Wells Fargo survey affirms African American, Asian and Hispanic communities more hopeful about finances, managing credit than general population
SAN FRANCISCO – Diverse consumers feel optimistic about the current U.S economic outlook, according to the third “How American 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 general population – a seven percent increase from last year for diverse consumers. 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 general population. The survey, fielded in June 2015, measured attitudes and behaviors about finances and managing credit of more than 1,000 African American, Asian and Hispanic consumers.
“Our vision of helping customers succeed financially means making sure our customers 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 general population
When looking at diverse communities, the findings unveiled that, similar to the general population, diverse consumers believe that when used wisely, loans and credit can help individuals reach their financial goals. However, diverse communities vary in how proud they are about their own credit scores. Among the general population, 51 percent of consumers report feeling proud of their credit score, compared to 59 percent of Asians, 34 percent of African Americans and 48 percent of Hispanics who 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 compared report feeling they may not know enough about making good borrowing decisions compared to 58 percent of the 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:
Monitor your credit regularly
Know your credit limits
Know that good scores = good rates
Don’t make late payments
Know your debt-to-income ratio
Start with a college or secured credit card
Pay down highest interest rates first
Live within your means
Pay more than the minimum
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 at 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.