African-Americans have a greater fear of losing their job than affluent investors from other ethnicities, a Spectrem's Millionaire Corner study on ethnicity reveals.
Approximately 20 percent of all affluent African-American investors are in the education field, according to Spectrem’s Millionaire Corner Ethnic Segmentation Series report on Financial Attitudes and Concerns.
The Ethnic Segmentation Series is a collection of quarterly reports on the similarities and differences between affluent investors from the African-American, Asian and Hispanic communities.
While 21 percent of African-American investors were educators, only 13 percent of Hispanics and 12 percent of Asians listed “educator’’ as their occupation.
Hispanics were led by “managers’’, the occupational choice in which 15 percent placed themselves. The same was true of African-Americans, but only 11 percent of Asians listed “manager’’ as their occupation.
Asians were led by “professionals’’, with 13 percent making that choice.
Among African-Americans, the top four occupations were educator (21 percent), manager (15 percent), healthcare (9 percent), and professional (7 percent). Information technology and senior corporate executive each garnered 5 percent of the respondents.
Among Hispanics, the top five were manager (15 percent), professional (14 percent), educator (13 percent), with healthcare and information technology tied for fourth at 8 percent.
After “professional” with 13 percent, Asians had 12 percent of respondents as educators, 11 percent in information technology, 11 percent as managers and 10 percent in healthcare.
In terms of the number of adults working in a household, 63 percent of Hispanics reported both parents worked full-time, the highest percentage among the segments. Sixty-one percent of African-Americans had both adults working, and 58 percent of Asians were a two-income household.
When compared to the respondents who were not among any of the three studied segments, 55 percent were two-income households, well below any of the ethnic segments.
African-Americans are more concerned than other ethnicities about losing their job. Forty-four percent of African-Americans said that was a personal concern of theirs, while only 38 percent of Hispanic and 39 percent of Asians feel that way. Only 32 percent of affluent investors not among the three ethnicities report fear of losing their job as a personal concern.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.