The Financial Services Market: African Americans and Hispanics
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The Financial Services Market: African Americans and Hispanics drills down into this population of multicultural consumers, examining household finances by demographic; analyzing net worth, asset, and debt trends; highlighting banking relationships and attitudes toward money management, financial institutions, and discrimination; and researching payment preferences and mobile banking, app, and wallet use. Heavy emphasis is placed on market sizing. Examples include total household wealth by various race/ethnicity demographic segments; the dollar value of payments made by various payment instruments; and active credit card wallet share of revolvers and transactors, by race/ethnicity. As such, the report provides an important marketing tool that can be used to target populations across a wide variety of financial services and products.
- Executive Summary
- Report Scope
- Report Summary
- Attitudes Toward Money Management, Financial Institutions, and Discrimination
- Wealth Trends
- Asset and Debt Trends
- Banking Relationships
- Mobile Banking, Wallets, and Apps
- Payment Choices
- Credit Card User Wallet Share and Net Worth
- Attitudes Toward Money Management, Financial Institutions, and Discrimination
- Attitudes Toward Money Management, Financial Risk, and Financial Institutions
- All Adult Consumers
- Table Attitudes Toward Money Management, Financial Risk, and Financial Institutions: All Adults, 2009-2018
- African American Consumers
- Table Attitudes Toward Money Management, Financial Risk, and Financial Institutions: All Adults vs. African American Adults, 2009-2018
- Table Attitudes Toward Money Management, Financial Risk, and Financial Institutions: African American Adults by Age and Household Income, 2018
- Hispanic Consumers
- Table Attitudes Toward Money Management, Financial Risk, and Financial Institutions: All Adults vs. Hispanic Adults, 2009-2018
- Table Attitudes Toward Money Management, Financial Risk, and Financial Institutions: Hispanic Adults by Preferred Spoken Language, 2018
- All Adult Consumers
- Perceptions of Discrimination
- All Adult Consumers
- African American Consumers
- Hispanic Consumers
- Table Perceptions of Discrimination During Recent Contact with Financial Institutions by Race/Ethnicity, Age, and Household Income, 2018
- Attitudes Toward Money Management, Financial Risk, and Financial Institutions
- Wealth Trends
- Net Worth Forecast
- Table Total and Average U.S. Household Net Worth by Race/Ethnicity, 2010 vs. 2019
- Table Total U.S. Household Net Worth and Net Worth Share by Race/Ethnicity, 2010 vs. 2019
- 2010 vs. 2019 Comparisons, by Race/Ethnicity and Net Worth Segment
- Table U.S. White Household Net Worth: Total, Average, and HH Share, by Net Worth Segment, 2010 vs. 2019
- Table U.S. African American Household Net Worth: Total, Average, and HH Share, by Net Worth Segment, 2010 vs. 2019
- Table U.S. Hispanic Household Net Worth: Total, Average, and HH Share, by Net Worth Segment, 2010 vs. 2019
- Net Worth Trends: Federal Reserve Survey of Consumer Finances
- Introduction
- Total U.S. Household Net Worth Market Size
- Table Total U.S. Household Net Worth by Race/Ethnicity ($bil), 2013 vs. 2016
- Median and Average Net Worth Trends
- Table Mean and Median HH Household Net Worth by Race/Ethnicity (2016 $), 2013 vs. 2016
- Wealth Distribution
- Table Mean and Median Household Net Worth by Percentile Segment and Race/Ethnicity ($), 2016
- Assets and Debt Snapshot
- Table Household Financial Profile by Race/Ethnicity ($), 2016
- Net Worth Trends: Diary of Consumer Payment Choice
- Introduction
- All Adult Consumers
- African American Consumers
- Hispanic Consumers
- Table Total Net Worth, Net Non-Home Assets, Net Home Value, and Checking Account Balance by Race/Ethnicity ($bil), 2017
- Net Worth Segmentation Trends
- Introduction
- African American Household Net Worth Trends
- Table African American Net Worth: Number and Share of Households by Net Worth Segment, 2001-2016
- Table Average African American Household Net Worth by Segment and Total Net Worth (2016 $1,000s), 2001-2016
- Hispanic Household Net Worth Trends
- Table Hispanic Net Worth: Number and Share of Households by Net Worth Segment (2016 $), 2001-2016
- Table Average Hispanic Household Net Worth by Segment and Total Net Worth (2016 $), 2001-2016
- African American and Hispanic Net Worth: Affluent Households
- Table Total, Average, and Median Net Worth: All Households vs. Affluent Households by Race/Ethnicity, 2016
- Table Affluent Share of Households and Total Net Worth by Race/Ethnicity ($tril), 2016
- African American and Hispanic Net Worth: Generations
- Table Total, Average, and Median Household Net Worth by Generation, 2016
- Table Total, Average, and Median Household Net Worth: Millennials by Race/Ethnicity, 2016
- Table Total, Average, and Median Household Net Worth: Generation X by Race/Ethnicity, 2016
- Table Total, Average, and Median Household Net Worth: Baby Boomers by Race/Ethnicity, 2016
- Table Total, Average, and Median Household Net Worth: Silent Generation by Race/Ethnicity, 2016
- Net Worth Forecast
- Asset and Debt Trends
- Assets and Debt
- African American Households
- Hispanic Households
- Table Average Household Assets and Debt by Type and Race/Ethnicity (2016 $1,000s), 2013 vs. 2016
- Homeownership
- Table Homeownership: Ownership Rate, Net Value, Value, and Debt by Race/Ethnicity (2016 $1,000s), 2016
- Table Total, Average, and Median Household Net Worth: Homeowners vs. Non-homeowners by Race/Ethnicity, 2016
- Banking/Investment Account Ownership
- Table Banking/Investment Account Ownership by Account Value and Race/Ethnicity, 2018
- African American Consumers
- Table Banking/Investment Account Ownership: African American Adults by Account Value and Generation (mil), 2018
- Table Banking/Investment Account Ownership: African American Adults by Account Value and Household Income (mil), 2018
- Hispanic Consumers
- Table Banking/Investment Account Ownership: Hispanic Adults by Account Value and Generation (mil), 2018
- Table Banking/Investment Account Ownership: Hispanic Adults by Account Value and Household Income (mil), 2018
- Stocks and Liquid Assets
- Liquid Assets
- Table Liquid Assets: Households That Own, Participation Rate, and Average Assets by Race/Ethnicity (2016 $), 2007 vs. 2016
- Stocks
- Table Directly Held Stocks: Households That Own, Participation Rate, and Average Assets by Race/Ethnicity (2016 $), 2007 vs. 2016
- Liquid Assets
- Assets and Debt
- Banking Relationships
- National Bank, Credit Union, Local Bank, and Internet Bank Usage
- All Consumers
- African American Consumers
- Hispanic Consumers
- Table Bank Usage, by Bank Type and Race/Ethnicity (mil), 2018
- African American Consumers: Demographic Analysis
- Table African American Bank Usage by Bank Type and Household Income, 2018
- Table African American Bank Usage by Bank Type and Generation, 2018
- Hispanic Consumers: Demographic Analysis
- Table Hispanic Bank Usage by Bank Type and Household Income, 2018
- Table Hispanic Bank Usage by Bank Type and Generation, 2018
- Table Hispanic Bank Usage by Bank Type and Preferred Spoken Language, 2018
- Reasons for Choosing Primary Bank
- Location, Location, Location
- Table Rationales for Choosing Primary Bank, 2014-2018
- Rationales for Choosing Primary Bank by Race/Ethnicity
- Table Rationales for Choosing Primary Bank by Race/Ethnicity, 2018
- Location, Location, Location
- Factors Important to Opening a Checking Account
- Checking Builds the Foundation
- Convenience Reigns
- Table Most Important Reasons for Choosing Institution for Primary Checking Account, 2018
- Analysis by Household Income
- Table Most Important Reasons for Choosing Institution for Primary Checking Account: <$75K Household Income by White, African American, and Hispanic Checking Account Holders, 2018
- Table Most Important Reasons for Choosing Institution for Primary Checking Account: $75K+ Household Income by White, African American, and Hispanic Checking Account Holders, 2018
- Analysis by Age
- Table Most Important Reasons for Choosing Institution for Primary Checking Account: White, African American, and Hispanic Adults Age 18-34, 2018
- Table Most Important Reasons for Choosing Institution for Primary Checking Account: White, African American, and Hispanic Adults Age 35-54, 2018
- Table Most Important Reasons for Choosing Institution for Primary Checking Account: White, African American, and Hispanic Adults Age 55+, 2018
- Overdraft
- Analysis by Household Income
- Table Negative Checking Account Balance and Overdraft Protection Methods: <$75K Household Income White, African American, and Hispanic Adults, 2018
- Analysis by Age
- Table Negative Checking Account Balance and Overdraft Protection Methods: White, African American, and Hispanic Adults Age 18-34, 2018
- Analysis by Household Income
- National Bank, Credit Union, Local Bank, and Internet Bank Usage
- Mobile Banking, Wallets, and Apps
- Online and Mobile Banking
- Online Banking Trends
- Table Online Banking in Last 30 Days, by Race/Ethnicity, 2010-2018
- Mobile Banking Momentum
- Table Mobile Banking in Last 30 Days, by Race/Ethnicity, 2014-2018
- Online Banking Trends
- Mobile Wallet Apps
- Table Mobile Wallet App Usage, by HH Income, Age, and Race/Ethnicity, 2018
- Table Mobile Wallet App Usage, by Brand, Age, and HH Income, 2018
- Banking/Finance Apps
- Table Banking/Finance App Used in Last 30 Days, by Race/Ethnicity, 2014-2018
- Table Banking/Finance App Used in Last 30 Days: Hispanics vs. All Adults, by HH Income and Age, 2018
- Table Banking/Finance App Used in Last 30 Days: African American s vs. All Adults, by HH Income and Age, 2018
- Online and Mobile Banking
- Payment Choices
- Consumer Payments by Payment Instrument
- Table Consumer Payments by Payment Instrument: Average Amount Per Person, Monthly Payment Volume and Value, and Annual Payment Value ($), 2017
- Table Consumer Payments by Payment Instrument: Total Annual Payment Volume and Value ($bil), 2017
- Per-Person Payment Value by Race/Ethnicity
- Table Monthly Per-Person Payment Value by Payment Instrument and Race/Ethnicity ($), 2017
- African American Consumer Payments by Payment Instrument
- Table African American Consumer Payments by Payment Instrument: Average Amount Per Person, Monthly Payment Volume and Value, and Annual Payment Value ($), 2017
- Hispanic Consumer Payments by Payment Instrument
- Table Hispanic Consumer Payments by Payment Instrument: Average Amount Per Person, Monthly Payment Volume and Value, and Annual Payment Value ($), 2017
- Consumer Payments by Payment Instrument
- Credit Card User Wallet Share and Net Worth
- Credit Card Users, Cards Per User, and Wallet Share
- Table Active Credit Card Users, Cards Per User, and Wallet Share by Card Network/Type and Race/Ethnicity, 2017
- Revolvers vs. Transactors
- Table Credit Card Revolvers vs. Transactors: Active Credit Card Wallet Share by Race/Ethnicity, 2017
- Credit Card User Net Worth, by Race/Ethnicity
- Table Active Credit Card Users: Net Worth, Home Value/Debt, and Non-Home Value/Debt by Race/Ethnicity ($), 2017
- Credit Card Users, Cards Per User, and Wallet Share
- Appendix
- Methodology
- Consumer Survey Methodology
- Key Sources
- Population Estimates
- Generations
- Table U.S. Generations, 2018
- Table Indexes
- Abbreviations
- Table Report Abbreviations and Acronyms, 2017
- Terms and Definitions
- Methodology
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