Higher-income African-Americans are less likely to invest in the stock market than higher income white Americans, according to the eighth annual Ariel-Schwab Black Investor survey released Tuesday.
The percentage of African-American households that earn more than $50,000 a year and own stocks or mutual funds continues to lag the percentage among high-income whites, according to the survey. Sixty-five percent of blacks invest in the stock market, compared with 80% of whites.
Argosy Research Inc. conducted the survey from March 18 to April 8 for Charles Schwab Corp. and Ariel Capital Management LLC.
Investing by blacks in equity markets has fluctuated over the years. Only 57% of those surveyed in 1998 said they invested in the market, while 74% of those surveyed in 2002 said they did. Investing by white Americans has consistently hovered around 80%, according to the survey.
