A new Spectrem Group study explores the attitudes and behaviors of Affluent Blacks, Hispanics, and Asian investors with a net worth of at least $100,000 (not including primary residence). It finds common ground and some subtle differences in attitudes toward investing and engagement with a financial advisor.
Ethnic background is not a significant factor in how Affluent investors feel about investing. A majority (59 percent) report they do not enjoy it. Blacks were most likely to share this aversion (74 percent) compared with Hispanics (62 percent) and Asians (53 percent).
Nor does a majority like to be actively involved in the day-to-day management of their investments. Just 44 percent of Asian investors said they like to be so engaged with their portfolios. 43 percent of Hispanics and 37 percent of Blacks.
All American investors surveyed, no matter their ethnic background, attribute their success to hard work and education. Hispanics, the Millionaire Corner study found, place an especial premium on these factors. Ninety six percent (vs. 94 percent of overall Affluent investors surveyed) attribute their success to hard work, while 88 percent (vs. 84 percent overall) credit their education.
The majority of Blacks (62 percent), Hispanics (54 percent) and Asians (56 percent) consider themselves “fairly knowledgeable” about financial products and investments, but still with a great deal to learn. Each group was more likely than surveyed Affluent investors overall to say they are not very knowledgeable, and less likely to say they were very knowledgeable.
For more information on the Ethnic Segmentation series, click here