Diverse Consumers Overwhelmingly Optimistic About Financial Future
October 08 2015 - 10:00AM
Business Wire
Wells Fargo survey affirms African American,
Asian and Hispanic communities more hopeful about finances,
managing credit than combined general population
Diverse consumers feel optimistic about the current U.S.
economic outlook, according to the third “How America Buys and
Borrows” survey by Wells Fargo & Company (NYSE: WFC) and Ipsos.
Eighty-eight percent of diverse consumers surveyed report having a
positive outlook compared to 79 percent of the combined general
population - a seven percent increase from last year. This is the
second wave of data Wells Fargo has released as part of its annual
support of the American Bankers Association’s Get Smart About
Credit campaign.
When asked about personal finances, on average 60 percent of
African American, Asian and Hispanic consumers said they expect
their financial situation to be “somewhat” or “much” better a year
from now, compared to 48 percent of the combined general
population. The survey, fielded in June 2015, measured the
attitudes and behaviors of more than 1,000 African American, Asian
and Hispanic consumers about finances and managing credit.
“Our vision of helping customers succeed financially means
making sure they know where to go for the information and resources
they need to take charge of their credit. That’s why we support Get
Smart About Credit month to ensure we’re highlighting the tools and
resources they need to make informed credit choices,” said Shelley
Freeman, head of Wells Fargo’s Consumer Credit Solutions group.
“With optimism high, it’s especially important that we continue to
offer our diverse customers access to the information and resources
they need.”
Survey results – diverse communities more hopeful than
combined general population
When looking at diverse communities, the findings unveiled that,
similar to the combined general population, diverse consumers
believe credit can help them achieve their financial goals if used
responsibly. However, diverse communities vary in how proud they
are of their own credit scores. Among the combined general
population, 51 percent of consumers report feeling proud of their
credit score, however 59 percent of Asians, 34 percent of African
Americans and 48 percent of Hispanics report the same.
Though diverse consumers are optimistic, their confidence levels
are lower. Fifty-one percent of Asians, 46 percent of African
Americans and 53 percent of Hispanics report feeling they may not
know enough about making good borrowing decisions compared to 58
percent of the combined general population.
10 Tips to Get Smarter About Credit
Good credit helps with more than borrowing. It can factor into
everything from renting an apartment and getting a cell phone to
landing a job. Lenders, landlords, utility providers and employers
can all review credit reports when making decisions. Here are 10
tips to help manage credit:
1. Monitor your credit regularly 2. Know your credit limits 3.
Know that good scores = good rates 4. Don’t make late payments 5.
Know your debt-to-income ratio 6. Start with a college or secured
credit card 7. Pay down highest interest rates first 8. Live within
your means 9. Pay more than the minimum 10. Set up account and
autopay alerts
For more information about ways to establish or improve credit –
or better manage debt – consumers can visit Wells Fargo’s Smarter
Credit™ Center online and our free financial education program,
Hands on Banking®.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide,
diversified, community-based financial services company with $1.7
trillion in assets. Founded in 1852 and headquartered in San
Francisco, Wells Fargo provides banking, insurance, investments,
mortgage, and consumer and commercial finance through 8,700
locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 36 countries to support customers who
conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2015 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy all our customers’ financial needs and
help them succeed financially. Wells Fargo perspectives are
also available at Wells Fargo Blogs and Wells Fargo Stories.
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version on businesswire.com: http://www.businesswire.com/news/home/20151008005385/en/
Wells Fargo & CompanyMedia: Edna
Silva714-257-4694edna.m.silva@wellsfargo.com@EdnaSilvaWF
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