Black Consumer Project Wave 2: Exploring Black Americans' Relationship With Financial Services

July 7, 2022 Author: Roy Eduardo Kokoyachuk

For decades, research has painted a picture of a Black America that is distrustful of the financial system, hesitant to adopt banking services, and resistant to guidance. While economic disparities and trust deficits exist, banking habits in the Black community are incredibly diverse. In this latest chapter of the Black Consumer Project, we look at how Black Americans manage money today.

What is the Black Consumer Project?

A collaborative effort by ThinkNow and Quantasy + Associates, Black Consumer Project is an in-depth, multi-wave study of Black Americans' economic and cultural contributions. This community has more buying power than ever, and our goal is to uncover its unique perspectives, behaviors, and preferences.

Wave 1 of BCP explored Black Americans' core values, personal goals, layers of identity, and definitions of success. Wave 2 takes a deep dive into their banking behaviors, financial perceptions, and aspirations for the future.

Stream the Black Consumer Project - Financial Services online event here.

Increasing Influence

According to the 2020 Census, the Black population has increased by 5.6% over the past decade. Those who identify as Black in combination with another race group increased by 88.7%. The median household income (HHI) for Black Americans was $44,000 in 2019, meaning that just under half of all households (46%) earned more than $50,000 a year. Those earning more than $100,000 represent 18% of the overall Black population. Education has also increased significantly, with the population of those with a bachelor's degree (23%) doubling since 2010. With a population of 46.9 million, Black Americans wield an impressive $1.4 trillion in buying power.

Motivating Factors

During the first wave, we discovered that Black Americans' definition of success isn't tied to money. Living a healthy lifestyle, owning a business, and giving back to the community ranked higher when compared to non-Black ethnic groups. In this second wave, we explore the relationship between the Black community and finance to better understand current behaviors and aspirations for their financial futures.

See the Data

The Black Consumer Project Wave 2 launches Tuesday, July 12th with an online streaming event featuring Quantasy + Associates' Melanie Williams and ThinkNow's Roy Eduardo Kokoyachuk, who'll dive into the data. A panel discussion featuring Jordan Awoye, Managing Partner of Awoye Capital, DonYe Taylor, Creator and Cultural Strategist, and Sheros Thomas, Trustee Bankston Farms, V.P., Group Director at Quantasy + Associates, will follow moderated by Julian Mitchell, Advisor and Journalist.

Streaming Panel

Stream the Black Consumer Project Wave 2 – Financial Services here.