The survey, which polled 1,000 Black and 454 "non-Black" women about their spending habits, found that more than half of the Black respondents lent $500 or more to a friend or family member within the last year; one-third said they loaned more than $1,000.
"Black women's sense of obligation to community and family is both extraordinary and commendable," says Rhonda Mims, president of ING Foundation and senior vice president of ING's Office of Corporate Citizenship & Responsibility. "But when you are pulled in so many directions financially, something or someone has to pay the price. For Black women, it appears their financial well-being suffers."
Unfortunately, that sense of obligation has adversely affected Black women's ability to save. Among those surveyed:
· 66 percent own a retirement account, compared to 79 percent of all other women
· 28 percent own individual stocks and bonds, compared with 52 percent of all other women
· 23 percent own mutual funds, compared with 39 percent of all other women