Black Consumer Project is an in-depth multi-wave study of the economic and cultural contributions of Black Americans. This community has more buying power than ever, and our goal is to uncover the unique perspectives, behaviors, and preferences of Black and African American consumers.
The second wave of the Black Consumer Project explores banking behaviors, financial perceptions and aspirations for the future.
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Black Consumer Project Wave 2 - Finance + Banking
1. BLACK CONSUMER SURVEY
B L A C K C O N S U M E R P R OJ E C T 1
WAVE 2 - FINANCE + BANKING
SPRING 2022
2. Background
The Black Consumer Project
About the Creators
Methodology
Black America At-a-Glance
Executive Summary
Black Banking
The Black Millennial
FWD Momentum
Smart Marketing Moves
Appendix
2
TABLE OF CONTENTS_
3
4
5
6
7
8
20
28
37
44
2
3. Black Consumer Project is an in-depth, multi-wave study of the
economic and cultural contributions of Black Americans. This
community has more buying power than ever, and our goal is to
uncover the unique perspectives, behaviors, and preferences of Black
and African-American consumers.
PROJECT OVERVIEW_
3
Wave 1
The first wave explored core values, personal goals, layers of
identity and definitions of success.
Wave 2
This second wave explores banking behaviors, financial perceptions
and aspirations for the future.
WAVE 2 - FINANCE + BANKING
4. Quantasy + Associates is a full-service marketing agency that
builds brands by pushing culture in the right direction. We
operate at the intersection of Advertising + Content, Solutions +
Strategies, Platforms + Technology, and Influence + Talent. For
over a decade, our work has driven incremental revenue, equity,
and influence for some of the world’s most iconic brands.
ThinkNow is a technology-driven consumer market research
company that focuses on uncovering Hispanic, Asian, and
African-American consumer insights as well as Total Market
insights that require multicultural expertise. We’re focused on
culturally diverse consumers because half the children born in the
U.S. each year are multicultural and this trend will accelerate.
4
ABOUT US_
4
WAVE 2 - FINANCE + BANKING
5. FIELD DATE
SURVEY METHOD
SCREENING CRITERIA
BASE SIZES
03/31/2022 - 04/17/2022
Online
Blacks n=1,050
Non-Blacks n=500
18+ years of age
Self-identified as Black/
African American
METHODOLOGY_
5
WAVE 2 - FINANCE + BANKING
6. INCREASING INFLUENCE
GEOGRAPHIC DISTRIBUTION
The median age of Black Americans is 32—six
years younger than the national median age.
More than 1 out of every 3 Black Americans
is under the age of 22. As they enter their
peak earning years, they’ll play a key role in
reshaping our economy, forcing companies
to reexamine how they do business.
2020 U.S. Census; Pew Research Center, 2019 American Community Survey; Nielsen, The Power of the Black Community, 2020; Selig Center for Economic Growth, June 2021
HOUSEHOLD INCOME
Gen Alpha
Gen Z
Millennial
Gen X
Baby Boomer
Silent / Greatest
6M 9M 12M
3M
10%
25%
23%
19%
18%
5%
10%
56%
17%
17%
GENERATIONAL DISTRIBUTION
Although the majority are descendants of
slavery, there is an increasing number of
foreign-born and descendants of immigrants.
The Black population has risen in the U.S., but
there has been a more dramatic increase
among the foreign born. As of 2019, they make
up 10% of the Black population, which is a 90%
increase since 2000. Most foreign-born are
Caribbean and over 1M identify as Afro-Latino.
MEDIAN AGE
COUNTRY OF ORIGIN
According to the 2020 Census, the Black
population has increased by 5.6% over the past
decade. Those who identify as Black in
combination with another race group increased
by 88.7%. With a population of 46.9 Million, Black
Americans also wield an impressive $1.4T in
buying power.
The median HHI for Black Americans was
$44,000 in 2019, meaning just under half of all
households (46%) were earning more than
$50,000 a year. Those earning more than
$100,000 represent 18% of the overall Black
population. Education has increased significantly
as well with the population of those with a
bachelor’s degree (23%), doubling since 2010.
BLACK AMERICA AT-A-GLANCE
SNAPSHOT_
6
WAVE 2 - FINANCE + BANKING
7. When we launched the Black Consumer Project in the Fall of 2021, we
set out to tell the story of Black Americans. This is a story rooted in a
legacy of Black excellence and fueled by a new generation of
innovators, entrepreneurs and thought-leaders. What we uncovered
was an incredibly diverse set of interests, experiences and beliefs that
not only shift and shape the Black community, but have a ripple effect
on all communities.
7
WAVE 2 - FINANCE + BANKING
EXECUTIVE SUMMARY_
Despite centuries of challenges and setbacks, Black Americans
continue to rise, thrive and evolve. In our Wave 1 report, we
explored their deep connections to ethnicity & culture, American
identity, and family. We discovered their definition of success isn’t
tied to money. Living a healthy lifestyle, owning a business, and
giving back to the community are over indexing factors of success
compared to non-Black ethnic groups.
In this second wave, we dive deeper into the relationship between
the Black community and finance to better understand current
behaviors and aspirations for their financial futures.
This report features 4 key chapters:
1. Black Banking
2. The Black Millennial
3. FWD Momentum
4. Smart Marketing Moves
9. For decades, research has painted a picture of a
Black America that is distrustful of the financial
system, hesitant to adopt banking services, and
resistant to guidance. While economic disparities
and trust deficits exist, banking habits in the Black
community are incredibly diverse.
In this chapter, we’ll take a look at how Black
Americans are managing money today.
THE CULTURE
OF MONEY
9
BLACK BANKING | EXECUTIVE SUMMARY_
WAVE 2 - FINANCE + BANKING
10. Q1_014. Please select the point in the scale that describes how much you agree or disagree with
each statement below. I don’t believe in keeping my money in traditional bank account. (Any Agree)
BLACK BANKING | TRADITIONAL V NEW AGE_
10
18-24 25-39 40-54 55
I don’t believe in keeping my
money in a traditional bank
29% 31% 21% 13%
While Black Americans are more likely to believe their money
does not belong in a traditional banking account, the majority
do still believe in the banking system: 57% of Black Americans do
believe in keeping their money in a traditional bank account.
WAVE 2 - FINANCE + BANKING
16%
Non-Black
23%
Black
+
11. Q16. Which of these types of accounts or investments do you currently own?
11
BLACK BANKING | INVESTMENTS_
WHILE BLACK AMERICANS OWN CHECKING & SAVINGS PRODUCTS AT THE
SAME RATE AS NON-BLACK, THEY LAG IN TRADITIONAL INVESTMENT ACCOUNTS.
At 82% versus 68%, Foreign-born Black
Americans are significantly more likely than
U.S.-born to have savings accounts.
1.
47% of Black Americans who have
accounts with trading services or brokers
are Robinhood clients compared to 24% of
non-Black Americans.
2.
WAVE 2 - FINANCE + BANKING
Investment Type Black Non-Black
Checking Account 85% 87%
Savings Account 69% 69%
CD 5% 10%
Company 401K 15% 23%
Mutual Funds 7% 13%
IRA 12% 25%
Individual Stock Trading Account 11% 15%
Real Estate Rental Property 5% 6%
Bonds 5% 7%
Gold | Precious Metals 2% 2%
College Savings Account (e.g. 529) 4% 4%
12. W A V E 1 - I D E N T I T Y + V A L U E S 12
Q14. Which of the following are important to you when choosing
a banking/financial service?
WAVE 2 - FINANCE + BANKING
BLACK BANKING | BANKING CONSIDERATIONS_
Has excellent customer service
Makes banking easy/convenient
Has easy to use mobile banking features
Has convenient branch locations
Cares about the Black/African American community
Provides tools to help me manage my money
Helps me understand financial topics
Caters to young people
8%
18%
22%
9%
46%
31%
39%
45%
12%
27%
29%
35%
35%
36%
44%
47%
Blacks Non-Blacks
55+: 44%
Black women: 40%
18-24: 35%
25-39: 33%
40-54: 26%
55+: 25%
18-24: 33%
25-39: 16%
40-54: 9%
55+: 2%
WHEN IT COMES TO CHOOSING A BANK,
CUSTOMER SERVICE IS THE NUMBER ONE
IMPORTANT FACTOR FOR BLACK AMERICANS.
While convenience is still important, having
people present who can provide excellent
service and trusted guidance is critical.
13. 13
Q9. With what type of bank(s) do you have account(s) with?
BLACK BANKING | TRADITIONAL V NEW AGE_
BLACK AMERICANS ARE LESS LIKELY TO USE
A TRADITIONAL BANK ACCOUNT AND MORE
LIKELY TO BANK WITH A DIGITAL BANK.
Black foreign-born customers are more likely to
have a traditional bank account than Black
U.S.-born (78% v 66%).
Black men are more likely to have a relationship
with a digital bank than women (48 v 38%).
Traditional, brick-and-mortar bank
(BofA, Wells Fargo, Chase, Citi, etc.)
Digital/Online bank
(Capital One, Discover Bank, Ally, etc.)
Credit Union
(local, Navy Federal, etc.)
Financial technology companies
(Chime, SoFi, etc.) 0%
5%
31%
79%
1%
5%
43%
67%
Blacks Non-Blacks
55+: 72%
Men: 3%
Women: 7%
18-24: 54%
25-39: 54%
40-54: 44%
55+: 24%
WAVE 2 - FINANCE + BANKING
14. BLACK BANKING | DEFINING WEALTH_
14
Q3_OE. Having wealth can mean different things to different people. What does being "wealthy" mean to you personally?
WAVE 2 - FINANCE + BANKING
- 30 yr old Black female from the South
To me wealth means having
enough money to live
comfortably enough to get
through life and its
unexpected moments…”
“
15. BLACK BANKING | SAVINGS_
15
Q29. Approximately how much money are you able to save in total every month, if at all?
WAVE 2 - FINANCE + BANKING
18-24 25-39 40-54 55+’
I’m not able
to save money
15% 22% 26% 16%
Adults age 40-54 were more likely to say
that they’re not able to save any money
at all each month. Similarly, Black women
were more likely to struggle saving each
month than Black men.
Women
29% 15%
Men
“I am not able to save money”
16. W A V E 1 - I D E N T I T Y + V A L U E S 16
Q30. If you needed $500 in cash today for an unforeseen expense or
emergency, where would you most likely get those funds from?
WAVE 2 - FINANCE + BANKING
BLACK BANKING | FINANCIAL EMERGENCY_
Bank account
Cash I keep on hand
Sibling
Parent
Son/Daughter
Other relative (grandparent, aunt/uncle)
Friend
Payday loan/Cash advance service
I would sell something of value (jewelry, vehicle, etc.)
Retirement account (401K)
Not sure
9%
4%
10%
5%
5%
3%
3%
14%
7%
17%
44%
15%
4%
10%
10%
9%
7%
6%
16%
9%
21%
35%
Blacks Non-Blacks
47%
32%
55+: 43%
IF $500 WAS NEEDED FOR AN
UNFORESEEN EXPENSE, MOST BLACK
AMERICANS TURN TO FAMILY & FRIENDS.
Black foreign born are more likely than Black US born
to have a bank account (48% v 34%) and less likely to
keep cash on hand.
1.
The South indexed higher for spouse/significant other
and the Midwest indexed higher for other relatives
(grandparents, aunt/uncle).
2.
18-24: 12%
25-39: 13%
40-54: 12%
55+: 4%
<$30K: 17%
$30-59K: 20%
$60-99K: 38%
$100K+: 33%
17. BLACK BANKING | RETIREMENT_
17
Q2. You indicated earlier that you are actively saving for retirement. Why is that?
Out of all the reasons Black Americans are saving for
retirement, they’re more likely to be saving to support their
families. We found in Wave 1 that raising a family is highly
important and a definition of success was centered around
the ability to take care of one’s family.
18-24 25-39 40-54 55+’
I want to live comfortably/
without worry
53% 69% 70% 70%
I want to be able to enjoy
my retirement (e.g. travel)
51% 57% 65% 67%
Social security is not
enough 13% 31% 43% 60%
I don’t want to burden my
family/children after I retire
46% 40% 40% 54%
Even when I’m, retired, I will
have family/children to
support
26% 30% 18% 17%
WAVE 2 - FINANCE + BANKING
Black
23% 16%
Non-Black
“Even when I’m retired, I will have
family/children to support”
18. BLACK BANKING | DEFINING WEALTH_
18
Q3. Having wealth can mean different things to different people. What does being "wealthy" mean to you personally?
WAVE 2 - FINANCE + BANKING
- 31 yr old Black male from the Midwest
Wealth means healthy,
strong state of mind,
community involvement,
giving back to the inner cities
and building businesses
that create jobs for our
future generations…”
“
19. BLACK BANKING | BLACK OWNED_
19
Q13. You indicated earlier that you are African-American/Black. How interested are you in banking with a Black-owned bank or a bank that serves Black communities? (Any Agree)
While Black Americans overall have indicated that they’re more likely to be interested in banking with a Black-
owned bank, Black millennials are significantly more likely to be interested. This interest also increases with income.
WAVE 2 - FINANCE + BANKING
Non-Black Millennials across all ethnic
segments are significantly more interested
in banking with a Black-owned bank.
71% of Black households earning over
$100K annually are interested in
banking with a Black-owned bank.
70% of Afro-Latinos are interested in
banking with Black-owned or Black
serving banks.
18-24 25-39 40-54 55+’ Black Non-Black
Black-Owned Bank 54% 69% 63% 64% 64% 29%
Bank that primarily serves Black
communities
52% 65% 63% 58% 61% 26%
1. 2. 3.
21. WAVE 2 - FINANCE + BANKING
MONEY MY WAY
21
THE BLACK MILLENNIAL | EXECUTIVE SUMMARY_
This section is dedicated to Black Millennials and their
unique approaches to navigating money. Seemingly
more savvy than previous generations, they maintain
an optimism that keeps them actively searching for
solutions and products that fit their lifestyle. They apply
what works from a traditional perspective, but they
also incorporate new solutions that streamline banking
and potentially accelerate opportunities for growth.
It’s imperative to keep your eyes on this group because
they influence both older and younger generations.
22. THE BLACK MILLENNIAL | GOALS_
22
WAVE 2 - FINANCE + BANKING
BLACK MILLENNIALS CITE
BEING WEALTHY AS ONE OF
THEIR GOALS IN LIFE
Q1. Being wealthy is one of my goals in life (Completely Agree)
45%
48 %
37%
16%
18-24 25-39 40-54 55+
23. BLACK BANKING | DEFINING WEALTH_
23
Q3. Having wealth can mean different things to different people. What does being "wealthy" mean to you personally?
- 35 yr old Black Woman from the
Northeast
Being wealthy means
having enough money to live
comfortably and retire early.”
WAVE 2 - FINANCE + BANKING
“
24. 1 OUT OF 3 BLACK MILLENNIALS ARE TEACHING
THEMSELVES THE BEST WAY TO MANAGE THEIR FINANCES.
All Ages 18-24 25-39 40-54 55+’
BLACK 31% 33% 35% 29% 29%
NON-BLACK 21% 14% 27% 20% 18%
24
THE BLACK MILLENNIAL | ON THEIR OWN_
Q1_011. Please select the point in the scale that describes how much you agree or disagree with
each statement below. I had to learn about finances on my own. (Completely Agree)
42% of Black Americans who
earn more than $100K a year
had to learn about finances
on their own.
Black Americans who live in
the Northeast are more likely
to have been self-taught
than those in other regions.
1.
2.
WAVE 2 - FINANCE + BANKING
I had to
learn about
finances on
my own
25. 25
THE BLACK MILLENNIAL | WHAT’S IMPORTANT TO US_
It is very important to me that I have a good credit score I tend to pay my credit cards(s) off in full each month I have enough money saved for a rainy day I am actively saving for my retirement
63%
42%
51%
84%
52%
37%
44%
81%
All Blacks Black Millennials
<$30K: 75%
$30-$59K: 83%
$60-$99K: 90%
$100K+: 91%
Q1. Please select the point in the scale that describes how much you agree or disagree with each statement below. (Any Agree)
Women: 38%
Men: 51%
US Born: 43%
Foreign Born: 55%
18-24: 42%
40-54: 33%
55+: 34%
Non-Black 25-39: 60%
WAVE 2 - FINANCE + BANKING
WHEN COMPARED TO OLDER GENERATIONS, BLACK MILLENNIALS ARE
DEMONSTRATING MORE SAVVY FINANCIAL PERCEPTIONS AND BEHAVIORS.
26. My Bank Google Search YouTube Social Media
Financial
Advisors
Spouse
Money-Related
Website
Podcasts
I don’t seek out
advice
BLACK 25% 25% 25% 6% 23% 13% 23% 9% 21%
NON-BLACK 20% 21% 16% 2% 26% 22% 22% 7% 19%
BLACK 25-39 26% 35% 40% 10% 24% 16% 26% 13% 10%
26
THE BLACK MILLENNIAL | SOURCES OF GUIDANCE_
Q7. Where do you seek out advice about money and/or building wealth?
ALTHOUGH BLACK MILLENNIALS TURN TO THEIR BANKS WHEN THEY NEED ADVICE OR GUIDANCE ABOUT MANAGING MONEY OR BUILDING
WEALTH MORE THAN NON-BLACK AMERICANS, THEY MORE OFTEN TURN TO GOOGLE SEARCH AND YOUTUBE.
WAVE 2 - FINANCE + BANKING
27. W A V E 1 - I D E N T I T Y + V A L U E S 27
95% OF BLACK MILLENNIALS
ARE USING MONEY TRANSFER
AND PAYMENT SERVICES AT
SIGNIFICANTLY HIGHER RATES.
Q22. Which money transfer services do you use, if any?
WAVE 2 - FINANCE + BANKING
FWD MOMENTUM | SOURCES OF WEALTH
PayPal
Cash App
Zelle
Venmo
Google Pay
Western Union
Other
None
5%
3%
16%
20%
28%
38%
68%
73%
11%
4%
17%
14%
21%
32%
55%
64%
23%
2%
9%
10%
25%
24%
21%
59%
Non-Black Black Black Millennial
Foreign born: 56%
US born: 29%
55+: 23%
29. 29
FWD MOMENTUM | EXECUTIVE SUMMARY_
Black Americans have always lived in a racially
biased America. This inequality shows up in
numerous ways including an exponentially
increasing wealth gap and inequitable access to
opportunity. Still, the Black community continues
to push forward with unwavering optimism and
focus on building wealth not just for themselves,
but for the generations to come.
In this chapter, we’ll take a look at how Black
Americans are preparing for the future.
FUTURE FOCUSED
WAVE 2 - FINANCE + BANKING 29
30. FWD MOMENTUM | YES WE CAN_
30
Q5. If you have long-term financial goals, how likely do you think it is that you will obtain these goals?
18-24 25-39 40-54 55+’
Very Likely or
Somewhat Likely
74% 73% 62% 52%
While Black Americans are more likely than non-
Black to believe they will obtain their goals in the
future, 64% vs 55%, the younger generations and
foreign born are much more likely, respectively.
Black men also indexed a bit higher than women at
67% vs 61%, respectively.
WAVE 2 - FINANCE + BANKING
Foreign Born
74% 63%
US Born
“I believe it is likely
I will obtain my goals”
31. W A V E 1 - I D E N T I T Y + V A L U E S 31
BLACK AMERICANS ARE 2X
MORE LIKELY TO BELIEVE THAT
THE MAJORITY OF THE WEALTH
THEY WILL ACCUMULATE OVER
THEIR LIFETIME WILL COME
FROM THEIR OWN BUSINESS.
Q31. Thinking about all the income/wealth that you will
accumulate over your lifetime, where do you think most
of that income/wealth will come from?
My Job or Career
Investments
The Business I own
My Side or Micro Business
An Inheritance
Rental Income
Other
Not Sure | Prefer not to answer 18%
11%
8%
11%
12%
15%
25%
54%
WAVE 2 - FINANCE + BANKING
23%
18-24: 24%
Men: 32%
Women: 19%
FWD MOMENTUM | SOURCES OF WEALTH_
* Respondents were allowed to select more than one response.
*
32. FWD MOMENTUM | GENERATIONAL AFFLUENCE_
32
Q4. When it comes to personal finances, how do you think you’re doing compared to your parents?
18-24 25-39 40-54 55+’
33% 46% 43% 50%
Black Millennials, Baby Boomers and Foreign born are more likely
to believe they’re doing better off compared to their parents.
The more affluent they are,
the more likely they believe
they’re better off than their
parents.
1.
18-24 are less likely to
believe they’re better off
than their parents.
2.
WAVE 2 - FINANCE + BANKING
Foreign Born
55% 44%
US Born
33. 33
18%
40-54
33%
25-39
6%
55+
32%
18-24
Q21. Do you use a “personal finance” app to help you manage your money?
FWD MOMENTUM | MONEY MANAGEMENT_
WAVE 2 - FINANCE + BANKING
21%
Black
12%
White
Black Americans are more likely to use a personal finance app to
help them manage their finances. This is especially true for Gen Z,
Millennials, and households earning more than $100K a year.
34. 34
Black Americans are using ‘Buy Now, Pay Later’ apps more than
other segments and they are using Afterpay significantly more
than other services.
Q23. Have you used a 'Buy Now, Pay later' app in the past 12 months? Q24. Which ones?
FWD MOMENTUM | BUY NOW, PAY LATER_
18-24 25-39 40-54 55+’ Black Non-Black
Yes 29% 35% 21% 15% 25% 19%
No 71% 65% 79% 85% 75% 81%
Afterpay
Paypal pay in 4
Klarna
Affirm
Sezzle
14%
46%
35%
44%
41%
16%
29%
42%
44%
52%
Blacks Non-Blacks
WAVE 2 - FINANCE + BANKING
*based on those who have a ‘buy now pay later’ app
35. 35
Q16. Which of these types of accounts or investments do you currently own, if any?
WHILE THEY TRAIL OTHER ETHNIC
SEGMENTS IN TRADITIONAL
INVESTMENTS, BLACK AMERICANS
ARE INVESTING IN EMERGING
PRODUCTS AT THE SAME RATE.
Despite their relatively young age, 19% of 18-24 year old
Black Americans are already investing in cryptocurrency.
FWD MOMENTUM | INVESTMENT OWNERSHIP_
Cryptocurrency
NFTs
of Blacks and non-blacks are
investing in cryptocurrency
of Blacks and non-blacks are
investing in NFTs
13%
4%
WAVE 2 - FINANCE + BANKING
36. Stocks Cryptocurrency Property Gold Bonds CD IRA NFT Virtual Land Metaverse Assets Other Not sure
21%
6%
3%
3%
6%
11%
15%
9%
12%
12%
14%
29%
20%
3%
4%
5%
11%
12%
12%
15%
18%
19%
22%
37%
Black Non-Black
36
Q20. If you were given $1,000 today to invest, where would you most likely invest this money?
FWD MOMENTUM | INVESTING MOVES_
WAVE 2 - FINANCE + BANKING
18-24: 20%
25-39: 29%
40-54: 28%
55+: 10%
Men: 24%
Women: 13%
55+: 24%
WITH THE EXCEPTION OF STOCKS, BLACK AMERICANS WERE MOST LIKELY TO
CHOOSE CRYPTOCURRENCY AS THE MOST LIKELY PLACE TO INVEST $1000.
38. SMART MARKETING MOVES | SEEKING ADVICE_
38
Q8. What is your most trusted source for advice about money and/or building wealth?
WAVE 2 - FINANCE + BANKING
My Family
Financial Advisor
Money related sites
YouTube
Google Search
My bank
I don't seek out advice
19%
7%
5%
5%
7%
18%
30%
21%
10%
7%
8%
9%
13%
23%
Blacks Non-Blacks
18-24: 12%
25-39: 10%
40-54: 23%
55+: 33%
<$30K: 7%
$30-59K: 9%
$60-99K: 22%
$100K+: 30%
As Black Americans age, they become more open to more
traditional banking solutions, especially financial advisors.
WHILE YOUNGER SEGMENTS ARE MORE
INCLINED TO SEEK ADVICE FROM FAMILY AND/
OR YOUTUBE, OLDER SEGMENTS SEEK ADVICE
FROM THEIR BANKS & FINANCIAL ADVISORS.
18-24: 36%
18-24: 15%
25-39: 14%
40-54: 4%
55+: 2%
39. SMART MARKETING MOVES | ONLINE V IRL_
39
Q1. Please select the point in the scale that describes how much you agree or disagree with each statement below. Banking
online or via mobile is not personal enough for me (Any agree)
27%
Women
Black Americans are more likely than any other segment to
believe online or mobile banking is not personal enough for
them. Black men even more than Black women.
WAVE 2 - FINANCE + BANKING
36%
Men
40. SMART MARKETING MOVES | BANKING METHODS_
40
Q15. When you need to make a bank transaction, such as making a deposit or paying a bill through your bank account, what method(s) are you most likely to use?
18-24 25-39 40-54 55+’ Black Non-Black
App(s) via
smartphone
49% 64% 43% 28% 47% 43%
Online via
computer
31% 39% 42% 40% 39% 41%
ATM 38% 38% 39% 28% 35% 26%
In-person 43% 44% 50% 55% 49% 45%
Telephone 24% 24% 19% 14% 20% 11%
WAVE 2 - FINANCE + BANKING
Black Americans are on par with other segments when it comes to making a bank
transaction via smartphone apps and are likely to utilize them as well as pay in person.
ATM usage is also significantly higher for Black Americans.
40
41. SMART MARKETING MOVES | SENTIMENTS ON BANKS_
41
Q12. How important is it to you to bank with a traditional, brick-and-mortar bank (B of A, Wells Fargo, Chase, Citi, etc.)?
18-24 25-39 40-54 55+’ Black Non-Black
Top 2 (very or
somewhat
important)
45% 51% 56% 60% 54% 62%
Neutral 32% 32% 25% 22% 27% 24%
Bottom 2 (not very or
not important at all)
23% 18% 19% 18% 19% 14%
WAVE 2 - FINANCE + BANKING
Older generations across segments find banking with a traditional,
brick-and-mortar bank more important than younger generations.
42. LEVEL UP LITERACY MARKET TO MILLENNIALS
While financial literacy is critical, many
financial service providers leave a gap
between budgeting basics and long-term
growth strategies. Continue relationship
building and helping your Black customers
advance product ownership beyond deposits.
SMALL BIZ
SUCCESS
1 out of 4 Black
Americans believe
having their own
business will create
most of their wealth.
This creates a huge
opportunity for banks
and other financial
institutions to provide
content and services
tailored to help them
turn a side hustle into
a thriving business.
CATER TO
BLACK WOMEN
Often the head of
their households,
Black women are are
looking for tools to
help manage money.
Because they index
lower than men
across key indicators,
focusing on Black
women is a prime
opportunity to gain
their influential loyalty
and trust.
Despite facing disproportionately higher student loan debt and wage gaps at
every socio-economic tier, Black Millennials are focused on building generational
wealth. Savvy, optimistic and entrepreneurial at heart, even those on the older end
of the spectrum have yet to reach their peak earning years. They quench their thirst
for financial guidance with culturally-relevant content and position your brand as a
true partner on their journey to success.
42
SMART MARKETING MOVES | TOP 4_
WAVE 2 - FINANCE + BANKING
44. WILL CAMPBELL MELANIE WILLIAMS ROY EDUARDO KOKOYACHUK
Co-Founder and CEO
Quantasy + Associates
44
CARLOS YANEZ
SVP, Head of Strategy
Quantasy + Associates
Co-Founder and Principal
ThinkNow
CSVP, Custom Research
ThinkNow
OUR LEADERS_
WAVE 2 - FINANCE + BANKING
45. 45
Blacks (A) Non-Blacks (B)
Gender
Male 47% 46%
Female 53% 54%
Age
18-24 12%B 7%
25-39 34% 32%
40-54 25% 24%
55+ 30% 38% A
Born in U.S 91% 88%
Race/Ethnicity
Black, African American 100% --
Asian/Pacific Islander 1% 10%
American Indian or Alaska
Native
2% 3%
White 2% 82%
Hispanic 7% 20%
(n=1050) (n=500)
Blacks (A) Non-Blacks (B)
Region
Northeast 18% 18%
Midwest 17% 20%
South 56% B 36%
West 9% 26% A
Marital Status
Single 45%B 27%
Married or living with partner 38% 54%A
Separated/divorced/widowed 16% 18%
Employment
Employed (net) 57%B 50%
Retired 16% 25%A
Household income
Mean (in thousands) $36K $48.3K
WAVE 2 - FINANCE + BANKING
DEMOGRAPHICS_