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Minorities More Optimistic about Economic Recovery

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Minorities More Optimistic about Economic RecoveryAfrican-Americans in particular think the economy is recovering, and are optimistic about its future, a view not shared by most white consumers, according to a joint poll from the Washington Post, Kaiser Family Foundation and Harvard University. In all, 85 percent of African-Americans said they were optimistic about the country’s financial future, compared to just 72 percent of white respondents.

Further, 32 percent of the former group said they believed the economy was recovering, compared with just 19 percent of the latter, the report said. In addition, 39 percent of African-Americans think that while the recovery had not yet begun, it would soon. Only 26 percent of think it would be a long time before the nation’s economic recovery truly begins.

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However, white consumers were more satisfied with their own financial situation than other groups, the report said. Of those polled, 60 percent said they were either very or somewhat satisfied with their finances, compared with just 51 percent of African-Americans and 47 percent of Hispanics.

Areas of chief concern for all consumers were the nationwide job market, the federal budget and the rising cost of health care, the report said.

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Consumers nationwide have been largely affected by the economic downturn in terms of massive amounts of layoffs, the slumping housing market and repeated credit card defaults, among other financial concerns.

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