among Black American workers

Limra research finds financial confidence on the rise among Black American workers
Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.
FEB 14, 2025

Black American workers have become more confident in their household financial situations over the past two years, according to new research findings revealed by Limra.

Drawn from its 2024 Financial Wellness Index study, Limra's findings suggest a growing sense of financial security among Black American emplopyees and an increased recognition of the role professional financial advice can play in long-term stability.

Limra’s research found that Black Americans were more likely in 2024 than in 2022 to agree that financial knowledge, professional guidance, and employer-provided benefits contribute to their overall financial wellness.

Citing a separate consumer sentiment study conducted in January, Limra said Black Americans are also more likely than the general population to believe their personal financial situation will improve in 2025 (61 percent vs. 51 percent).

Highlighting the role of workplace benefits in financial confidence, 77 percent of Black American workers said their employers should offer services to help reduce financial stress, up from 69 percent in 2022. Meanwhile, 74 percent viewed their workplace benefits as a critical part of their financial wellness strategy.

Limra’s findings align with previous research showing elevated concerns among Black Americans on a range of personal finance areas including saving for retirement, covering expenses if they can no longer work, or building emergency savings.

One bright spot amidst the findings, Limra said, is the consistently higher reported rates of life insurance ownership among the Black community than the general population. At last count, it found 57 percent of Black Americans owned life insurance, compared to 51 percent for the American population as a whole.

The 2024 Insurance Barometer Study by Life Happens and Limra found roughly half of US adults currently own life insurance policies, while a record 42 percent admitted their need for additional life insurance.

Limra's latest research showed that Black Americans were slightly less likely than the general population to cite expense or other financial priorities as barriers to owning life insurance, suggesting a distinct perspective on how life insurance fits into their broader financial planning.

Latest News

More workers dipped into their retirement savings last year, Vanguard finds
More workers dipped into their retirement savings last year, Vanguard finds

Sneak peek into annual defined contribution plan report shows average participant balances reached an all-time high amid rising equity markets.

Decades-old will leaves fate of late actor Gene Hackman's $80M fortune uncertain
Decades-old will leaves fate of late actor Gene Hackman's $80M fortune uncertain

The iconic actor's death alongside his wife, Betsy Arakawa, leaves pressing questions about what happens next to his assets.

Fallen tech stocks fail to entice wary investors
Fallen tech stocks fail to entice wary investors

Big tech firms like Alphabet and Amazon are trading at bargain valuations, but a risk-averse market has meant no one's biting.

Social Security Administration sets record straight on dead people getting beneifts
Social Security Administration sets record straight on dead people getting beneifts

Of millions of deaths reported yearly, just a fraction of a percent are "erroneously reported" cases that need to be corrected, the agency said.

Trillions wiped off equities but don't worry, it’s 'healthy' says Bessent
Trillions wiped off equities but don't worry, it’s 'healthy' says Bessent

US Treasury secretary says that markets will 'do great' over longer term.

SPONSORED Beyond the all-in-one: Why specialization is key in wealth tech

In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies