New Study by Citi Finds Signs of Optimism about the Economy in Chicagos African American and Hispanic Communities
07:05 31.07.09
Research Shows Evidence of Vigilant Saving and Spending Habits Among Respondents
CHICAGO--(BUSINESS WIRE)--
Citi today announced the results of the first part of a new study of consumer sentiment among low- to moderate-income (LMI) African-American and Hispanic communities. Among respondents in the Chicago area, findings show that both communities are expressing more optimism about the national economic outlook than a cross-ethnic, representative national sample. Similar populations were surveyed in New York, Miami, Los Angeles, San Francisco and Washington, D.C., and those results will be released soon.
Among the key findings:
* Eighty-two percent of the African-Americans surveyed said they believe the economy will improve (48 percent) or stay the same (34 percent) over the next six months.
* Seventy-five percent of the Hispanic residents surveyed said they believe the economy will improve (49 percent) or stay the same (26 percent) for the same period.
* In comparison, 67 percent of the respondents in the cross-ethnic, national sample said they think the economy will improve (38 percent) or stay the same (29 percent).
In terms of the local economy, 72 percent of the Chicago-area African-Americans surveyed believe that their local economy will improve (22 percent) or stay the same (50 percent) over the next six months. This is similar to the results from the respondents in the cross-ethnic, national sample, 73 percent of whom believe that their local economy will improve (22 percent) or stay the same (51 percent). However, among the Chicago-area Hispanics polled, a full 81 percent believe that their local economy will improve (28 percent) or stay the same (53 percent) for the same period.
This first part of this new study also suggests that despite their measured optimism LMI African-American and Hispanic respondents are taking a more cautious approach in their spending and saving practices than members of the cross-ethnic, national sample. Among the Chicagoans surveyed, 86 percent of African-American respondents and 91 percent of Hispanic respondents said they have taken or will take a more measured approach to spending, versus 81 percent in the cross-ethnic, national sample. Eighty-four percent of African-Americans surveyed and 79 percent of Hispanics surveyed said they have taken or will take a more active role in managing their finances, versus 76 percent in the cross-ethnic sample. And 80 percent of African-Americans and 74 percent of Hispanics said they have or will put more money into savings, versus 66% in the cross-ethnic sample.
Our study shows a measure of optimism among African-American and Hispanic people, said Eric Eve, Senior Vice President of Global Community Relations, and also suggests that they are taking the steps necessary to protect their financial future, such as increasing their savings and being more vigilant about managing their finances. Through our work and our network of partnerships with organizations like the National Urban League, Citi is committed to helping communities and citizens across the country as they navigate these difficult financial times.
Citi continually polls consumers across the country in markets it serves to make sure it continues to address their needs.
Overview of Key Findings
* Eighty-two percent of the African-Americans surveyed say they believe the economy will improve (48 percent) or stay the same (34 percent) over the next six months. Seventy-five percent of the Hispanic residents surveyed said they believe the economy will improve (49 percent) or stay the same (26 percent) for the same period. In comparison, 67 percent of respondents in the cross-ethnic, national sample said they think the economy will improve (38 percent) or stay the same (29 percent).
* Sixty-two percent of African-Americans polled expect the number of jobs to increase (32 percent) or stay the same (30 percent). Sixty-five percent of Hispanics polled expect the number of jobs to increase (37 percent) or stay the same (28 percent). Among respondents in the cross-ethnic, national sample, 63 percent expect the number of jobs to increase (31 percent) or stay the same (32 percent).
* In terms of the local economy, 81 percent of Hispanics polled believe their local economy will improve (28 percent) or stay the same (53 percent) over the next six months. Among respondents in the cross-ethnic, national sample, 73 percent believe that their local economy will improve (22 percent) or stay the same (51 percent). Seventy-two percent of African-Americans surveyed believe their local (Chicago) economy will improve (22 percent) or stay the same (50 percent) over the same period.
Key Findings on Chicagos African-American Community
* Eighty-six percent of Chicago-area African-American respondents said they have taken or will take a more measured approach to spending, versus 81 percent in the cross-ethnic, national sample.
* Eighty percent of Chicago-area African-American respondents (versus 77% in the cross-ethnic, national sample) said they have begun or plan to begin following a budget.
* Eighty-four percent of Chicago-area African-American respondents said they have taken or will take a more active role in managing their finances. This is much higher than the 76 percent of respondents in the cross-ethnic, national sample who said this.
* Eighty percent of Chicago-area African-American respondents say they have or plan to put more money into savings. This figure is sharply higher than for the cross-ethnic, national sample (66 percent).
Key Findings on Chicagos Hispanic Community
* Ninety-one percent of Hispanic respondents said they have taken or will take a more measured approach to spending. This is much higher than the 81 percent in the cross-ethnic, national sample who said this.
* Eighty-one percent of Chicago-area Hispanic respondents (versus 77% in the cross-ethnic, national sample) said they have begun or plan to begin following a budget.
* Seventy-nine percent of Chicago-area Hispanic respondents said they have taken or will take a more active role in managing their finances, versus 76 percent of respondents in the cross-ethnic, national sample.
* Seventy-four percent of Chicago-area Hispanic respondents say they have or plan to put more money into savings, versus 66 percent among the cross-ethnic, national sample.
Notes on Survey Methodology
An online quantitative survey was conducted of 301 respondents nationally, including six major cities: New York, Miami, Chicago, Los Angeles, San Francisco and Washington, D.C. The national sample included individuals who are fully or partially responsible for household decisions; have a relationship with a bank; and are over 21 years-old; and generate income of at least $35,000 annually. An additional Chicago sample of 50 African-Americans and 43 Hispanics included participants with annual incomes of $25,000 to $50,000.
About Citi Global Community Relations
Citi Global Community Relations (GCR) builds on Citi's 200-year history of service, success and innovation by leveraging Citi's financial expertise, global network and programmatic resources to support and serve communities around the world. Working in partnership with community organizations, the Citi Foundation and Citi businesses, GCR develops and executes strategies to support underserved populations in more than 140 countries where Citi has a presence. In 2008, Citi and the Citi Foundation provided more than $140 million and 400,000 volunteer hours to make communities better. Additional information can be found at: http://www.citigroup.com/citi/citizen.
About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
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