Report Reveals Economic Concerns Among Black Americans

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FILE - A Bank of America branch is shown in a Charlotte, N.C. file photo from April 20, 2006. Bank of America said Thursday March 22, 2012 it has begun a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners. (AP Photo/Chuck Burton, File)
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(AURN News) — A recent report by Bank of America has shed light on significant disparities in financial wellness and economic optimism among various ethnic groups here in the U.S. The 13th annual Workplace Benefits Report, titled “The Transforming Workplace,” presented a worrisome increase in stress levels among respondents due to the cost of living outpacing wage growth. This major economic concern affected a substantial 67% of employees surveyed.

The report, which delves into trends related to wellness and workplace financial benefits, drew from a pool of over 1,300 employees representing nearly 800 companies. The findings reveal a disconcerting gap in financial wellness perception across ethnicities.

Bank of America’s study showed that only 35% of Black respondents rated their financial wellness as good or excellent, in stark contrast to 61% of Asians, 44% of whites, and 40% of Hispanics who expressed a more positive outlook regarding their economic well-being.


Click play to listen to the AURN News report from Jamie Jackson:

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