In particular, the survey found that 74% of high-income African-Americans, those earning $50,000 or more, own stocks or stock funds – 30% higher than the 1998 figure of 57%.
Also, the survey noted that while traditionally cautious about their investments, the recession, the down market and the September 11 attacks have not deterred African- Americans from investing in the market.
Only 6% of African-Americans liquidated any of their investments as a result of last year’s events and 74% made no major changes to their portfolios at all.
The survey also revealed that:
- 29% of African-Americans surveyed said they have cut spending in the past year,
- of which, 71% did so in order to put more money aside toward long-term savings and investments,
- 42% of African-Americans who are not currently investing in the market said they would most likely begin next year, and
- the percentage of African-Americans with brokerage or mutual fund accounts is up from 50% in 1998 to 71% in 2002
The survey sample comprised 1,000 respondents, 500 of whom were African American.