CHICAGO — There continues to be a gap in financial services particularly with checking accounts and Hispanics and investments with African-Americans, according to a Synovate survey.
Even though the percentage of Hispanics with any type of bank account is up from 70% in 2004 to 77% in 2008, the increase is still low when compared to African-Americans and white consumers, both of which are at least 90%, the data showed.
While 72% of whites have IRAs or 401(k) plans, only 54% of African-Americas and 32% of Hispanics have them. The disparity is also seen with other investments. Eighteen percent of Hispanics and 33% of African-Americans own stocks, bonds or shares in mutual funds while 60% of whites do, according to the survey.
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