In a recent survey, many women of color said that establishing a long-term financial plan would be one of their top three ways to help them achieve their goals. And one of those goals is to launch a business. (Photo: Getty)
Women of color would choose to open a business if they weren't faced with financial obstacles—and they're more likely than the general population of women to say so.
That's according to a Northwestern Mutual study that sought to better understand women's financial confidence, how they define it and which factors contribute to it.
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Among the findings are that more than a third of women saying they don't feel financially confident also say they lack a financial plan—34 percent of African-American respondents, 36 percent Asian-American and 32 percent Hispanic.
That plan is something they do have in mind; 42 percent of African-American respondents, 45 percent of Asian-American and 38 percent of Hispanic women surveyed 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.
And one of those goals is to launch a business, with 16 percent of African-American women, 14 percent of Asian-American and 12 percent of Hispanic women saying that, if they weren't hampered by financial problems, they'd start a business. That's compared to the general population of women, only 10 percent of which would choose to start a business.
Only 1 in 5 respondents (17 percent African-American, 24 percent Asian-American and 21 percent Hispanic) currently work with a financial advisor, with most (49 percent African-American, 49 percent Asian-American and 47 percent Hispanic) saying they don't do so because they can't afford it.
Asian-American women surveyed overwhelmingly agree, at 78 percent, that financial success impacts a person's level of confidence, and 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-American and 26 percent Hispanic).
And while most women feel confident managing the day-to-day finances of their household, this confidence was highest among African-American women surveyed (80 percent rated themselves as 7 or higher on a scale of 1 to 10).
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
