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African-Americans Want More Financial Education From Their Employers

Urban Marketing Group Staff

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“Across the board, African-Americans are more likely to say they are unprepared for retirement and feel less financially secure, but [they] are more open to education and financial guidance,” says Evan Taylor, head of MassMutual’s African American Markets.

His observations derive from a study by MassMutual that surveyed 492 African-Americans with an annual household income between $35,000 and $150,000. Forty-five percent of African-Americans who bring home $75,000 or more say they feel less than financially secure compared with just 28% of other Americans in the same income category.

African-Americans are more likely to say they are behind in saving for retirement, and 41% of survey respondents expressed concerns about making ends meet. Respondents also indicated a greater proclivity to making withdrawals or loans from their 401(k) or other employer-sponsored retirement plan compared with the general population—24% vs. 14%, respectively.

Middle-income African-Americans are more likely to report difficulty managing their household’s monthly finances than do others, the study notes. Thirty-six percent said they found managing finances “somewhat” or “very difficult” compared with 27% of the general population. Nearly half of African Americans with an annual household income below $45,000 find it “much more difficult” to manage their finances.

According to the study, the top financial issues African-Americans face are:

  • Debt – 28%;
  • Lack of income – 23%; and
  • Cost of living – 18%.

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Business News

How Could Initiative 77 Affect Eating Out In D.C.?

Urban Marketing Group Staff

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Partisans from all sides of the controversial ballot measure to phase out D.C.’s tipped minimum wage scrambled to respond the day after voters approved it.

The restaurant industry immediately started angling to overturn it. Business owners began figuring out how they could pay for the higher labor costs. And consumers wondered how it could affect their favorite restaurants — and their restaurant bill.

Here are some commonly asked questions about what comes next.

Am I going to pay more to dine out?

That’s possible. Initiative 77 will slowly phase out the subminimum wage that’s been standard in the city’s restaurant and bar industry for decades. Some establishments won’t be able to afford the increase in labor costs, and they may choose to pass that increase onto customers.

As Black Restaurant Group’s Jeff Black told the Washington Post, “You can’t afford to give somebody a 500 percent pay raise and not have it come from somewhere.” (The raise is closer to 350 percent, according to our calculations.)

Will tipping still be allowed?

Read all @ WAMU

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#BUYBLACK: TOP BLACK BUSINESSES YOU SHOULD SUPPORT

Urban Marketing Group Staff

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#BUYBLACK: TOP BLACK BUSINESSES YOU SHOULD SUPPORT

Keep the Black dollar in the community. Here are some poppin’ small businesses that deserve your support.

 

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Business News

Oprah’s Stake in Weight Watchers Balloons to $400 Million

Urban Marketing Group Staff

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Oprah Winfrey’s investment in Weight Watchers two and a half years ago is paying off.

The lifestyle company reported last week strong earnings and sales, as well as an increase in subscribers. The stock jumped 5 percent on Friday because of the news, CNN Money reports.

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