A new survey co-sponsored by Nationwide Insurance indicates that African Americans in Washington, D.C., do not have specific financial plans, but are concerned about their financial future and are interested in learning about their financial planning options.

About two in three black D.C. residents do not have a written financial plan, and four of every five do not have a financial advisor because they think they do not need or cannot afford one, the survey found.

Even though few African Americans in D.C. have a financial advisor or plan, they are more likely to have these things than African Americans across the country, according to the survey.

“This study is encouraging because it says that, despite the economic downturn, there is a strong desire in many Washington, D.C., households to seek out advice and information to overcome the immediate financial challenges and plan for long-term dreams like college and retirement,” said Mark Berven, regional vice president for Nationwide’s Mid Atlantic Region.

Tavis Smiley

Nationwide and Tavis Smiley, a public television and radio broadcaster and author who has started such organizations as the Tavis Smiley Foundation, co-sponsored the survey.

In a statement, Smiley said the survey “reveals the critical need in D.C. for an honest assessment of our financial status.”

The survey revealed that 59% of African Americans in Washington, D.C., believe that their financial situation will be better in a year compared to only 30% of the general population, although none have a plan to improve their circumstances.  Of the 1,600 U.S. survey participants, 400 were African Americans reside in the District of Columbia.

Nearly one in three African Americans in D.C. with children under the age of 21 say they are worried about being able to pay for their children’s college education, and only one in 20 have a college savings plan, according to the survey conducted by the Blackstone Group in January.

Nationwide and Smiley are embarking on an On Your Side Tour that is offering help to those who are searching for financial advice.  The tour is visiting four different major cities across country from August to October and includes free financial and retirement planning workshops with information and resources for the public.

Smiley said the workshops “will help ensure that we are taking the steps necessary to safeguard the future for ourselves, our families, and the next generation.”