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Black, Hispanic and Latina Women are Newer to Investing and Focused on Generational Wealth, J.P. Morgan Wealth Management Finds

Business Wire 25-Sep-2024 10:00 AM

Younger Black, Hispanic and Latino investors take a more hands-on approach to their investing than previous generations

Black, Hispanic and Latina women are more likely to have started investing in the past few years than investors overall, according to a new J.P. Morgan Wealth Management study. This is the third year J.P. Morgan has surveyed diverse investors to understand how the industry can better serve them.

This year's survey shows that growing wealth for future generations remains a main reason Black, Hispanic and Latina women start investing, and for the first time, analyzes the behavior of investors by age group.

"Money brings independence," said Kristin Lemkau, CEO of J.P. Morgan Wealth Management. "Consistently women, and in particular diverse women, are motivated to build wealth to create more opportunities for their children and families. They understand in a time of changing markets that saving isn't enough. They also need to invest to have their money make money."

Here are five key takeaways from the J.P. Morgan Wealth Management 2024 Diverse Investor Study:

1. Black, Hispanic and Latina women investors are more likely to be new to investing.

  • 51% of Hispanic and Latina women respondents and 46% of Black women respondents started investing outside of an employer-sponsored retirement plan less than five years ago, compared to 24% of all respondents

2. Younger Black, Hispanic and Latino investors take a more hands-on approach to their investing than previous generations.

  • More than half of Black, Hispanic and Latino millennial investors surveyed prefer to take an active role in selecting the stocks, bonds or index funds that make up their portfolio (52% and 53%), compared to 45% of Black Gen Xers and boomers, 46% of Hispanic and Latino Gen Xers and 37% of Hispanic and Latino boomers

3. Creating wealth for future generations remains a top priority for Black, Hispanic and Latina women investors.

  • 74% of Hispanic and Latina women investors and 69% of Black women investors surveyed say building generational wealth is a motivation to start investing

4. Investors with a plan fare better than those without one.

Respondents who have a plan for their financial goals are significantly more likely to:

  • Rate their current financial health as excellent or good (70% vs. 49% for those without a plan)
  • Say their financial situation is better than five years ago (62% vs. 44%)
  • Have conversations with their children about finances (52% vs. 29%)

5. More than half of women are confident about their investing knowledge and three-quarters say they are risk-averse.

  • 55% of women respondents say they're confident about their investment knowledge, compared to 76% of men
  • 77% of women respondents describe their investment strategy as risk-averse, compared to 58% of men

For this study, J.P. Morgan surveyed 1,000 investors with at least $25,000 in investable assets.

Read the full J.P. Morgan Wealth Management 2024 Diverse Investor Study here: https://www.jpmorgan.com/content/dam/jpmorgan/documents/wealth-management/diverse-investor-study-2024.pdf

Read more about the study's key findings on The Know: https://www.chase.com/personal/investments/learning-and-insights/article/diverse-investor-study-black-hispanic-and-latina-women-are-newer-to-investing-focused-on-generational-wealth

To learn about ways to invest with J.P. Morgan Wealth Management, visit: https://www.chase.com/personal/investments

Methodology

The J.P. Morgan Wealth Management 2024 Diverse Investor Study was conducted June 14 – June 28, 2024. The results are based on a sample of 1,069 American adults aged 25+ with at least $25,000 in investable assets, including oversamples for Black, Hispanic and Latino Americans (399 White respondents, 301 Black respondents and 321 Hispanic and Latino respondents). Respondents were interviewed online in English and Spanish. J.P. Morgan Wealth Management was not identified as the survey sponsor.

About J.P. Morgan Wealth Management

J.P. Morgan Wealth Management is the U.S. wealth management business of JPMorgan Chase & Co., a leading global financial services firm with assets of $4.1 trillion and operations worldwide. J.P. Morgan Wealth Management has ~5,600 advisors and $1 trillion of assets under supervision. Clients can choose how and where they want to invest. They can do it digitally, remotely or in person by meeting with an advisor in one of our more than 4,800 Chase branches throughout the U.S., or in one of our offices. For more information, go to www.jpmorgan.com/wealth and follow J.P. Morgan Wealth Management on LinkedIn.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

© 2024 JPMorgan Chase & Co.

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