EURweb |
MINORITIES TOO 'UNBANKED' SAYS STUDY: Hispanics worse off than Blacks.
*A 2008 study has found that Hispanics and Blacks are substantially more "unbanked" than whites.
Essentially, the phrase means they own much fewer of the bank accounts and financial instruments which tend to insure financial security.
At the most basic level, roughly 10 percent of African Americans do not have either savings or checking accounts.
However, nearly 23 percent of Hispanic families lack any type of bank account.
But the banking disparity between minorities and whites is more dramatically demonstrated in other key financial areas.
For example, while 72 percent of whites have IRAs or 401k plans, only 54 percent of Blacks and 32 percent of Hispanics have them.
Just 33 percent of African Americans and 18 percent of Latinos own stocks, bonds or shares in mutual funds while 60 percent of whites do.
The study was compiled by Synovate - the market research arm for the financial services organization Aegis Group. (source: Taylor Media Services)
Click for the latest Obama - Political headlines
Share and Bookmark |
 |
 |
 |
 |
 |
 |
 |
 |
