Report Overview
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.
Table of Contents
Attitudes Toward Money Management, Financial Institutions, and Discrimination
$1,552.35
Attitudes Toward Money Management, Financial Risk, and Financial Institutions
$1,267.81
All Adult Consumers
$377.80
Table | Attitudes Toward Money Management, Financial Risk, and Financial Institutions: All Adults, 2009-2018
African American Consumers
$439.73
Table | Attitudes Toward Money Management, Financial Risk, and Financial Institutions: All Adults vs. Africa
Table | Attitudes Toward Money Management, Financial Risk, and Financial Institutions: African American Adul
Hispanic Consumers
$441.81
Table | Attitudes Toward Money Management, Financial Risk, and Financial Institutions: All Adults vs. Hispan
Table | Attitudes Toward Money Management, Financial Risk, and Financial Institutions: Hispanic Adults by Pr
Perceptions of Discrimination
$281.25
Hispanic Consumers
$281.25
Table | Perceptions of Discrimination During Recent Contact with Financial Institutions by Race/Ethnicity, A
Wealth Trends
$4,118.45
Net Worth Forecast
$726.68
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
$444.24
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
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
$1,042.89
Total U.S. Household Net Worth Market Size
$281.25
Table | Total U.S. Household Net Worth by Race/Ethnicity ($bil), 2013 vs. 2016
Median and Average Net Worth Trends
$281.25
Table | Mean and Median HH Household Net Worth by Race/Ethnicity (2016 $), 2013 vs. 2016
Wealth Distribution
$281.25
Table | Mean and Median Household Net Worth by Percentile Segment and Race/Ethnicity ($), 2016
Assets and Debt Snapshot
$340.08
Table | Household Financial Profile by Race/Ethnicity ($), 2016
Net Worth Trends: Diary of Consumer Payment Choice
$314.45
Hispanic Consumers
$281.25
Table | Total Net Worth, Net Non-Home Assets, Net Home Value, and Checking Account Balance by Race/Ethnicity
Net Worth Segmentation Trends
$1,999.34
African American Household Net Worth Trends
$356.90
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), 2001-201
Hispanic Household Net Worth Trends
$352.06
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
$397.71
Table | Total, Average, and Median Net Worth: All Households vs. Affluent Households by Race/Ethnicity, 2016
Table | Affluent Share of Households and Total Net Worth by Race/Ethnicity ($tril), 2016
African American and Hispanic Net Worth: Generations
$865.04
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
$2,153.43
Assets and Debt
$329.30
Hispanic Households
$281.25
Table | Average Household Assets and Debt by Type and Race/Ethnicity (2016 $1,000s), 2013 vs. 2016
Homeownership
$394.09
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, 201
Banking/Investment Account Ownership
$938.19
Table | Banking/Investment Account Ownership by Account Value and Race/Ethnicity, 2018
African American Consumers
$349.10
Table | Banking/Investment Account Ownership: African American Adults by Account Value and Generation (mil),
Table | Banking/Investment Account Ownership: African American Adults by Account Value and Household Income
Hispanic Consumers
$333.38
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), 2
Stocks and Liquid Assets
$489.55
Liquid Assets
$281.25
Table | Liquid Assets: Households That Own, Participation Rate, and Average Assets by Race/Ethnicity (2016 $
Stocks
$281.25
Table | Directly Held Stocks: Households That Own, Participation Rate, and Average Assets by Race/Ethnicity
Banking Relationships
$3,644.95
National Bank, Credit Union, Local Bank, and Internet Bank Usage
$1,295.86
Hispanic Consumers
$281.25
Table | Bank Usage, by Bank Type and Race/Ethnicity (mil), 2018
African American Consumers: Demographic Analysis
$364.71
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
$608.78
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
$370.21
Location, Location, Location
$281.25
Table | Rationales for Choosing Primary Bank, 2014-2018
Rationales for Choosing Primary Bank by Race/Ethnicity
$281.25
Table | Rationales for Choosing Primary Bank by Race/Ethnicity, 2018
Factors Important to Opening a Checking Account
$1,543.88
Convenience Reigns
$281.25
Table | Most Important Reasons for Choosing Institution for Primary Checking Account, 2018
Analysis by Household Income
$547.51
Table | Most Important Reasons for Choosing Institution for Primary Checking Account: <$75K Household Income
Table | Most Important Reasons for Choosing Institution for Primary Checking Account: $75K+ Household Income
Analysis by Age
$722.73
Table | Most Important Reasons for Choosing Institution for Primary Checking Account: White, African America
Table | Most Important Reasons for Choosing Institution for Primary Checking Account: White, African America
Table | Most Important Reasons for Choosing Institution for Primary Checking Account: White, African America
Overdraft
$432.69
Analysis by Household Income
$281.25
Table | Negative Checking Account Balance and Overdraft Protection Methods: <$75K Household Income White, Af
Analysis by Age
$281.25
Table | Negative Checking Account Balance and Overdraft Protection Methods: White, African American, and His
Mobile Banking, Wallets, and Apps
$758.91
Online and Mobile Banking
$281.25
Online Banking Trends
$281.25
Table | Online Banking in Last 30 Days, by Race/Ethnicity, 2010-2018
Mobile Banking Momentum
$281.25
Table | Mobile Banking in Last 30 Days, by Race/Ethnicity, 2014-2018
Mobile Wallet Apps
$281.25
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
$306.75
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, 2
Payment Choices
$946.21
Consumer Payments by Payment Instrument
$392.76
Table | Consumer Payments by Payment Instrument: Average Amount Per Person, Monthly Payment Volume and Value
Table | Consumer Payments by Payment Instrument: Total Annual Payment Volume and Value ($bil), 2017
Per-Person Payment Value by Race/Ethnicity
$281.25
Table | Monthly Per-Person Payment Value by Payment Instrument and Race/Ethnicity ($), 2017
African American Consumer Payments by Payment Instrument
$281.25
Table | African American Consumer Payments by Payment Instrument: Average Amount Per Person, Monthly Payment
Hispanic Consumer Payments by Payment Instrument
$281.25
Table | Hispanic Consumer Payments by Payment Instrument: Average Amount Per Person, Monthly Payment Volume
Credit Card User Wallet Share and Net Worth
$874.94
Credit Card Users, Cards Per User, and Wallet Share
$281.25
Table | Active Credit Card Users, Cards Per User, and Wallet Share by Card Network/Type and Race/Ethnicity,
Revolvers vs. Transactors
$282.66
Table | Credit Card Revolvers vs. Transactors: Active Credit Card Wallet Share by Race/Ethnicity, 2017
Credit Card User Net Worth, by Race/Ethnicity
$281.25
Table | Active Credit Card Users: Net Worth, Home Value/Debt, and Non-Home Value/Debt by Race/Ethnicity ($),
Appendix
$1,832.70
Methodology
$1,831.83
Generations
$281.25
Table | U.S. Generations, 2018
Abbreviations
$281.25
Table | Report Abbreviations and Acronyms, 2017
What's in This Report?
The Financial Services Market: African Americans and Hispanics