The Financial Services Market: African Americans

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Published Dec 14, 2018 | 96 Pages | Pub ID: LA15476362

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The Financial Services Market: African Americans

African American consumers are a key financial services growth target. Buoyed by post-recession economic growth, African American household wealth is expected to grow by 70% from 2010 to 2019, and the number of African American households with a net worth of $100,000 or more is expected to top 4.7 million in 2018. Compared to that of earlier generations, African American Millennial wealth suggests advances and poses question marks: while mean household wealth is on par with the average U.S. household, median wealth is much lower. African American consumers also have unique banking preferences and payment preferences. The average African American adult makes $28,000 in payments each year, a disproportionate percentage of which relies on bank account drafts and debit cards. But they are also heavy cash users, providing outsized electronic payment opportunity. Household wealth plays a clear role in shaping those payment choices.

The Financial Services Market: African Americans drills down into African American household finances by demographic, analyzes net worth, asset, and debt trends; banking relationships and attitudes toward money management, financial institutions, and discrimination; and 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.

This report is the companion to Packaged Facts' The Financial Services Market: Hispanics, on sale individually or as part of a collective report covering financial trends involving Hispanic and African American consumers.

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