Black, Latina, and Hispanic women investors say they are more knowledgable about investing and retirement planning compared with five years ago, according to J.P. Morgan Wealth Management's 2023 Diverse Investor Survey.
- Black, Latina, and Hispanic women investors say they are more knowledgable about investing and retirement planning than they were five years ago, according to a J.P. Morgan survey.
- Sixty-eight percent of Black, Hispanic, and Latina women surveyed said building generational wealth was their motivation to start investing.
- The J.P. Morgan survey found that, overall, Black investors were the most confident in their knowledge of investing and retirement, at 72%.
The study, which surveyed 1,017 American adults aged 25 and over with at least $25,000 in investable assets, found that 68% of Black women respondents and 52% of Latina and Hispanic women said they know more about investing and retirement planning now.
More than two-thirds of Black, Hispanic, and Latina women surveyed said building generational wealth was the motivation for starting to invest. Another motivation was to support others—66% of Black women said they started investing to support family and friends, while 70% of Latina and Hispanic women said the same.
The survey found that Black investors were the most confident in their knowledge of investing and retirement, with 72% giving that response, compared with 62% of White respondents and 56% of Hispanic and Latino respondents. Black respondents also reported being the most likely group to bring financial literacy back to their communities and the most likely to encourage family and friends to start investing.
“Over the last several years, we’ve seen a growing democratization of educational resources and investing solutions across the industry,” said Kira Forbes, Black, Hispanic, and Latino Team Lead for J.P. Morgan Wealth Management Inclusive Investing.
“While there are still opportunities to address, it’s promising to see the knowledge growth in these groups because it signals a step in the right direction in the journey to close the racial and gender wealth gaps," Forbes said.
The survey also found that despite continued market volatility, the majority of women investors (83%) surveyed said they are investing the same amount or more in their brokerage accounts than they did in 2022, compared with men.