New research from J.P. Morgan Wealth Management shows Black, Hispanic and Latina women not only learning more about investing, but also taking action with building generational wealth.
This data derives from 1,000 investors who were surveyed and reveals the investing patterns within these communities.
“Everyone should be building their wealth and J.P. Morgan is deeply committed to better serving all investors at every stage. Understanding the different needs, attitudes and priorities of every group is a key part of this work. We believe the most important thing is to outline your goals and get on a plan to achieve them,” Kristin Lemkau, CEO of J.P. Morgan Wealth Management, said.
Take a look at some key points from the J.P. Morgan Wealth Management 2023 Diverse Investor Study:
- Black, Hispanic and Latina women respondents have gained confidence in their investing knowledge in recent years.
The survey shows that 68% of the Black women investors who participated confirm their knowledge about investments and retirement planning has grown in the past five years. 52% of Hispanic and Latina women investors in the survey also cite this drastic improvement for themselves.
- Most Black, Hispanic and Latina women respondents started investing to build generational wealth and support their family and friends.
In the survey, 68% of Black women investors and 68% of Hispanic and Latina women investors said they started the investing journey to build wealth to pass down to future generations. 66% of the Black women and 70% of the Hispanic and Latina women said they started to support their family and friends.
- Despite ongoing volatility, women across races stay consistent with investing. Men are more risk-taking and active investors.
The survey shows 83% of the women are investing the same amount or more in their brokerage accounts than in 2022, compared to 74% of men.
29% of the male investors surveyed, compared to the 15% of women surveyed, are more likely to describe their investing strategy as “risk-taking”, while 35% of the men also say their strategy is “active”, compared to 25% of the women investors.
The male investors surveyed are twice as likely to check their brokerage at least once a week or more, compared to the women investors surveyed.
- Overall, investors surveyed aren’t letting economic anxiety influence their long-term strategy.
In the survey, 88% of investors expressed concern about inflation, and although 79% of investors are worried about a recession, 63% of investors cite that conversations on recession does not affect their financial choices.
More than 70% of investors are not just making a hasty decision to sell after a 20% dip in their investment portfolio. 83% of investors are putting more or the same amount to their retirement accounts and 77% to their brokerage accounts compared to 2022.
Through their local event, “Building a New Legacy”, J.P. Morgan Wealth Management seeks to establish an atmosphere for Black, Hispanic and Latina women and their allies to thrive in the investing world and make long-lasting, successful decisions when it comes to building their legacy. Since kicking off the roadshow last year, the firm has hosted events in Atlanta, Chicago, Dallas, Detroit, Miami, Newark and Washington D.C. with more than 1,000 attendees.
JPMorgan Chase’s Advancing Black Wealth Tour is underway to help empower Black communities with financial insights on homeownership, entrepreneurship and investing, with recent stops in Oakland and Chicago and upcoming ones in Miami and New York City. The firm’s Advancing Hispanics & Latinos Building Nuestro Futuro Wealth Summit Series also recently kicked off in Miami and will stop in Los Angeles on October 7.
“Our business and economy are stronger when it is more inclusive,” Thelma Ferguson, Global Head of Diversity, Equity & Inclusion and Vice Chair of Commercial Banking at JPMorgan Chase said. “Understanding the trends and habits of those communities that for so long have been excluded is an important step in making progress towards closing the opportunity and wealth gaps.”