The Financial Services Market: African Americans

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from $3,800	96 Pages	Packaged Facts	December, 2018	LA15476362

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Best Price Guarantee
Price	from $3,800
Length	96 Pages
Publisher	Packaged Facts
Published Date	December, 2018
SKU	LA15476362

The Financial Services Market: African Americans

Special offer: now 20% off original full report price

Since the Great Recession, U.S. household wealth has grown robustly. Packaged Facts estimates that total U.S. household wealth in 2019 is up 49%since 2010. Compared to 2010, African American household wealth is expected to be up 70% in 2019. Yet that’s only part of the picture.

There exists opportunity and need for financial institutions to connect with African American consumers on deeper levels. In this new market research report, Packaged Facts examines how banks, creditors, and lenders can market to and build relationships with an important consumer demographic that historically has been too often overlooked by financial institutions.

Consumer Survey Methodology

Primary research includes national online consumer surveys of U.S. adults (age 18+) that Packaged Facts conducts on a regular basis to measure consumer purchasing patterns and attitudes for various products and services. These proprietary Packaged Facts surveys have a sample size of approximately 2,000, screened for response quality, and representative of the U.S. population on the demographic measures of age, gender, geographic region, race/ethnicity, household income, and the presence/absence of children in the household.

Packaged Facts’ consumer analysis also draws on national consumer survey data licensed by Simmons Research LLC. On a quarterly basis, Simmons releases 12-month aggregations of booklet-based survey results from a large and random sample (approximately 25,000 for each quarterly release) that accurately represents the U.S. population. This database allows for historical trending and detailed consumer profiles across various demographic and psychographic measures as well as product and service categories. Results from the 12-month Summer 2009-2018 surveys are analyzed.

Key Sources

This report features analysis based on data from several U.S. government sources: The Consumer Expenditures Survey, published by the U.S. Bureau of Labor Statistics; and the Diary of Consumer Payment Choice, Survey of Consumer Payment Choice, and the Survey of Consumer Finances, each of which is published by the Federal Reserve.

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