January 23, 2024 at 9:00 AM Eastern

Affluent Diverse Communities Report Strong Focus on Giving Back and Setting Up Future Generations

New Merrill Research Explores Financial Attitudes and Priorities Across BlackandAfrican American, Hispanic-Latino and L G B T Q plus Communities

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NEW YORK, New York - Today, Merrill Wealth Management published three studies examining the financial challenges, concerns and successes of the affluent Black/African American, L G B T Q plus and Hispanic-Latino communities in the United States. “Diverse Viewpoints: Trends Reports” builds on past research and uncovers how these groups navigated a tumultuous economic environment created by the fallout of the COVID-19 pandemic and rising inflation.

“Merrill has a strong appreciation for the varied financial paths and experiences of our diverse client base,” said Kenneth Correa, head of business and client development at Merrill. “This research series has enhanced our understanding of these communities’ financial needs and how to best support them.”

Conducted by Ipsos, the research found giving back to ones’ community and setting up future generations for success as key themes.

  • The BlackandAfrican American community is highly motivated to help others (forty-eight percent vs. eighteen percent of the affluent general population), strive to set an example for others (forty-eight percent vs. forty-one percent) and teach others by sharing their knowledge (forty-six percent vs. thirty-two percent).
  • The Hispanic-Latino community feel a strong sense of responsibility to help community members succeed (forty-six percent vs. nineteen percent of the general affluent population).
  • The L G B T Q plus community places great importance on community (twenty-two percent vs. nine percent of the general affluent population) and are more motivated to give back (eighteen percent vs. fourteen percent).

The research broke down key motivators and challenges that impact financial decisions for these communities:

Motivators

  • BlackandAfrican American: The community is considerably more likely to say starting a business is an important goal (thirteen percent vs. four percent of the general population). Compared to the general affluent population, they are more motivated by ambition or desire for personal achievement, pursuing work they love and proving themselves to those who said they wouldn’t succeed.
  • Hispanic-Latino: Consistent with two thousand nineteen, family remains a top motivation for the community. They are more than twice as likely as the affluent general population to prioritize supporting parents and significantly more interested in learning how to financially prepare to care for aging parents (thirteen percent vs. eight percent).
  • L G B T Q plus: Top financial motivators for the community include living life how they want (thirty-nine percent), achieving financial independence (twenty-nine percent) and a thirst for new experiences (twenty-six percent). Compared to two thousand nineteen, starting a family has also increased in importance (four percent in two thousand nineteen vs. fourteen percent in two thousand twenty-three).

Challenges

  • BlackandAfrican American: In two thousand twenty-three, more members of the community experienced financial barriers (seventy-six percent, up from sixty-five percent in two thousand nineteen) and financial stress (eighty-five percent, up from eighty-one percent in two thousand nineteen). When compared to the general affluent population, the community reports more debt-related stress (eighteen percent versus twelve percent), as well as the need to care for family members (fifteen percent versus six percent).
  • Hispanic-Latino: The community is more likely than the affluent general population to experience financial barriers (eighty-three percent versus fifty percent) and financial stress (ninety-two percent versus seventy-six percent). Over the last four years, saving for retirement remained the top financial stressor (twenty-six percent in two thousand twenty-three and two thousand nineteen). However, compared to two thousand nineteen, more affluent Hispanic-Latinos say paying for day-to-day expenses (twenty-four percent versus seventeen percent) and carrying debt (eighteen percent versus nine percent) are financial stressors.
  • L G B T Q plus: Compared to two thousand nineteen, more members of the community also experienced financial barriers (forty-eight percent versus eighty-six percent) and financial stress (seventy-nine percent versus ninety-four percent).

“As with the first iteration of research, we hope these insights continue to spark meaningful conversations and further our ability to meet the needs of the diverse communities we serve,” said Jen Auerbach Rodriguez, Merrill Strategic Growth and Client Development Executive.

Methodology

In partnership with Merrill, Ipsos conducted multiple waves of research starting in two thousand nineteen with the latest wave conducted in two thousand twenty-three, employing a variety of research methodologies. Ipsos synthesized and reviewed an array of publications and academic research on the topics of diversity, wealth and inclusion in financial services and beyond. A quantitative survey was also conducted among more than 1,000 members of each of the communities, with individuals with more than one hundred thousand dollars in investable assets. Each community was compared to a representative sample of 1,000 affluent Americans, a group referred to in the reports as the affluent general population. Statistical analysis was conducted on all four groups to ensure representation, accuracy, and completeness.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 A T Ms (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (N Y S E B A C). As of Dec. thirty-first, two thousand twenty-three.

Reporters may contact

Julia Ehrenfeld, Bank of America
Phone: one six four six eight five five three two six seven
julia.ehrenfeld@bofa.com

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January 23, 2024 at 9:00 AM Eastern

Affluent Diverse Communities Report Strong Focus on Giving Back and Setting Up Future Generations

New Merrill Research Explores Financial Attitudes and Priorities Across BlackandAfrican American, Hispanic-Latino and L G B T Q plus Communities

Leer en español

NEW YORK, New York - Today, Merrill Wealth Management published three studies examining the financial challenges, concerns and successes of the affluent Black/African American, L G B T Q plus and Hispanic-Latino communities in the United States. “Diverse Viewpoints: Trends Reports” builds on past research and uncovers how these groups navigated a tumultuous economic environment created by the fallout of the COVID-19 pandemic and rising inflation.

“Merrill has a strong appreciation for the varied financial paths and experiences of our diverse client base,” said Kenneth Correa, head of business and client development at Merrill. “This research series has enhanced our understanding of these communities’ financial needs and how to best support them.”

Conducted by Ipsos, the research found giving back to ones’ community and setting up future generations for success as key themes.

  • The BlackandAfrican American community is highly motivated to help others (forty-eight percent vs. eighteen percent of the affluent general population), strive to set an example for others (forty-eight percent vs. forty-one percent) and teach others by sharing their knowledge (forty-six percent vs. thirty-two percent).
  • The Hispanic-Latino community feel a strong sense of responsibility to help community members succeed (forty-six percent vs. nineteen percent of the general affluent population).
  • The L G B T Q plus community places great importance on community (twenty-two percent vs. nine percent of the general affluent population) and are more motivated to give back (eighteen percent vs. fourteen percent).

The research broke down key motivators and challenges that impact financial decisions for these communities:

Motivators

  • BlackandAfrican American: The community is considerably more likely to say starting a business is an important goal (thirteen percent vs. four percent of the general population). Compared to the general affluent population, they are more motivated by ambition or desire for personal achievement, pursuing work they love and proving themselves to those who said they wouldn’t succeed.
  • Hispanic-Latino: Consistent with two thousand nineteen, family remains a top motivation for the community. They are more than twice as likely as the affluent general population to prioritize supporting parents and significantly more interested in learning how to financially prepare to care for aging parents (thirteen percent vs. eight percent).
  • L G B T Q plus: Top financial motivators for the community include living life how they want (thirty-nine percent), achieving financial independence (twenty-nine percent) and a thirst for new experiences (twenty-six percent). Compared to two thousand nineteen, starting a family has also increased in importance (four percent in two thousand nineteen vs. fourteen percent in two thousand twenty-three).

Challenges

  • BlackandAfrican American: In two thousand twenty-three, more members of the community experienced financial barriers (seventy-six percent, up from sixty-five percent in two thousand nineteen) and financial stress (eighty-five percent, up from eighty-one percent in two thousand nineteen). When compared to the general affluent population, the community reports more debt-related stress (eighteen percent versus twelve percent), as well as the need to care for family members (fifteen percent versus six percent).
  • Hispanic-Latino: The community is more likely than the affluent general population to experience financial barriers (eighty-three percent versus fifty percent) and financial stress (ninety-two percent versus seventy-six percent). Over the last four years, saving for retirement remained the top financial stressor (twenty-six percent in two thousand twenty-three and two thousand nineteen). However, compared to two thousand nineteen, more affluent Hispanic-Latinos say paying for day-to-day expenses (twenty-four percent versus seventeen percent) and carrying debt (eighteen percent versus nine percent) are financial stressors.
  • L G B T Q plus: Compared to two thousand nineteen, more members of the community also experienced financial barriers (forty-eight percent versus eighty-six percent) and financial stress (seventy-nine percent versus ninety-four percent).

“As with the first iteration of research, we hope these insights continue to spark meaningful conversations and further our ability to meet the needs of the diverse communities we serve,” said Jen Auerbach Rodriguez, Merrill Strategic Growth and Client Development Executive.

Methodology

In partnership with Merrill, Ipsos conducted multiple waves of research starting in two thousand nineteen with the latest wave conducted in two thousand twenty-three, employing a variety of research methodologies. Ipsos synthesized and reviewed an array of publications and academic research on the topics of diversity, wealth and inclusion in financial services and beyond. A quantitative survey was also conducted among more than 1,000 members of each of the communities, with individuals with more than one hundred thousand dollars in investable assets. Each community was compared to a representative sample of 1,000 affluent Americans, a group referred to in the reports as the affluent general population. Statistical analysis was conducted on all four groups to ensure representation, accuracy, and completeness.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 A T Ms (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (N Y S E B A C). As of Dec. thirty-first, two thousand twenty-three.

Reporters may contact

Julia Ehrenfeld, Bank of America
Phone: one six four six eight five five three two six seven
julia.ehrenfeld@bofa.com

Categories

List with 1 items.

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