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.