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Vital Voices: Financial Security Issues that Impact 45-Plus African American or Black Adults

African American or Black U.S. adults 45 and over care deeply about their financial security. A majority say that Social Security is one of the most important government programs, yet many Black adults are either not too confident or not confident at all that Social Security will be available when needed, according to the AARP Vital Voices national survey.

spinner image Older couple reviewing finances

Key Findings

  • African American or Black U.S. adults ages 45-plus say Social Security is one of the most important government programs. The majority (88%) of Black adults 45-plus say that Social Security is one of the most important government programs.

  • Reliance on Social Security is increasing among older Black adults. Six in ten (62%) Black residents expect Social Security to be either a major part, or their only source, of retirement income in 2023, up significantly since last year (52%).

  • Social Security is a pressing issue for Black adults 45-plus. Nearly three-quarters (74%) of older Black adults think the monthly Social Security payment for retirees is too low.

  • One-third (35%) of older Black adults are either not too confident or not confident at all that Social Security will be available when needed.

Methodology

In October 2023, AARP engaged ANR Market Research Consultants to conduct a quantitative research study among U.S. residents ages 45 and older. Topics included health care, prescription drugs, the economy, financial issues, retirement, Social Security, fraud, independent living, long-term care, caregiving, livable communities, and opinions of AARP. Interviews were conducted with 770 African American or Black U.S. residents ages 45+ by landline (24%), cellphone (16%), online (57%), and utilizing text-to-web (3%) between October 17, 2023 and November 16, 2023.

For more information, please contact Aisha Cozad at abonner@aarp.org. For media inquiries, please contact External Relations at media@aarp.org.

Suggested Citation:

Cozad, Aisha. Vital Voices: Financial Security Issues That Impact African American or Black Adults Age 45 and Older. Washington, DC: AARP Research, February 2024. https://doi.org/10.26419/res.00524.307