The Investment Company Institute Education Foundation and the National Urban League are teaming up to promote greater awareness about investing in the African-American community.
A recent survey showed a significant increase in investor awareness among African-Americans last year, but they still direct a smaller portion of their income to long-term investments than other groups with similar incomes. Research by the National Urban League shows that the primary reason is lack of knowledge.
"Research shows that many African-Americans earning enough to save and invest are not doing as much as they could," said Urban League president Hugh Price in a statement. "The primary reason cited for this is very simple: lack of knowledge. This partnership directly addresses that knowledge gap."
ICI executive vice president Julie Domenick agreed in the same statement. "Working together, we want to strengthen the understanding of African-Americans about opportunities to invest. We want to demystify the world of investments, and the jargon that too often obscures it," she says.
The two organizations will develop pilot "Investing for Success" programs in five cities. The programs will a seminar, educational materials and a Web site. ICI will produce the program and work with Urban League affiliates nationwide for implementation and distribution.
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