Hispanic Market: Wealth, Banking, and Payment Trends

 
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Published Dec 14, 2018 | 98 Pages | Pub ID: LA15558263

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The Financial Services Market: Hispanics

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. However, homeowning Hispanic households have 16 times more wealth than non-homeowning Hispanic households. But while Hispanic consumers are more likely than average to use national banks, generational trends suggest that Bank of America is losing ground among younger Hispanics. And roughly half of the Hispanic payments by value are made via bank account drafts and debit cards—cost-effective payment choices that could be crowding out higher-margin payment options.

The Financial Services Market: Hispanics drills down into Hispanic 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: African Americans, on sale individually or as part of a collective report covering financial trends involving African American and Hispanic consumers. 
  • 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
      • 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
      • Hispanic Consumers
        • Table Perceptions of Discrimination During Recent Contact with Financial Institutions by Race/Ethnicity, Age, and Household Income, 2018
  • Wealth Trends
    • Note on data presented in this chapter
    • 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 ($), 2016
    • Net Worth Trends: Diary of Consumer Payment Choice
      • Introduction
      • All Adult Consumers
      • Hispanic Consumers
        • Table Total Net Worth, Net Non-Home Assets, Net Home Value, and Checking Account Balance by Race/Ethnicity ($bil), 2017
    • Net Worth Segmentation Trends
      • Introduction
      • 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 $), 2001-2016
      • Affluent Households
        • Table Total, Average, and Median Net Worth: All Households vs. Affluent Households by Race/Ethnicity, 2016
        • Table Affluent Share of Households and Total Net Worth by Race/Ethnicity ($tril), 2016
      • 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
      • 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
      • Hispanic Consumers: Demographic Drill Down
        • 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
      • Hispanic Consumers
        • Table Bank Usage, by Bank Type and Race/Ethnicity (mil), 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
      • Hispanic Consumers: Demographic Analysis
        • 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
        • 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
      • Table Negative Checking Account Balance and Overdraft Protection Methods: <$75K Household Income White, African American, and Hispanic Adults, 2018
      • Table Negative Checking Account Balance and Overdraft Protection Methods: White, African American, and Hispanic Adults Age 18-34, 2018
  • Mobile Banking, Wallets, and Apps
    • Online and Mobile Banking
      • Online Banking Trends
        • Table Online Banking in Last 30 Days, by Race/Ethnicity, 2010-2018
      • Mobile Banking Momentum
        • Table Mobile Banking in Last 30 Days, by Race/Ethnicity, 2014-2018
    • Mobile Wallet Apps
      • Table Mobile Wallet App Usage, by HH Income, Age, and Race/Ethnicity, 2018
      • Table Mobile Wallet App Usage, by Brand, Age, and HH Income, 2018
    • Banking/Finance Apps
      • Table Banking/Finance App Used in Last 30 Days, by Race/Ethnicity, 2014-2018
      • Table Banking/Finance App Used in Last 30 Days: Hispanics vs. All Adults, by HH Income and Age, 2018
  • Payment Choices
    • Consumer Payments by Payment Instrument
      • Table Consumer Payments by Payment Instrument: Average Amount Per Person, Monthly Payment Volume and Value, and Annual Payment Value ($), 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
    • 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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