Black Americans are less likely to participate in the stock market and therefore are missing out on retirement savings benefits they could be accruing. However, there is growing interest among Black Americans in participating in the stock market and evidence that young Black Americans are beginning to close the investment gap, according to the Black Investor Survey 2020 conducted by Ariel Investments and Charles Schwab.

The goal of the report was to study the similarities and differences between middle-class Black and white Americans with regard to savings and investing to see what influences and underlying beliefs may impact investing and saving, understand the influence of the pandemic on investing trends, assess attitudes about financial security, and determine shifts in attitudes and behaviors over time. The survey of 2,104 adults with a household income over $50,000 was conducted in December.