• April 14, 2010

Although 27% of African-Americans and 26% of Hispanics have seen their debt increase in the past year, versus 18% of general market consumers, many are feeling optimistic about the future, according to new research by global market research firm Synovate.

Despite increased debt, lower financial product usage and double digit unemployment levels for African-Americans and Hispanics, many are looking towards the future with a sense of optimism. When asked if their economic situation will be better, the same, or worse in the next 12 months, more than half of African-Americans and 42% of Hispanics surveyed felt that their situation would improve, versus one-third of the general population. Furthermore, only 6% of African-Americans felt their economic situation would worsen...much less than the 14% of the general population who feel this way.

However, multicultural consumers continue to lag behind the general market population when it comes to owning financial products and services such as bank and investment accounts, insurance, mortgages and credit cards, according to the study. For example, 80% of African-Americans and 63% of Hispanics currently own a checking account, versus 93% of the general market. The ownership of a retirement account, such as an IRA or 401K, is even lower for multicultural consumers -- 74% ownership among the general population versus 52% for African-Americans and 34% for Hispanics.

Synovate surveyed approximately 4,000 men and women ages 18+, including approximately 1,000 general market respondents, 900 African-Americans, and 2,000 Hispanics. The survey was conducted via telephone among a nationally representative sample.--Tanya Irwin