The African-American and Hispanic Markets: Wealth, Banking, and Payment Trends

 
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Published Dec 17, 2018 | 117 Pages | Pub ID: LA15840387

The Financial Services Market: African Americans and Hispanics

Multicultural consumers—particularly African American and Hispanic 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. Likewise, rising household incomes and increasing wealth translate to a need for the financial services industry to target Hispanic consumers across a wider and deeper range of products and services. Hispanic household wealth is expected to grow by more than 90% from 2010 to 2019, and the number of Hispanic households with a net worth of $100,000 or more is expected to top 3.5 million in 2018.

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
    • 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
  • 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
  • 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
  • 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
    • 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: <$75K Household Income White, African American, and Hispanic Adults, 2018
      • Analysis by Age
        • Table Negative Checking Account Balance and Overdraft Protection Methods: White, African American, and Hispanic Adults Age 18-34, 2018
  • Mobile Banking, Wallets, and Apps
    • Online and Mobile Banking
      • Online Banking Trends
        • Table Online Banking in Last 30 Days, by Race/Ethnicity, 2010-2018
      • Mobile Banking Momentum
        • Table Mobile Banking in Last 30 Days, by Race/Ethnicity, 2014-2018
    • Mobile Wallet Apps
      • Table Mobile Wallet App Usage, by HH Income, Age, and Race/Ethnicity, 2018
      • Table Mobile Wallet App Usage, by Brand, Age, and HH Income, 2018
    • Banking/Finance Apps
      • Table Banking/Finance App Used in Last 30 Days, by Race/Ethnicity, 2014-2018
      • Table Banking/Finance App Used in Last 30 Days: Hispanics vs. All Adults, by HH Income and Age, 2018
      • Table Banking/Finance App Used in Last 30 Days: African American s vs. All Adults, by HH Income and Age, 2018
  • Payment Choices
    • Consumer Payments by Payment Instrument
      • Table Consumer Payments by Payment Instrument: Average Amount Per Person, Monthly Payment Volume and Value, and Annual Payment Value ($), 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
  • 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
  • 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

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