By Ryan Velez
There’s nothing wrong with daydreaming about winning the lottery. Only a few people will ever see it, but a little fantasy never hurt anyone, and may even help you figure out where your priorities are. However, disturbing statistics reported by Black Enterprise show that for many Black fantasies, a lottery isn’t seen as a dream, but the only way out, a commentary both on the community’s financial status and attitudes about money.
The research was conducted by insurance company Mass Mutual and revealed that almost 11% of those surveyed about financing an education cited winning the lottery as a means of paying for their kids’ college. Needless to say, that entire subsection is not going to be winning money anytime soon. According to learning website ThoughtCo., the chance of winning a Daily 4 or Pick 4 lottery game is 1/1000, or 0.01%. The probability of winning the common lottery game where six numbers are chosen at random is 1 out of 12,271,512.
Here are a few other highlights from the data found by Mass Mutual:
• 82% of black parents and guardians agree that college is important.
• 50% believe they will be able to afford college when it’s time to send their kids.
• African American parents and guardians are the least likely among other ethnic groups to have their kids acquire a student loan.
• Nearly half surveyed expect their children to receive scholarships.
• 35% encourage their children to participate in work-study programs.
• One-fourth surveyed say having their kids attend a community college then transfer to a four-year school is a way to keep college affordable.
• Four in 10 black parents plan to use Pell Grants to help pay tuition.
• More than one-third expect to use their own savings; two-thirds began saving when their child turned 10.
Granted, the student loan issue is a universal one, with debt increasing by $2,726.27 every second. However, Black students are at particular risk due to student loans. Black Enterprise education editor Robin White Good reported that nearly half (49%) of all Black student borrowers default on their student loans 12 years after entering college. While one may not be able to cover the costs by themselves, Black families can work to apply to scholarships and make sure to fill out the FAFSA to apply for financial aid. While the student loan crisis is far-reaching, you’re more likely to make an impact this way than by stocking up on those lottery tickets.