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 Black Consumers and Financial Services - US - July 2013:Industry Trends, Size and Shares Research Report
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Black Consumers and Financial Services - US - July 2013:Industry Trends, Size and Shares Research Report

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Given the relatively high rate of unemployment and the impact of the housing crisis, many Black consumers have less-than-perfect credit scores and significantly lower net worth than their White …

Given the relatively high rate of unemployment and the impact of the housing crisis, many Black consumers have less-than-perfect credit scores and significantly lower net worth than their White counterparts. According to an article in CNNMoney, White Americans have 22 times more wealth than Black consumers – a gap that nearly doubled during the Great Recession. The median net worth for Whites was $110,729 in 2010, versus $4,995 for Blacks, which has major implications for Black consumers’ ability to build wealth.

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  • 1. Black Consumers and Financial Services - US - July 2013 Given the relatively high rate of unemployment and the impact of the housing crisis, many Black consumers have less-than-perfect credit scores and significantly lower net worth than their White counterparts. According to an article in CNNMoney, White Americans have 22 times more wealth than Black consumers – a gap that nearly doubled during the Great Recession. The median net worth for Whites was $110,729 in 2010, versus $4,995 for Blacks, which has major implications for Black consumers’ ability to build wealth. table Of Content scope And Themes what You Need To Know definition data Sources consumer Survey Data advertising abbreviations And Terms abbreviations terms executive Summary figure 1: Current Share And Change In Purchasing Power, By Race/ethnicity, 1990-2017 figure 2: Attitudes About Financial Services Industry And Own Financial Situation In Last Five Years, By Age, May 2013 figure 3: Median Net Worth Of Households, 2005-09 figure 4: Types Of Financial Products/services Used In Last 12 Months, By Household Income, May 2013 figure 5: Attitudes Of Black Banked/unbanked Consumers, October 2011-november 2012 figure 6: Reasons For Not Using Checks/debit Cards In Past 12 Months, By Age, May 2013 what We Think issues In The Market what Impact Has The Economy Had On The Way Black Consumers Do Business With The Financial Sector? more Black Consumers Than Whites Say They’re Better Off Financially figure 7: Attitudes About Improvement/decline In Household Financial Health In Last 12 Months, By Race/hispanic Origin, October 2011-november 2012 blacks Remain Optimistic Despite Hardships And Perceptions Of Discriminatory Practices figure 8: Attitudes About Financial Industry And Changes In Financial Health In Past Five Years, By Age, Black Consumers and Financial Services - US - July 2013
  • 2. May 2013 compared To 2010, How Have Black Consumers’ Saving And Investment Habits Changed? spending Is Up Considerably – Most Are Saving Less Or Not At All figure 9: Changes In Spending And Saving Habits, 2010 And 2012 figure 10: Agreement That Household Can Only Afford Basic Necessities, By Household Income, 2010 And 2012 blacks Spend Money Even Though Many Can Only Afford Basic Necessities figure 11: Attitudes Toward Monthly Expenses, By Age, October 2012 figure 12: Monthly Saving Habits Of Black Households That Save Money, 2010 And 2012 what Are Some Of The Challenges Black Consumers Face In Lowering Their Debt And Increasing Their Net Worth? net Worth Of Whites Is 20 Times That Of Blacks figure 13: Median Net Worth Of Households, 2005-09 figure 14: Asset Ownership By Type Of Asset, 2005-09 black Consumers Are Risk Averse figure 15: Attitudes, Opinions, And Interests, By Race/hispanic Origin, October 2011-november 2012 black Consumers Less Likely Than White Consumers To Fear Debt figure 16: Personal Finance, By Race/hispanic Origin, October 2011-november 2012 black Consumers Want Help Managing Money And Planning For Retirement figure 17: Attitudes Toward Financial Services, By Race/hispanic Origin, October 2011-november 2012 trend Application trend: Access All Areas trend: Help Me Help Myself mintel Futures: Brand Intervention black Household Income And Buying Power key Points blacks Most Likely To Live In One-person Households figure 18: Household Size, By Race/hispanic Origin Of Householder, 2011 college-educated Black Consumers Most Likely To See Income Increase figure 19: Changes In Household Income Within The Last Year, By Education, October 2012 single Households Driving Lower Median Income Compared To Other Groups figure 20: Median Household Income, By Race And Hispanic Origin Of Householder, 2011 figure 21: Median Household Income, By Race And Hispanic Origin Of Householder, 2008 And 2011 black Purchasing Power Expected To Rise Significantly By 2017 figure 22: Purchasing Power, By Race/hispanic Origin, 1990-2017 figure 23: Purchasing Power, By Race/hispanic Origin, 1990-2017 buying Power Concentrated In South And Northeast figure 24: Top 10 States/regions With The Largest Share Of Black Buying Power, 2012 affluent Blacks Most Prevalent In Northeast Black Consumers and Financial Services - US - July 2013
  • 3. attitudes Toward Money, Primary Financial Concerns, And Risk key Points higher-income Blacks More Optimistic And Believe Discrimination Exists figure 25: Attitudes About Financial Service Providers And Own Household Situation In Past Five Years, By Income, May 2013 one Third Of Unemployed Attribute Optimism To President Obama figure 26: Attitudes Toward Financial Services And Own Financial Situation, By Employment Status, May 2013 higher-income Blacks Are More Confident In Spending And More Fiscally Fit figure 27: Economic Outlook Segmentation, By Gender And Household Income, October 2011-november 2012 blacks Feel Their Economic Outlook Is Bleaker Than America As A Whole figure 28: Economic Situation – Personal Vs. U.s. Outlook Overall, By Race/hispanic Origin, October 2011-november 2012 higher-income Black Consumers Are Spending And Saving More figure 29: Increase/decrease In Spending In Last Year Due To The Economy, By Household Income, October 2012 banking And Investment Services key Points the Majority Of Blacks Have Bank Accounts, Especially Older Consumers figure 30: Financial Products/services Used, By Age, May 2013 blacks More Likely To Bank With Credit Unions, Bank Of America, Or Chase figure 31: Usage Of Bank Brands, By Race/hispanic Origin, October 2011-november 2012 more Blacks Use Paypal Than Western Union To Send Or Receive Money figure 32: Types Of Financial Products/services Used, By Age, May 2013 high-income Blacks Are More Likely To Have Credit Cards And Bank Accounts figure 33: Types Of Financial Products/services Used In Last 12 Months, By Household Income, May 2013 figure 34: Non-bank Financial Products/services Used In Last 12 Months, By Household Income, May 2013 unemployed Are Unbanked – But Retirees Maintain Relationship With Banks figure 35: Financial Products/services Used In Last 12 Months, By Employment Status, May 2013 infrequency Of Writing Checks Drives Why Unbanked Don’t Have An Account figure 36: Reasons For Not Using Checks/debit Card, By Age, May 2013 one Fourth Have Used Payday Loans Five Or More Times In Last 12 Months figure 37: Payday Loan/advance Services Brands Used In Last 12 Months And Frequency, Blacks Overall, May 2013 figure 38: Frequency Of Use – Payday Loan/advance Services In Last 12 Months, Blacks Overall, May 2013 poor Credit And Expediency Of Getting Payday Loans Attract Customers figure 39: Reasons For Using Payday Loan/advance Services, Blacks Overall, May 2013 Black Consumers and Financial Services - US - July 2013
  • 4. blacks Are Less Likely To Go Online For Banking, Insurance, And Investments figure 40: Online Activities Incidence And Frequency For Banking, Financial Information/stock Trading, And Medical Services And Information, By Race/hispanic Origin, October 2011-november 2012 blacks Who Do Use Online Banking Do It More Frequently Than Others figure 41: Frequency Of Online Banking, Financial Information/stock Trading, And Medical Services And Information, By Race/hispanic Origin, October 2011-november 2012 blacks Conduct More Transactions From Computer Than In Person Or Mobile figure 42: Banking Activities Conducted By Type Of Transaction, Blacks Overall, July 2013 black Online Customers Conduct More Banking Transactions figure 43: Banking Services Used By Type Of Transaction, Blacks Overall, May 2013 blacks More Likely To Carry Prepaid Cards – Visa More Likely In Their Wallet figure 44: Prepaid Card Usage, By Race/hispanic Origin, October 2011-november 2012 figure 45: Prepaid Card Usage, By Race/hispanic Origin, October 2011-november 2012 blacks More Likely Than Anyone Else To Send Or Receive Money Within U.s. figure 46: Usage Of Remittance Services, By Race/hispanic Origin, October 2011-november 2012 figure 47: Top Five Companies Used For Sending/receiving Money, By Race/hispanic Origin, October 2011-november 2012 more Blacks Have Credit Cards Issued By Chase, Bank Of America, Capitol One figure 48: Incidence Of Credit Card Ownership, By Race/hispanic Origin, October 2011-november 2012 figure 49: Incidence Of Credit Card Issuers Used, By Race/hispanic Origin, October 2011-november 2012 figure 50: Type Of Credit Cards And Brands Owned, By Race/hispanic Origin, October 2011-november 2012 figure 51: Mean Credit Card Usage Frequency In Last 30 Days By Brand, By Race/hispanic Origin, October 2011-november 2012 black Credit Card Holders Prefer Cash Back And Earning Points figure 52: Types Of Rewards Programs Associated With Credit Cards By Brand, By Race/hispanic Origin, October 2011-november 2012 black Consumers Are More Likely To Maintain A Credit Card Balance figure 53: Proportion Of Balance Usually Paid Monthly On Credit Cards, By Race/hispanic Origin, October 2011-november 2012 black Consumers Less Likely Than Whites And Asians To Have Loans figure 54: Incidence Of Loans Outstanding, By Type Of Loan, By Race/hispanic Origin, October 2011-november 2012 black Consumers Are Less Likely Than Whites And Asians To Save And Invest figure 55: Incidence Of Savings Accounts, By Type Of Savings Products, By Race/hispanic Origin, October 2011-november 2012 figure 56: Incidence Of Types Of Investment Accounts And Investments Products Owned, By Race/hispanic Origin, October 2011-november 2012 figure 57: Incidence Of Mutual Funds/brokerage Account Ownership, By Race/hispanic Origin, October 2011-november 2012 figure 58: Incidence Of Mutual Funds/brokerage Accounts By Primary Firm, By Race/hispanic Origin, October 2011-november 2012 Black Consumers and Financial Services - US - July 2013
  • 5. the Unbanked key Points unbanked Are Vastly Different Than Banked Consumers In Many Areas figure 59: Demographic Profile Of The Black Unbanked Consumer, October 2011-november 2012 the Unbanked Need Help – They Are Unhappy With Life And Much Less Optimistic figure 60: Attitudes Of Black Unbanked Consumers, By Banked And Unbanked, October 2011-november 2012 mismanagement Of Funds And Lack Of Guidance Hinder The Unbanked figure 61: Unbanked Consumers’ Attitudes And Behaviors Toward Personal Finances, By Banked And Unbanked, October 2011-november 2012 the Unbanked Most Likely Live In Multigenerational Households figure 62: Role In Paying Bills, By Banked And Unbanked, October 2011-november 2012 the Unbanked Pay Bills In Person Or By Mail, Using Cash Or Money Order figure 63: Methods Used To Pay Bills, By Banked And Unbanked, October 2011-november 2012 figure 64: Forms Of Payment Used To Pay Bills, By Banked And Unbanked, October 2011-november 2012 one Fourth Of The Unbanked Say Their Finances Are Getting Better figure 65: Personal Economic Situation Compared To Year Previous, By Banked And Unbanked, October 2011-november 2012 insurance Policies Owned key Points black Consumers More Likely Than White Consumers To Be Uninsured figure 66: Incidence Of Ownership Of Health/life Insurance, By Race/hispanic Origin, October 2011-november 2012 figure 67: Types Of Health/life Insurance Owned, By Race/hispanic Origin, October 2011-november 2012 black Consumers Spend More On Health Insurance And Drugs figure 68: Distribution Of Average Annual Expenditures For Healthcare, By Race Of Reference Person, 2011 figure 69: Increase/decrease In Household Spending On Medical Expenses, By Household Income, October 2012 blacks Willing To Pay More For Health, Yet 21% Are Uninsured figure 70: Diet And Health, By Race/hispanic Origin, October 2011-november 2012 blacks Weigh Risks Of Getting Ill With Need For Insurance figure 71: Attitudes About Health And Medicine, By Race/hispanic Origin, October 2011-november 2012 blacks More Likely To Have Hmo And Be Insured By Blue Cross Blue Shield figure 72: Incidence Of Ownership Of Health Insurance, By Type, By Race/hispanic Origin, October 2011-november 2012 figure 73: Provider Of Health/life Insurance, By Race/hispanic Origin, October 2011-november 2012 blacks Are Drawn To Flexible Spending And Health Reimbursement Accounts figure 74: Type Of Health Insurance Savings, Reimbursement Or Spending Account Held, By Race/hispanic Origin, October 2011-november 2012 black Consumers More Likely To Pay For Insurance Out Of Pocket figure 75: How Medical Policy Is Obtained, By Race/hispanic Origin, October 2011-november 2012 Black Consumers and Financial Services - US - July 2013
  • 6. marketers Should Reach Out To Employers Who Don’t Provide Insurance To Reach Blacks figure 76: Method Used To Purchase Health Insurance Policy, By Race/hispanic Origin, October 2011-november 2012 blacks More Likely To Have Whole Life Than Others – Value Of Policy Much Lower figure 77: Type Of Life Insurance Policy Owned, By Race/hispanic Origin, October 2011-november 2012 figure 78: Value Of Life Insurance Policy, By Race/hispanic Origin, October 2011-november 2012 figure 79: Average Annual Expenditures For Cus For Personal Insurance And Pensions, By Race Of Reference Person, 2011 property And Auto Insurance figure 80: Vehicle Ownership, By Gender And Household Income, October 2011-november 2012 figure 81: Vehicle Ownership New Vs. Used, By Gender And Household Income, October 2011-november 2012 figure 82: Amount Spent On Vehicle, By Gender And Household Income, October 2011-november 2012 higher-income Blacks More Likely To Have Roadside Assistance – Aaa Most Common figure 83: Auto Club Membership, By Gender And Household Income, October 2011-november 2012 figure 84: Auto Club Company Membership With, By Gender And Household Income, October 2011-november 2012 nearly All Blacks Have Auto Insurance – Fewer Have Homeowners Or Renters Insurance figure 85: Property/vehicle Insurance Owned, By Race/hispanic Origin, October 2011-november 2012 figure 86: Type Of Property/vehicle Insurance Owned, By Race/hispanic Origin, October 2011-november 2012 state Farm And Allstate’s Targeted Marketing Efforts Pay Off figure 87: Provider Of Property/vehicle Insurance Policy, By Race/hispanic Origin, October 2011-november 2012 figure 88: Method Used To Obtain Homeowner's Policy, By Race/hispanic Origin, October 2011-november 2012 value Of Homeowner Policy Lower For Blacks – Driven By Where Blacks Reside figure 89: Amount Of Coverage On Homeowner's Insurance, By Race/hispanic Origin, October 2011-november 2012 small Business Owners Are A Significant Opportunity For Marketers figure 90: Incidence Of Other Types Of Insurance Carried, By Race/hispanic Origin, October 2011-november 2012 figure 91: Type Of Other Insurance Carried, By Race/hispanic Origin, October 2011-november 2012 the Uninsured key Points uninsured Self-treat Conditions And Little Is Done To Prevent Illness figure 92: Attitudes About Health And Medicine, By Insured Anduninsured, October 2011-november 2012 very Few Uninsured Say Things Are Looking Better Than A Year Ago figure 93: Personal Economic Situation Compared To Previous 12 Months, By Insured And Uninsured, October 2011-november 2012 Black Consumers and Financial Services - US - July 2013
  • 7. marketing Strategies the Rush Card – Visa Prepaid Debit Card figure 94: Visa Prepaid Card Ad, 2013 state Farm figure 95: State Farm Ad, 2013 figure 96: State Farm Life Insurance Ad, 2013 figure 97: State Farm Insurance Ad, 2013 wells Fargo Bank figure 98: Wells Fargo Bank Ad, 2013 figure 99: Wells Fargo Bank Ad, 2013 allstate u.s. Black Population key Points u.s. Population By Race/hispanic Origin figure 100: Population, By Race/hispanic Origin, 2008-18 figure 101: Population, By Race/hispanic Origin, 1970-2020 figure 102: Asian, Black, And Hispanic Populations, 1970-2020 age generations By Race figure 103: U.s. Population By Race, And By Generation, 2011 black Population By Age figure 104: U.s. Black Population, By Age, 2008-18 figure 105: U.s. Population, By Age, 2008-18 u.s. Black Geographic Concentration figure 106: Black Geographic Concentration, By Region, 2007 black Population By State figure 107: States With Largest Black Population, 2011 figure 108: States With Largest Black Population, By Distribution, 2008 population By Geographic Concentration figure 109: States (including District Of Columbia) Ranked With The Highest Share Of Black Residents, 2011 black Metro Areas figure 110: Metropolitan Status Of Black Households, 2006 And 2011 figure 111: Top 10 Metropolitan Areas With The Largest Number Of Black Residents, 2010 black Households figure 112: Average Household Size, By Race/hispanic Origin/race Of Householder, 2001 And 2011 figure 113: Presence And Ages Of Children In The Household, By Race/hispanic Origin, 2011 figure 114: Marital Status, By Race And Hispanic Origin, 2011 appendix – Additional Tables Black Consumers and Financial Services - US - July 2013
  • 8. figure 115: Attitudes About Financial Services, By Gender And Age, May 2013 figure 116: Attitudes About Financial Services, By Gender And Household Income, May 2013 figure 117: Attitudes About Financial Services, By Household Income, May 2013 figure 118: Reasons Payday Loan/advance Services Are Used, By Payday Loan/advance Services Brands Used And Frequency (nets), May 2013 figure 119: Offline Banking Sources Used By Type Of Transaction, By Age, May 2013 figure 120: Online Banking Sources Used By Type Of Transaction, By Age, May 2013 figure 121: Offline Banking Sources Used By Type Of Transaction, By Gender And Age, May 2013 figure 122: Online Banking Sources Used By Type Of Transaction, By Gender And Age, May 2013 figure 123: Online Banking Activities By Type Of Transaction, By Banked/underbanked, May 2013 figure 124: Offline Banking Activities By Type Of Transaction, By Banked/underbanked, May 2013 figure 125: Attitudes Toward The Internet, By Insured/uninsured, October 2011-november 2012 figure 126: Online Activities Incidence And Frequency For Banking, Financial Information/stock Trading, And Medical Services And Information, By Race/hispanic Origin, October 2011-november 2012 figure 127: Online Activities Incidence And Frequency For Banking, Financial Information/stock Trading, And Medical Services And Information, By Race/hispanic Origin, October 2011-november 2012 figure 128: Online Activities Incidence And Frequency For Banking, Financial Information/stock Trading, And Medical Services And Information, By Race/hispanic Origin, October 2011-november 2012 appendix – Trade Associations ResearchMoz(http://www.researchmoz.us/) is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price. Contact: M/s Sheela, 90 State Street, Suite 700, Albany NY - 12207 United States Tel: +1-518-618-1030 USA - Canada Toll Free 866-997-4948 Email: sales@researchmoz.us Website: http://www.researchmoz.us/ Black Consumers and Financial Services - US - July 2013