A Groundbreaking United States Survey Shows an Extraordinary commitment among Black Women to helping others.

According to the results of a US nationwide survey released by the ING Foundation, while most Black women are confident of their ability to achieve their financial goals, their sense of obligation to others combined with a tendency to spend are complicating their saving and investing efforts.

Nearly half (47%) of the 1,000 Black women surveyed said it is difficult to have their desired lifestyle because of financial obligations to their immediate family, and 68% say that they buy what they want - in a good or bad economy.

Among the Black women surveyed who said they were not saving as much as they like, spending too much or having too much debt and financial obligations to their families were the leading reasons why they were not saving more.

According to Rhonda Mims, president of the ING Foundation, this "inclination to spend combined with an extraordinary desire to help others financially has left many Black women behind the curve in terms of savings." On the positive side, however, "the good news is that Black women care deeply about their financial future, have a strong desire to learn more, and manifest many of the qualities critical to investment success."

"The research points to a 'Preparedness Paradox,'" Mims said. "Black women have high confidence in their ability to achieve their financial goals, and consider themselves knowledgeable about investing, yet they are behind where they thought they'd be financially."

The survey was sponsored by the ING Foundation and developed in conjunction with the editors of Essence magazine, the largest circulation magazine for women of colour in the US. The national telephone survey covered 1,000 pre-retired Black women and 454 non-Black women.

The survey evidenced an extraordinary commitment among Black women to helping others. More than half of the Black women surveyed have loaned $500 or more to friends or family in the last year and one-third have loaned in excess of $1,000.

Nearly half (47%) of the Black women surveyed said that financial obligations to their immediate family have made it difficult to have the lifestyle they desire. Moreover, more than eight in 10 say that leaving money to their children is an important financial goal, indicating that striking a balance between their personal needs and those of others may be a lifelong challenge for many Black women.

This "inclination to spend combined with an extraordinary desire to help others financially has left many Black women behind the curve in terms of savings."

The sense of obligation was not restricted to family and friends, with more than 70% saying that giving money to their place of worship is very important; a stark comparison with 42% of all other women.

This enormous capacity to help others, while commendable, comes at a price, says Mims. "For many Black women, it appears their financial well-being suffers. Black women need to make their own financial security a higher priority."

The women surveyed combined the need to help others with a strong disposition to consumption, which could sometimes be conspicuous.

Almost seven in 10 Black women say that they buy what they really want, with nearly 40% confessing that they shop to cheer themselves up. Black women consider themselves trendsetters although two in five Black women feel guilty about how much they spend on expensive brands.

Black women with credit cards are more likely than other women to carry a balance on their cards, although credit card usage was less prevalent among the Black women surveyed than it was among other women, and 93% of Black women who consider paying off their debts to be an important goal said they were confident in their ability to do so.

The survey found that financial support of others in combination with spending patterns and lower income levels result in depressed savings for many Black women. One quarter of those Black women surveyed say they are not saving any of their household income on a monthly basis and 43% report total savings of less than $10,000. Over half of Black women say that they live "paycheck to paycheck."

While Black women may lack savings, they possess basic confidence in their ability to invest and a strong desire to learn more. 71% of the Black women surveyed said they are at least fairly knowledgeable about investing, and 76% said they were confident in their ability to choose the right investments for retirement. Nearly nine in 10 say they are more interested in saving their money now than they were five years ago; 73% say the same of investing.

Money matters appear to be a source of contention in the relationships of many Black women and 43% of the married or cohabiting Black women surveyed said they argued about money with their spouse/partners at least occasionally - that compares with 29% of all other women who are married or cohabiting. 37% of the Black women surveyed said that they had "a secret stash of money" and 39% said they occasionally or regularly under-reported the cost of an actual purchase to their spouse.

Of the married or cohabiting Black women surveyed, 35% said they would rather do a month's worth of laundry than discuss their finances with their partner and 15% would rather have a root canal.

Of the married or cohabiting Black women surveyed, 35% said they would rather do a month's worth of laundry than discuss their finances with their partner and 15% would rather have a root canal.

When asked what qualities they are looking for in an ideal partner, 79% of single Black women said a prospective spouse's ability to manage money was very important - 47% of all other women responded that way. Forty-five percent of single Black women said a potential partner's credit score was very important; 19% of all other women said so.

However, 60% of Black women said religious background was a very important factor in an ideal partner; only 16% of other women felt that way.

Financial security is at the top of the mind for many Black women. In fact, Black women worry more about their finances than their health, appearance, job or personal relationships. Yet the Black women surveyed were less likely than other women to have a financial plan (56% vs. 66%), but Black women are more likely to have a will (43% vs. 32%).

When asked why they don't have a financial plan, 73% of the Black women without a plan said they just hadn't got around to it. Other reasons cited by at least half the respondents included they didn't think they had enough money to warrant it (55%), didn't know how to go about it (53%) and were reluctant to disclose all their financial information (51%). Only 23% didn't think it was important to have a financial plan.

The survey data should encourage the financial sector to focus on the financial planning needs of this section of society, say the survey sponsors. "Black women are goal-oriented, smart, motivated, and influential, and they have made extraordinary contributions to their families and to their communities," says the organisation. They estimate that within five years, Black households will control in excess of $1 trillion in annual spending.

ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 50 countries.