Income is the personal characteristic most often thought to be associated with differences in knowledge, expectations, and opinions about Social Security and wealth. For example, one would hypothesize that individuals with low incomes would be more likely than those with high incomes to (1) expect Social Security to be their major source of retirement income, (2) be less likely to own stocks or mutual fund shares, and (3) be renters rather than homeowners. Some of these hypotheses are based on income alone, but others are based on the almost axiomatic relationship between education and income i.e., that persons with more education have higher incomes than those with less education. The income-education relationship also supports further speculation, such as the hypothesis that individuals with higher incomes would be more likely than those with lower incomes to know details about Social Security (e.g., eligibility ages for receiving partial and full retirement benefits).
This fact sheet is based on the Joint Center for Political and Economic Studies National Opinion Poll of African American Adults About Social Security and Wealth. Conducted in late 2005, the poll surveyed 850 African American adults ages 18 and older. With a sample that includes individuals from a range of income levels, the survey findings support the hypotheses stated above. Although 13 percent of the sample (113 respondents) did not provide their incomes, the remaining 87 percent fall with nearly equal frequency at the upper end of the distribution (13 percent have incomes of more than $90,000) and at the lower end (11 percent have incomes of $15,000 or less). Most respondents were in the middle of the distribution, with about half (47 percent) reporting incomes between $15,001 and $60,000. The income categories of $60,001 to $75,000 and $75,001 to $90,000 each account for eight percent of the sample.
Available in PDF Format Only.
To download a PDF copy of this publication, click the file icon below.
Date published: June 2006