of whites) say they would increase contributions to their retirement plan if employers provided access to financial advisers, seminars about retirement investing, and/or education about the features of the plan.
“Employees want and need help with retirement investing, and employers have an opportunity to make a real difference,” said Toppin. “For employers who want to make a real difference in the financial futures of their employees, today’s turbulent market environment is a time to provide the information that many Americans so desperately need in order to finance their retirements.”
In 2007, blacks were investing in the stock market at the same level as they were 10 years ago at the inception of the survey, at a low of 57% (compared with a high of 74% in 2002). Investing by whites was at 76% last year. This year, blacks were participating in the stock market at 62%, compared with 82% for whites.
While overall stock ownership among blacks continues to lag, the historical preference for real estate among blacks is at historic lows. This year, just 39% of blacks said real estate was the “best investment overall” compared with 37% of blacks who picked stocks or mutual funds, according to the survey. Among whites, just 28% chose real estate compared with 55% who chose stocks and mutual funds. In 2004, at the height of the real estate bubble, 61% of blacks and 51% of whites said it was the best investment overall.
To download the 2008 Ariel/Schwab Black Investor Survey and to see highlights from previous surveys, visit www.arielinvestments.com or www.aboutschwab.com.