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MILWAUKEE, March 15, 2018 /PRNewswire/ -- When it comes to their financial futures, women of color have big dreams, chief among them business ownership. A recent Northwestern Mutual survey found that when asked what they would be most interested in pursuing if they had no financial obstacles, more women of color surveyed (16 percent African American, 14 percent Asian American and 12 percent Hispanic) said they'd start a business compared to the general population of women (10 percent).
The company conducted the survey to better understand women's financial confidence; how they define it; and what factors contribute to it.
Yet, while many women of color surveyed (42 percent African American, 45 percent Asian and 38 percent Hispanic) agree that establishing a long-term financial plan would be one of their top three ways to improve their level of financial confidence and help them achieve their goals, more than 1/3 of respondents among all three groups who said they don't feel financially confident (34 percent African American, 36 percent Asian and 32 percent Hispanic) say this is because they don't currently have a financial plan in place.
"Now, more than ever, women are championing their own futures, especially when it comes to business ownership. And with the right plan in place, women can get one step closer to their personal and professional dreams," said Allison Engel, director of women's market strategy at Northwestern Mutual. "We believe in partnering with women to empower them with the knowledge and strategies they need to achieve success."
Additionally, approximately only 1 in 5 respondents (17 percent African American, 24 percent Asian and 21 percent Hispanic) currently work with a financial advisor. However, consulting with a financial advisor can be an important step for women to developing a holistic financial plan that incorporates both personal and professional goals, along with steps to achieve them.
Other key findings from the survey include:
- Most women surveyed said they don't work with a financial advisor because they can't afford it (49 percent African American, 49 percent Asian and 47 percent Hispanic).
- Asian American women surveyed overwhelmingly agree financial success impacts a person's level of confidence (78 percent).
- More Hispanic women surveyed (18 percent) said they'd be most interested in purchasing a new home if they had no financial obstacles.
- Compared to the general population sample, more women of color surveyed felt taking a larger role in managing their personal finances would improve their financial confidence (19 percent among all women, compared to 27 percent of African American, 30 percent Asian and 26 percent Hispanic).
- Most women feel confident managing the day-to-day finances of their household, but this confidence was highest among African American women surveyed (80 percent rated themselves as 7 or higher on a scale of 1 to 10).
To connect with a financial advisor, please visit https://www.northwesternmutual.com.
*About the Research
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,263 women of color (503 African American, 260 Asian and 500 Hispanic). Fieldwork was undertaken between 20th - 27th November 2017. The survey was carried out online. A separate survey was carried out online between 20th – 22nd November 2017 among 1,338 women. Figures for this sample have been weighted and are representative of all US adult women (aged 18+).
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for more than 160 years. Through a distinctive, whole-picture planning approach, we empower our clients to make the most of every single day and plan for important moments in their future. We combine the expertise of our financial professionals with a personalized digital experience to help our clients navigate their financial lives every day. With $250.4 billion in assets, $28.2 billion in revenues, and more than $1.6 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.4 million people who rely on us for life, disability income and long-term care insurance, annuities, brokerage and advisory services, trust services, and discretionary portfolio management solutions. The company holds more than $100 billion of client assets as a part of its wealth management company and investment services. Northwestern Mutual ranks 97 on the 2017 FORTUNE 500 and is recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2018.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, life insurance with long-term care benefits, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (securities), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (fiduciary and fee-based financial planning services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance).
SOURCE Northwestern Mutual