A “substantial” number of multicultural employees don’t have jobs with retirement plans, according to new research from Synovate. The research firm’s 2008 U.S. Diversity Markets Report confirms that despite the growing use of financial services and products, and more targeted communications, Hispanics and African Americans continue to be “unbanked” and “underbanked.”
Key findings of the study include:
- Whereas 90 percent of General Market and African Americans have a bank account of some kind, only 77 percent of Hispanics have a bank account.
- IRA or 401k plans: 54 percent ownership for African-Americans and 32 percent for Hispanics versus 72 percent for general market consumers
- Stocks or bonds, individually or as part of a mutual fund: 33 percent ownership for African-Americans and 18 percent for Hispanics versus 60 percent for General Market consumers
- Certificates of Deposit (CDs): 25 percent ownership for African-Americans and 24 percent for Hispanics versus 36 percent for General Market consumers