Some 60% of Black Americans worry there will be a recession, and 52% of them agree that they would lose everything if there was one, versus 48% of all respondents. In addition, 92% of Black Americans are preparing in some way for a recession, however, that could be burdensome as 66% of Black Americans report that they live paycheck to paycheck.
Though people might be looking for Taylor Swift at the Super Bowl, Black Americans are convinced that President Joe Biden does more to help the economy than the superstar singer.
Just 30% of Blacks think Swift did more to assist the economy last year than Biden. Still, 50% of all American believe that Swift does more for the economy. It’s not known yet if Swift will be at the mega game February 11, 2024, in Las Vegas to support her boyfriend Travis Kelce of the Kansas Chiefs as his team faces the San Francisco 49ers.
Swift’s name surfaced in the study, paid for by Clever Real Estate, that asked 1,000 Americans their views on the economy this year. New data was supplied on Black Americans to get their economic outlook and expectations.
As mentioned, some 60% of Black Americans worry there will be a recession. Further, 60% of Black Americans struggle to afford everyday expenses, as opposed to 56% of all respondents. And 70% of Black Americans fear that prices will continue to rise in 2024. As such, 74% of them think that the government should do more to help the public afford goods and services.
Jaime Seale, the study’s author, explained Black Americans may have greater fears of a recession because the last major recession in 2008 hit Black families and other minorities particularly hard. She says that was especially because much of their wealth was tied up in the housing market that burst. “When communities have less wealth, they’re more vulnerable to economic downturns and it may take them longer to recover financially.”
To prepare for a recession, she suggests Black Americans start an emergency savings fund or start contributing more to the emergency fund they already have. This will help them afford necessary expenses and give them peace of mind in case they, for example, get unexpectedly laid off or lose money from an investment
When the economy is struggling, Seale advised consumers to avoid taking on more debt or becoming a loan co-signer for someone else. Instead, they should focus on paying off their existing debt and evaluating where they can cut costs from their everyday expenses.
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The post Tips To Help 60% Of Black Americans Fearing A Recession To Prepare first appeared on Black Enterprise.
