Elevate study – Bankless Times

A newly released study from Elevate’s Center for the New Middle Class (CNMC) found that even when African Americans had prime credit scores – or scores of 700 or above – their financial wellness resembles the broader non-prime community. For example, compared to the general non-prime population, prime African Americans are:

•       80 per cent more likely to say that they live paycheck-to-paycheck

•       2.5x more likely to overdraft on a bank account

•       28 per cent less likely to have $1,200 for a financial emergency

•       50 per cent more likely to say they have “too much debt right now”

•       Less confident they can meet long term financial goals

“Unfortunately, our research indicates…

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