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Page 8 The Skanner Portland & Seattle July 13, 2022 News PA-Lincoln-Financial RADNOR, Pa.--(BUSI- NESS WIRE)--The pan- demic’s onset in the U.S. has surpassed the two- year mark and the crisis has had long-term effects on financial attitudes and behaviors across various demographics—includ- ing a few silver linings. According to Lincoln Fi- nancial Group’s (NYSE: LNC) 2021 Retirement Power® study, Black em- ployees are more likely than the total population to report the pandemic caused them to re-evalu- ate what matters most to them financially (55% vs. 44%). And among those who re-evaluated what’s important to them, more than a third (34%) say they have a new attitude about money and place a greater value on their personal finances. Putting finances first “COVID-19 created fi- nancial challenges in many segments of the population, but our re- search underscores that Black Americans have been most impacted and are looking for solutions to help them achieve pos- itive outcomes for the future,” said Ed Walters, senior vice president, Chief Operating Offi- cer and Head of Wealth Management for Lincoln Financial Network. “By focusing on their wallets and financial planning, Black Americans will be in a stronger position to not only weather the next crisis, but to also build generational wealth.” Lincoln’s data went on to reveal that although 93% of Black workers reported having two or more competing finan- cial priorities, they are the most focused of any demographic on setting financial goals, which is a key first step toward fi- nancial security. Almost half (45%) reported set- ting a budget for expens- es this year, compared to 34% of the total popula- tion, and they also lead in goal setting for the fol- lowing areas: “ Our re- search un- derscores that Black Americans have been most im- pacted [by COVID-19] and are looking for solutions • Retirement savings (40% vs. 33%) • Debt repayment (46% vs. 36%) • Other savings priori- ties (40% vs. 31%) While it is good news that Black employees recognize the need to set goals and prioritize their finances, debt is one area that remains an ongoing concern. Lincoln’s Re- tirement Power research showed that Black em- ployees are more likely to view debt as a problem than the total population (85% vs. 73%). “At Lincoln, one of our top priorities is financial security, which is why we partner with community organizations to provide knowledge, tools and access to guidance that empowers people to feel more confident about their finances,” said Kameka Grady, assistant vice president, Mar- ketplace & Community Diversity for Lincoln Financial. “Each demo- graphic has unique pri- orities. As such, Lincoln partners with industry peers, personalizes its education and resource offerings to meet the needs of the diverse communities we serve, including Black consum- ers.” Supporting community needs In September 2020, Lin- coln Financial Group an- nounced its action plan to amplify the company’s ongoing commitment to diversity and inclusion and drive meaningful, measurable change. As part of that long-term plan, Lincoln Financial Network (LFN), the re- tail wealth management arm of Lincoln Financial Group, launched its Afri- can American Financial Professional Network (AAFPN) that is designed to support advisor devel- opment efforts, attract more Black financial pro- fessionals to LFN, and to help define new strate- gies for supporting mul- ticultural clients. Additionally, Lincoln’s AAFPN recently an- nounced a unique part- nership with Changing How Individuals Pros- Department of Consumer and Business Services Workers’ Compensation Division Who we are and what we do: In Oregon, employers must have workers’ compensation insurance. Workers’ compensation insurance coverage provides injured workers with medical treatment, lost wages, and, in some cases, workplace accommodations. It also protects employers against legal claims that may result from work-related injuries or illnesses. The Workers’ Compensation Division enforces laws and regulations and provides services and resources to assist those in the workers’ compensation system. To learn more about how workers’ compensation coverage can help you or if you are injured on the job and have questions about filing a claim and your rights, visit us at wcd.oregon.gov or call us at 800- 452-0288 (toll free) or 503-947-7810. dcbs.oregon.gov PHOTO BY JOSLYN PICKENS More Than Half of Black Employees Say the Pandemic Caused Them to Re-Evaluate What Matters Most Financially per (CHIP) Professionals, which provides access and opportunity to Black and Latino financial professionals and con- sumers by using CHIP’s online platform to easily match consumers with financial professionals who can help support their financial goals. “According to the 2021 Multicultural Report from the University of George’s Selig Center for Economic Growth, the spending power of Americans of African descent increased to over $1.6 trillion dollars,” said Carl Myers, who is a board member of the AAFPN, as well as a reg- istered representative of Lincoln Financial Secu- rities and a financial pro- fessional with Wealth- Plan Financial Group. “That’s great news! As a result, we must continue to focus on important fi- nancial actions like sav- ing and investing, own- ing a home, purchasing life insurance, improv- ing our credit scores, establishing a will and owning successful busi- nesses.” Taking steps forward Myers recommends three tips to help Black consumers and all Amer- icans build wealth, espe- cially during these times of high inflation: Create a budget. Review your current income and expenses, while seeking ways to reduce discretionary spending on items like dining, traveling, cloth- ing and entertainment. Create a simple budget so you can prioritize increased savings and retirement contribu- tions to strengthen your financial future. Take advantage of any on- line budgeting tools and worksheets to help. Lower your interest rates. As part of a holistic financial plan, identify ways to reduce interest rates on your vehicle loans, home mortgages and credit cards. This can have a direct impact on your ability to contrib- ute more towards your long-term financial secu- rity, such as retirement planning, life insurance, college funding and long-term care. The re- sults of your efforts can provide peace of mind and financial security for your family during unforeseen life events. Meet with a financial professional. Financial planning re- volves around you and your family’s financial philosophy and vision. As part of the process, a financial professional can help identify your needs and objectives, as well as evaluate your current situation. For ex- ample, seeking addition- al income sources might be one recommendation to help strengthen your finances. Trusted advice can help inform financial decisions and create a legacy for the future.
