The Village Report with W. Eric Croomes

 Yo Money:  African Americans’ Financial Beliefs Out-of-Sync with Actions

Though African Americans are more optimistic about their financial future than the general population, three-quarters don’t have a formal financial plan and nearly half have gone out of their way to avoid a financial conversation, according to a survey from the The Smiley Group and Nationwide  Insurance.

The survey (pdf) found that while the majority of African Americans (58%, vs. 30% of the general population) say they think their financial situation will improve in the next year, less than half are being proactive about their financial future.

Key survey findings:

• African Americans are more confident than their general population peers in their ability to make savings and investment decisions (52% vs. 43%), but are also more likely to indicate they are struggling with credit card debt (38 % vs. 32%).

• Paying monthly expenses and paying the rent/mortgage are the most important financial considerations for African Americans right now.

• Nearly half of all survey participants with children under 21 are very or extremely worried about being able to afford a college education for their children, but only about one in 20 say they actually have a college savings plan. Only three percent say saving for education is the most important goal.

• Nearly 90% of African Americans do not have a professional financial advisor because they don’t think they need one or think they can’t afford one.

Hungry for Information, Reluctant to Talk

Even though most don’t have a formal advisor or plan, African Americans express a greater interest than the general population in obtaining financial planning information from seminars, a financial advisor, an insurance agent, family/friends or television, the study found.

Despite this hunger for information, both African Americans and the general population have an overall tendency to avoid the topic of finances. They rank sex and not having enough money as the top two topics they are least comfortable discussing with family members, far outranking religion or politics.

However, a higher percentage of African Americans admit to having taken some type of action to avoid conversations about finances (45% vs. 39 percent of the general population). The actions most cited to avoid the conversation are screening telephone calls and cutting off a relationship

Teaching Children About Money

Of those who aren’t actively avoiding the topic, most African Americans report  they are talking to their children about financial matters. Three out of four parents with children under 21 say they have discussed saving money with their children, and three-fifths have done so within the past month. One out of four have discussed saving money in the past six months. However, of those participants with children in school, eight out of 10 say they have not researched if their school teaches about saving money.

“It’s one thing to be positive, but it’s another to be practical, proactive and prepared to weather this difficult economic climate,” said Tavis Smiley, talk-show host and founder of The Smiley Group. “This survey reveals the critical need for an honest assessment of our financial status so that we can be sure that we are taking the steps necessary to safeguard the future for ourselves, our families and the next generation.”

Source: Marketing Charts

The Literati: What Black Bros Should Know

There have not been journals posted for what black men should know - just a lot of ideas surrounded by one general thesis: black men are at high risk for just about everything negative American society has to offer.  That is until now! Marvin D. Woodard has listed 101 One Things A Black Man Should Know and it is chalked full of info that can prove quite beneficial to the average black male reader.  From 'You Are Your Worst Enemy' to 'Living an Upscale Life Does Not Make You Square', Woodard relishes the time-honed pratical applications that most take for granted. It's a pocket-sized book that one can take on the go and makes an excellent gift for a brother on the mend.

Ask Eric: Advice from a Brotha's Point of View

Ask Eric is a new feature on TheVillageReport.Net.  Here is where you can share what’s on your mind regarding relationships, family, personal struggles, finances, things going on in the world.  I’ll in turn give you my direct opinion, no beating around the bush. If I don’t have an answer, I’ll get one!  If there is a need for a professional resource for your particular situation, I’ll find you one!

If you story is selected for posting, your identity will never be revealed.

Now, since I am not credentialed to act as a psychologist or counselor, my views in no way are to be taken as professional advice.

To contact me, simply send an email to heyeric@thevillagereport.net. I’ll respond to your email within 72 hours.

The Back Spin: How Do We Feel About the Prez. and Race Relations?

CNN) -- A year after the election of America's first African-American president, blacks in the United States are expressing optimism about racial progress not seen in a quarter-century, according to a new report by the Pew Research Center.

Thirty-nine percent of African-Americans said the "situation of black people in this country" is better than it was five years ago, nearly twice the 20 percent who said the same in 2007.

The optimism is not limited to the present, but covers the future as well.

A majority of African-Americans polled, 53 percent, said that life for blacks in the future will be better than it is now. Two years ago, the number was 44 percent.

The historic election of Barack Obama to the White House appears to have played a role in the positive sentiment.

Fifty-four percent of African-Americans said they think Obama's barrier-breaking election has improved race relations in America. One-third of whites polled agreed, while 45 percent said his election has made no difference in race relations.

Personal finances have improved for blacks, according to the report. One-third of African-Americans polled rated their financial situation as excellent or good. In 2006, the number was 27 percent.

During the same time frame, economic fortunes for whites slumped, dropping from 52 percent then to 35 percent now.

Even with the upbeat findings, more than eight in 10 African-Americans said the country needs to make more changes before blacks have equal rights with whites. About one-third of whites agreed.

The phone survey of 2,884 adults was conducted October 28 - November 30, 2009, and has a margin of error of plus or minus 3.0 percentage points for the full sample. Error rates vary among sub-groups within the survey.

Source: CNN

The Arts: A TVR.NET Listener's Review of the Film

Precious

Precious is a step out side the box.  It is not the traditional drama.  I am the type of person who enjoys analyzing things or finding irony in a situation.  After leaving the theater I drew a blank.  I was speechless.  I had to take a moment to reflect on what I’d just seen. 

The performances were great.  This was a very different role for Monique.  Very great acting on her part.  The abuse in this film was a bit shocking; however as a Social Worker I can appreciate how this film brings awareness to the struggles many individual face daily.  This film touches on the issues of abuse, poverty, poor education, dysfunctional family dynamics and their affects.  I was impressed by a statement made by Precious after being abused.  She stated “I cried last night; but that’s why God makes new days, to start over.”  This is a film about perseverance.  Although faced with many adversities, Precious found a way to push on.  Life is about choices.  You can either choose to be a victim or fight through adversity.

-Latisha Moham, Dallas

The Philosopher's Seat: Quotes, Words, Anecdotes and Such on Current Events

President Obama's recent pronouncement regarding the use of bailout money to reduce the deficit and bolster job growth comes on the heels of the worst financial crisis in United States history, spurred by the actions of scurrilous 'money changers'. That brings a speech by FDR to mind, who was mending a financial crisis of his own, as the nation was mired in the Great Depression:

"The rulers of the exchange of mankind's goods have failed, through their own stubbornness and their own incompetence, have admitted their failure, and have abdicated. Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men.  Yes, the money changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of that restoration lies in the extent to which we apply social values more noble than monetary profit."

-Franklin D. Roosevelt

TVR.Net Contributors

W. Eric Croomes is the Editor in Chief of The Village Report and host of The Village Report with W. Eric Croomes.

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