401(k) Habits Differ Among Ethnicities

September 2009
Journal of Financial Planning;Sep2009, Vol. 22 Issue 9, p10
Academic Journal
The article presents the study 401(k) Plans in Living Color: A Study of 401(k) Savings Disparities Across Racial and Ethnic Groups on company workers in the U.S. It found out that 66% of African American workers and 65% Hispanic workers take part in their company's defined contribution plans compared to 77% of white workers and 76% of Asian workers. It mentions that lower participation and contributions means smaller account balances. It adds that Asian workers are less likely to borrow money.


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