Prudential Financial : Thought Leader of the Week: Delvin Joyce

Generational differences in perspectives and priorities continue to influence long-term financial planning behaviors in the African American community, including working in retirement, increasing contributions to their employer-sponsored retirement plans and the use of financial professionals. In fact, according to Prudential's 2015-2016 "African American Financial Experience" study, 43 percent of African American Gen Xers surveyed are more open to discussing their entire retirement picture with a financial professional, compared with 26 percent of millennials and 30 percent of boomers surveyed.

"What this tells us is that age and life stage play a role in driving financial priorities, behavior and, in some cases, experiences," says Delvin Joyce, a managing director for Prudential Advisors. "By providing advisors with these insights, we have the opportunity to provide relevant financial education to help meet the needs of this community."

The study found that 40 percent of African American boomers surveyed are more likely to increase their contributions to their employer-sponsored plans in the next year, versus 22 percent in the general boomer population. However, African American boomers surveyed said they're using slightly fewer investment vehicles to fund their retirement, compared to the general population (2.6 versus 3 investment vehicles).

Prudential revealed the study findings in Minneapolis on Aug. 6 during the 40th anniversary convention of the National Association of Black Journalists.

Want more information about the study? Read the 2015-2016 "African American Financial Experience" study or watch a video of Delvin discussing the findings. Want to speak to Delvin? Contact Alicia Alston.

"Prudential Advisors" is a brand name of The Prudential Insurance Company of America and its subsidiaries.
The Prudential Insurance Company of America and its affiliates Newark, NJ.

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