Economic Empowerment or Economic Dependency?
African-Americans Help Drive Growth in Financial Services, but Missed Opportunities Persist Between and African-Americans were responsible for a significant portion of the growth in several key categories of financial services, according to Packaged Facts in the report African-Americans: Demographic and Consumer Spending Trends, 10th Edition.
Growth in the number of those using various financial services was also higher for African-Americans in the case of savings accounts, credit cards, and debit cards. Mobile Banking Appeals to Black Consumers Despite the growth, African-Americans remain less likely than other American consumers to have checking or savings accounts.
However, black consumers who do own bank accounts have a greater affinity for mobile banking. Higher-Income Black Consumers Present Major Opportunity for Financial Firms Interestingly, marketers of financial services can expect a positive response to their messages from higher-income African-American consumers.
They also are far more likely to read the financial pages of their newspaper.
Speaking of higher-income black consumers, data in the report indicates that higher-income black households are still less likely than other higher-income households to hold any form of financial investment, such as bonds, mutual funds, Ks or IRAs.
However, over the past decade the percentage of higher-income African-American households holding any form of financial investment has trended upward, a good sign.
In fact, close to half of higher-income African-American households have investments. A similar trend can be seen in the case of Ks.
This represented a five-point increase from Despite the Positives, African-Americans Still Underserved by Financial Services Industry Although recent trends bode well for financial services firms targeting black consumers, African-Americans remain less likely than other American consumers to have a bank account or credit card.
One reason is that many black consumers are wary of banks. Another reason for the relatively low level of use of banking services by African-Americans is the decrease in the number of black-owned banks.
Many black consumers long have enjoyed a close relationship with black-owned banks, which historically provided access to credit and other banking services denied by white-owned financial institutions.
However, the number of community-owned banks in general, and black-owned banks in particular, is dwindling as a result of more stringent regulations implemented in the aftermath of the recession.African-Americans: Demographic and Consumer Spending Trends, 10th Edition The African-American population continues to face daunting economic challenges.
Yet, key social and economic indicators point to a significant increase in the number of middle- and higher-income African-Americans over the past decade.
African Americans - Slavery in the United States: Black slaves played a major, though unwilling and generally unrewarded, role in laying the economic foundations of the United States—especially in . Jun 11, · In Chicago, the number of African-Americans who identify themselves as very or somewhat interested in the Hawks increased from percent in to percent in All of the following were new innovations of the early post-World War II era that helped to transform Americans' daily lives EXCEPT.
African-Americans ages 18–34 and 35–54 grew in number by 33% and 10%, respectively, but maintained relatively steady shares of the total Black population. Between and African-Americans were responsible for a significant portion of the growth in several key categories of financial services, according to Packaged Facts in the report African-Americans: Demographic and Consumer Spending Trends, 10th Edition..
Black consumers accounted for 76% of the growth in the number of consumers with checking accounts and 25% of the growth in the.