Barriers to Building Wealth Among Black High-Income Earners

Bibliographic Data

ID10430490
AuthorsTerri Adams-Fuller (Howard University), Beza Afework (Howard University), Nyanya Browne (0000-0001-5294-2591, Howard University, corresponding author), Bethel Cole-Smith (0000-0002-0372-953X, Howard University), Rodney Green (0000-0002-0094-1383, Howard University), Haydar Kurban (Howard University), Digna Mosquera (Howard University), Tess E Starman (0000-0002-6942-5811, Howard University), Tess Starman (Howard University), Omari H Swinton (0000-0002-0776-0585, Howard University), Angelino Viceisza (0000-0002-6114-0029, Spelman College, Atlanta, GA, USA)
Year2025
Volume52
Issue4
Pages454-484
Publication date2025-04-24
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueThe Review of Black Political Economy (JOURNAL)
Journal identifiersISSN: 0034-6446 • E-ISSN: 1936-4814
PublisherSAGE Publishing (PUBLISHER • US)
DOI10.1177/00346446251331616
OpenAlexW4409823754
LanguageEN
Citations received1
References cited30

This study uses mixed methods to investigate the factors influencing engagement with financial advisors among high-income Black individuals. Results suggest that income and educational background are pivotal determinants of seeking financial advice, while personal knowledge of finances, risk tolerance, and owning stock and brokerage accounts show no significant impact. We also find that issues of trust and conflict of interest hinder this demographic's engagement with financial advisory services. These findings highlight the need for policies addressing racial income disparities and enhancing trust and transparency in financial institutions among Black high-income earners

Economics · Labour economics · Financial Literacy, Pension, Retirement Analysis · Housing Market and Economics · Housing, Finance, and Neoliberalism

Tools

Open DOI