Black Americans Say They Feel Successful – for the Most Part

According to a survey released Thursday by the Pew Research Center, regardless of income, a majority of Black Americans feel at least somewhat successful but also experience financial pressures.
In seeking the views of over 4,700 Black Americans, the survey aimed to understand their perspectives on success. It examined various aspects, including their own definitions of success, how they perceive themselves within that framework, and the challenges they face in attaining it.

In their analysis, researchers from Pew wrote that 66% of Black Americans perceive themselves as somewhat successful.
According to their findings, a staggering 26% of the surveyed population considered themselves to be highly successful. It was observed that individuals with higher incomes tended to fall into this particular category more frequently.

A majority of respondents, when asked about essential factors for feeling successful, cited the ability to provide for their family (82%), happiness (80%), having enough time for personal pursuits (65%), enjoying their job or career (56%), owning their own home (52%), and utilizing their talents and resources for assisting others (50%).

Jay King, the EO/President of the California Black Chamber of Commerce, has initiated the “Everybody Pitch In” GoFundMe campaign to help sustain small black businesses located in California during the Covid-19 pandemic.

Jay King, the CEO/President of the California Black Chamber of Commerce, has launched a GoFundMe campaign named “Everybody Pitch In” in response to the Covid-19 pandemic. The aim of this campaign is to provide support and save small black businesses based in California.
Financial success is often measured by one’s ability to be debt-free.

A majority of individuals, when asked to define financial success, specifically selected certain factors as “essential.” These included being free of debt (67%) and having sufficient funds to pursue their desires (65%). Additionally, nearly half (49%) considered owning a home as significant.
Chosen by over two-fifths were passing down financial assets to the next generation (44%) and having multiple streams of income (43%). Twenty two percent of the respondents chose “owning a business,” while 35% selected the option of “retiring early.”

Pew noted that, concerning gender, Black women prioritize certain aspects of financial success over Black men. Specifically, they place a high importance on being debt-free, passing down financial assets, and retiring early.

Income differences exist. Black adults with lower family incomes are more likely to prioritize being debt-free and owning a business, compared to those with middle or upper incomes.
In an office lobby, near a window, stands a serious and confident African American businesswoman. She looks directly at the camera, presenting a captivating portrait. Her hair is straight, long, and black, tied back in a ponytail. In a black suit, she is dressed.

In an office lobby, near a window, stands an African American businesswoman looking at the camera with a serious and confident expression. With straight, in a ponytail, she has long black hair. In a black suit, she is dressed.

Confidence matters more than college degrees and mentors when it comes to success.
In their view, survey respondents selected several factors that contribute to success. Self-confidence (79%) and financial stability (75%) were at the top of the list.

According to Pew researchers, the role of personal relationships in success is seen as significantly diminished by a smaller number of people.

Supportive family members were deemed necessary by a small majority (54%), followed by connections (41%) and mentors (39%) as essential. Only 20% possessed a college degree.
Success brings with it a multitude of pressures, especially on the road to achieving it.
According to the survey, 54% of respondents said they worry almost daily about various financial concerns. These include paying bills (31%), their level of debt (29%), saving enough for retirement (28%), affording enough food (24%), paying rent or mortgage (23%), and healthcare costs (22%).
Most Black adults, regardless of income, reported feeling financial pressures.
64% of upper-income respondents and 70% of low-income respondents felt pressure to provide for their families, while 50% of high-income individuals and 53% of low-income individuals felt pressure to own their own homes.

Notable differences between income groups were observed in terms of emergency savings. If they lost their main income, 28% of respondents said they could not cover expenses for three months. Low earners were significantly more likely (41%) than those with high incomes (7%) to express this sentiment. Only 18% of middle-income earners shared this sentiment.

Of course, a higher paycheck can greatly facilitate the ability to save for emergencies. Pew’s analysis in July revealed that just 6% of Black adults in the US earned $100,000 or above in 2021, when examining their income. 62% of those who said they would require $100,000 to lead their desired lifestyle expressed confidence in achieving this income threshold in the future.