Marketing Financial Services to Emerging Majorities

Significant differences exist between ethnic groups when it comes to using financial services organizations. According to research concern Synovate, the percentage of consumers who own IRAs or 401K plans by ethnic group is as follows:

  • General Market 72%
  • African American  54%
  • Hispanics 32%

A similar trend is apparent with respect to credit card ownership:

  • General Market 87%
  • African American 69%
  • Hispanics 51%

Effective ad campaigns could increase demand for financial services and products from emerging majority consumers and increase business for your clients. Share this data with your accounts.

[Source: Synovate release 8.13.2008]
Kathy Crosett
Kathy is the Vice President of Research for SalesFuel. She holds a Masters in Business Administration from the University of Vermont and oversees a staff of researchers, writers and content providers for SalesFuel. Previously, she was co-​owner of several small businesses in the health care services sector.