African American, Hispanic, and Latina women have gained confidence in their investment knowledge in recent years and are investing to generate generational wealth, according to new research from J.P. Morgan Wealth Management, which surveyed 1,000 people to uncover trends within this community.
Kristin Lemkau, CEO of J.P. Morgan Wealth Management, stated that everyone should build their wealth, while emphasizing J.P. Morgan’s deep commitment to better serve all investors at every stage.
“Understanding the different needs, attitudes, and priorities of each group is a key part of this work. We believe that the most important thing is to outline their goals and develop a plan to achieve them,” Lemkau highlighted in a statement.
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Key findings from J.P. Morgan Wealth Management’s 2023 Diverse Investor Study included:
- African American, Hispanic, and Latina women have gained confidence in their investment knowledge in recent years.
- 68% of African American female investors and 52% of Hispanic and Latina female investors said they have more knowledge about investments and retirement planning compared to five years ago.
- Most surveyed African American, Hispanic, and Latina women began investing to generate generational wealth and support their family and friends.
These African American, Hispanic, and Latina investors claimed that some of the motivations for starting to invest were:
- Generating wealth to pass on to future generations, 68%.
- Supporting family and friends, 66% and 70%, respectively.
Women remain consistent in investment
Despite the current volatility, women of all races remain consistent in their investments. Men are more active and riskier investors.
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The study also revealed that 83% of female investors are investing the same amount or more in their brokerage accounts in 2023 compared to 2022, compared to 74% of men.
A commitment to inclusion
Thelma Ferguson, Global Director of Diversity, Equity, and Inclusion and Vice President of Commercial Banking at JPMorgan Chase, stated that businesses and the economy are stronger when they are more inclusive.
“Understanding the trends and habits of communities that have long been excluded is an important step towards closing the gaps in opportunities and wealth.”
J.P. Morgan Wealth Management is committed to expanding resources and access to investment in communities. Its “Building a New Legacy” series of local events aims to create a space for African American, Hispanic, and Latina women and their allies to learn how to invest for their future legacy.
Since the tour began last year, the firm has hosted key events in Atlanta, Chicago, Dallas, Detroit, Miami, Newark, and Washington D.C. with over 1,000 attendees.
Another event organized is JPMorgan Chase’s Advancing Black Wealth Tour, which is underway to empower African American communities with financial knowledge about homeownership, entrepreneurship, and investment, with recent stops in Oakland and Chicago and upcoming events in Miami and New York.