The Financial Services Market: African Americans

Published: December 14, 2018 - 96 Pages

Table of Contents

  • 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
    • Perceptions of Discrimination
      • All Adult Consumers
      • African American 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
    • 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 ($), 2016
    • Net Worth Trends: Diary of Consumer Payment Choice
      • Introduction
      • All Adult Consumers
      • African American Consumers
        • Table Total Net Worth, Net Non-Home Assets, Net Home Value, and Checking Account Balance by Race/Ethnicity ($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 $1,000s), 2001-2016
      • Affluent Households
        • Table Total, Average, and Median Net Worth: All Households vs. Affluent Households by Race/Ethnicity, 2016
        • Table Affluent Share of Households and Total Net Worth by Race/Ethnicity ($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
      • African American Consumers: Demographic Drill Down
        • 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
    • 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
      • Table Bank Usage, by Bank Type and Race/Ethnicity (mil), 2018
      • African American Consumers: Demographic Drill Down
        • Table African American Bank Usage by Bank Type and Household Income, 2018
        • Table African American Bank Usage by Bank Type and Generation, 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
      • African American Consumers: Demographic Drill Down
        • 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
      • African American Consumers: Demographic Drill Down
        • Table Negative Checking Account Balance and Overdraft Protection Methods: <$75K Household Income White, African American, and Hispanic Adults, 2018
        • Table Negative Checking Account Balance and Overdraft Protection Methods: White, African American, and Hispanic Adults Age 18-34, 2018
  • Mobile Banking, Wallets, and Apps
    • Online and Mobile Banking
      • Online Banking Trends
        • Table Online Banking in Last 30 Days, by Race/Ethnicity, 2010-2018
      • Mobile Banking Momentum
        • Table Mobile Banking in Last 30 Days, by Race/Ethnicity, 2014-2018
    • Mobile Wallet Apps
      • Table Mobile Wallet App Usage, by HH Income, Age, and Race/Ethnicity, 2018
      • Table Mobile Wallet App Usage, by Brand, Age, and HH Income, 2018
    • Banking/Finance Apps
      • Table Banking/Finance App Used in Last 30 Days, by Race/Ethnicity, 2014-2018
      • Table Banking/Finance App Used in Last 30 Days: African American s vs. All Adults, by HH Income and Age, 2018
  • Payment Choices
    • Consumer Payments by Payment Instrument
      • Table Consumer Payments by Payment Instrument: Average Amount Per Person, Monthly Payment Volume and Value, and Annual Payment Value ($), 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 ($), 2017
  • Credit Card User Wallet Share and Net Worth
    • Credit Card Users, Cards Per User, and Wallet Share
      • Table Active Credit Card Users, Cards Per User, and Wallet Share by Card Network/Type and Race/Ethnicity, 2017
      • Revolvers vs. Transactors
        • Table Credit Card Revolvers vs. Transactors: Active Credit Card Wallet Share by Race/Ethnicity, 2017
      • Credit Card User Net Worth, by Race/Ethnicity
        • Table Active Credit Card Users: Net Worth, Home Value/Debt, and Non-Home Value/Debt by Race/Ethnicity ($), 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
      • Card issuer
      • Card network
      • Compound annual growth rate
      • Deduction from income
      • Demand deposit account (DDA)
      • Electronic funds transfer (EFT)
      • General-purpose payment card
      • Interchange fee
      • Issuing bank
      • Merchant acquirer
      • Online banking bill payment
      • Prepaid card

Abstract

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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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