New Merrill Research Explores Financial
Attitudes and Priorities Across Black/African American,
Hispanic-Latino and LGBTQ+ Communities
NEW
YORK, Jan. 23, 2024 /PRNewswire/ -- Today,
Merrill Wealth Management published three studies examining the
financial challenges, concerns and successes of the affluent
Black/African American, LGBTQ+ 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 Black/African American community is highly motivated to
help others (48% vs. 18% of the affluent general population),
strive to set an example for others (48% vs. 41%) and teach others
by sharing their knowledge (46% vs. 32%).
- The Hispanic-Latino community feel a strong sense of
responsibility to help community members succeed (46% vs. 19% of
the general affluent population).
- The LGBTQ+ community places great importance on community (22%
vs. 9% of the general affluent population) and are more motivated
to give back (18% vs. 14%).
The research broke down key motivators and challenges that
impact financial decisions for these communities:
Motivators
- Black/African American: The community is considerably
more likely to say starting a business is an important goal (13%
vs. 4% 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 2019, 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 (13% vs. 8%).
- LGBTQ+: Top financial motivators for the community
include living life how they want (39%), achieving financial
independence (29%) and a thirst for new experiences (26%). Compared
to 2019, starting a family has also increased in importance (4% in
2019 vs. 14% in 2023).
Challenges
- Black/African American: In 2023, more members of the
community experienced financial barriers (76%, up from 65% in 2019)
and financial stress (85%, up from 81% in 2019). When compared to
the general affluent population, the community reports more
debt-related stress (18% vs. 12%), as well as the need to care for
family members (15% vs. 6%).
- Hispanic-Latino: The community is more likely than the
affluent general population to experience financial barriers (83%
vs. 50%) and financial stress (92% vs. 76%). Over the last four
years, saving for retirement remained the top financial stressor
(26% in 2023 and 2019). However, compared to 2019, more affluent
Hispanic-Latinos say paying for day-to-day expenses (24% vs. 17%)
and carrying debt (18% vs. 9%) are financial stressors.
- LGBTQ+: Compared to 2019, more members of the community
also experienced financial barriers (48% vs. 86%) and financial
stress (79% vs. 94%).
"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 2019 with the latest wave conducted in
2023, 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 $100,000 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.
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SOURCE Bank of America Corporation