As America continues it’s steady march towards greater diversity, the number of households with incomes exceeding $100,000 annually is also diversifying. To help our financial service members better connect with diverse high income consumers, we’ve analyzed a number of datasets with an eye towards both income and race and ethnicity. The output is this presentation of insights centered on attitudes and behaviors related to the financial services sector.
Below are three key learnings from our $100K+ household income (HHI) respondents:
- A comfortable retirement and freedom from financial anxiety are key goals across racial and ethnic groups. A key factor in many people’s mindset is the challenge of debt. Provide a long-term vision that includes how you can prepare people for retirement while simultaneously affording the flexibility to help them address financial difficulties that could arise in the near term.
- Across groups, people with $100K+ HHI have varied investing interests. The Hispanic group is the most likely to report little interest in investing. Message the way that you help people meet their near and long-term goals through investing. Offer a broad array of products to ensure you meet each group where their investing interests are.
- Multicultural groups want to see you challenging racial, ethnic, and gender stereotypes, as well as embracing inclusion and diversity. And there’s likely to be little, if any, backlash from the White group if you engage here. The greater risk of backlash comes from engagement in political issues. Steer clear of engaging in politics, but don’t shy away from embracing important social issues such as greater inclusivity and highlighting the value of diversity, including within your own workforce.
In the coming months we will be conducting research on affluent consumers. We welcome member input as we develop the survey tool and member deliverables. If interested in participating, please reach out to your Client Services representative.
