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.
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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%).
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The Hispanic-Latino community feel a strong sense of responsibility to help community members succeed (46% vs. 19% of the general affluent population).
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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
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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.
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Hispanic-Latino: Consistent with 2019, family remains a top motivation for the…
Read the full article here
