Table of Contents
- Scope and Themes
- What you need to know
- Scope of this report
- Definition
- Terms
- Executive Summary
- Who are the mass affluent?
- Credit and debit
- Technology
- Mass affluent and the economy
- Financial priorities
- Mass affluent and banking
- Differentiation is key
- Financial decision-making
- Ethics
- Companies targeting the MA
- The Market
- Market size and growth forecast
- Mintel' s projection for Mass Affluent households
- Figure 1: Forecast of U.S. households with net worth between $100,000
and $1 million, 2004-09, March 2005Figure 2: Forecast of U.S. households
with net worth between $100,000 and $1 million, 2004-09, April 2008
- The mass affluent is not just one segment
- Figure 3: Affluent segments, 2002
- Wealth in America
- Figure 4: Income distribution, 2006Figure 5: Distribution of households,
by income, 2003 and 2006
- Figure 6: The number of households with net worth between $100K and $1
million, 1992, 1995, 1998, and 2001Figure 7: Family net worth, 1995-2004
- Market Drivers
- Age
- Figure 8: Populations by Generation, 2003-13
- Figure 9: Population aged 21 or older, 2002-12
- Figure 10: Median income by age group, 2006
- Continued growth in wealth
- Figure 11: Average per capita disposable income, 2000-07
- Figure 12: Household Income, 2005-07
- Stock market wealth
- Figure 13: Mean value of direct or indirect stock holdings, by
percentile of household income, 1989-2004
- Real estate wealth
- Figure 14: Mean value of primary residence, by percentile of income,
1989-2004
- Figure 15: Mean value of other residential real estate, by percentile of
income, 1989-2004
- Who are the Mass Affluent?
- Profile
- Figure 16: Profile of America' s rich, 2008
- How much do they earn?
- Figure 17: Income distribution of mass affluents, by gender and age,
February 2008
- Figure 18: Income distribution of mass affluents, by whether the
respondents have children in the household, February 2008
- They use credit cards...
- Figure 19: Percentage of mass affluent customers who use credit cards,
by gender, spring 2007
- Figure 20: Percentage of mass affluent customers who use credit cards,
by age, spring 2007
- Figure 21: Credit card use among mass affluents, by income, spring 2007
- Figure 22: Most popular credit cards among mass affluents, by gender,
spring 2007
- Figure 23: Most popular credit cards among mass affluents, by age,
spring 2007
- Figure 24: Most popular credit cards among mass affluents, by income,
spring 2007
- ...and debit cards
- Figure 25: Use of debit cards among mass affluent, by gender, spring 2007
- Figure 26: Use of debit cards among mass affluent, by age, spring 2007
- Figure 27: Use of debit cards among mass affluent, by income, spring 2007
- Mass affluent and the Internet
- Figure 28: Mass affluent with access to Internet via a mobile phone by
gender and age, February 2008
- Figure 29: Mass affluent with access to Internet via a mobile phone by
whether the couple is married and has children in the household, February
2008
- Figure 30: Demographic profile of US MySpace and Facebook users,
November 2006 (millions and % of total)
- Mass affluent consumers' influence on retail
- The recent effect of the economy on mass affluents
- Figure 31: Effect of economy on mass affluents' spending, by gender,
February 2008
- Figure 32: Effect of economy on mass affluents' spending, by gender and
age, February 2008
- Figure 33: Effect of economy on mass affluents' spending, by income,
February 2008
- Figure 34: Effect of economy on mass affluents' spending, by region,
February 2008
- Figure 35: Effect of economy on mass affluents' spending, by whether
there are children in the household, February 2008
- Figure 36: Effect of economy on mass affluents' spending, by marital
status and whether there are children in the household, February 2008
- Figure 37: Effect of economy on mass affluents' financial outlook, by
gender, February 2008
- Figure 38: Effect of economy on mass affluents' financial outlook, by
age, February 2008
- Figure 39: Effect of economy on mass affluents' financial outlook, by
gender and age, February 2008
- Figure 40: Effect of economy on mass affluents' financial outlook, by
income, February 2008
- Figure 41: Effect of economy on mass affluents' financial outlook, by
gender and income, February 2008
- Figure 42: Effect of economy on mass affluents' financial outlook, by
marital status and presence of children in the household, February 2008
- Mass Affluents and Investing
- Who has accounts?
- Figure 43: Ownership of mutual fund accounts by mass affluent, by gender
and age, spring 2007
- Figure 44: Ownership of mutual fund accounts by mass affluent, by
income, spring 2007
- Figure 45: Percentage of investors who invest with different financial
institutions, 2005
- What is in their portfolio?
- Figure 46: Percentage of mass affluent customers with these investment
products, April 2007
- Figure 47: Percentage of mass affluents who have accounts in three most
popular firms, spring 2007
- Mass affluents and real estate
- Figure 48: Distribution of total assets of the mass affluent group, 2005
- Baby Boomers and real estate
- Where do mass affluents get mortgages?
- Figure 49: Where mass affluents get their first mortgages, by gender and
age, spring 2007
- Mass affluents and retirement
- Figure 50: : Where retirement money will come from, 2007
- Figure 51: Major financial goals of the mass affluent, by gender,
February 2008
- Figure 52: Major financial goals of the mass affluent, by age, February
2008
- Figure 53: Major financial goals of the mass affluent, by gender and
age, February 2008
- Figure 54: Major financial goals of the mass affluent, by income,
February 2008
- Figure 55: Major financial goals of the mass affluent, by whether
respondent has children, February 2008
- Mass affluents need help with retirement planning
- Figure 56: Mass affluents who have 401(k) accounts with former
employers, by gender and age, February 2008
- Interest in retirement offers banks a huge opportunity
- Figure 57: Mass affluents whose bank has offered to assist with
retirement planning, by gender and age, February 2008
- Mass Affluents and their Banks
- Top banks
- Bank products owned
- Figure 58: Bank products owned by mass affluent, by age, spring 2007
- Figure 59: Bank products owned by mass affluent, by age, spring 2007
- Figure 60: How many banks mass affluents use, by gender and age,
February 2008
- Figure 61: What is important to mass affluents in opening an account, by
gender and age, February 2008
- Figure 62: How mass affluent customers communicate with their bank, by
gender, February 2008
- Figure 63: How mass affluent customers communicate with their bank, by
age, February 2008
- Figure 64: How mass affluent customers communicate with their bank, by
gender and age, February 2008
- Figure 65: How mass affluent customers prefer to complete major
transactions with their bank, by gender and age, February 2008
- Competitive Challenges posed by Mass Affluents
- Overview
- Differentiation is key
- What does the mass affluent customer think?
- Figure 66: Degree of differentiation between financial institutions, by
gender, September 2007
- Figure 67: Degree of differentiation between financial institutions, by
age, September 2007
- Figure 68: Degree of differentiation between financial institutions, by
income, September 2007
- Online presence is key, too
- How are Decisions Made--and Who Makes Them?
- Figure 69: How financial decisions are made, by age and gender, February
2008
- Figure 70: How financial decisions are made, by income, February 2008
- Mass affluents want advice--but they think they do a good job themselves
- Figure 71: Percentage of mass affluents who agree with the given
statement and believe they are good money managers, by gender, spring 2007
- Figure 72: How mass affluents feel about making investment decisions,
February 2008
- Figure 73: How mass affluents feel about making investment decisions,
February 2008
- Where do they go for advice?
- Figure 74: Who mass affluent consumers use for financial advice, 2002
- Ethics and Decision-making
- Figure 75: Investor feels that company ethics are important, by gender,
September 2007
- Figure 76: Investor feels that company ethics are important, by gender,
September 2007
- Figure 77: Investor feels that company ethics are important, by income,
September 2007
- Mass Affluents and Insurance
- Figure 78: Percentage of mass affluents who believe insurance is
important, by gender and age, spring 2007
- Figure 79: Mass affluents' insurance ownership, by gender and age,
spring 2007
- Mass Affluents and Loans
- Figure 80: Percentage of mass affluent respondents that have loans, by
gender, spring 2007
- Figure 81: Percentage of mass affluent respondents that have loans, by
age, spring 2007
- Who is Targeting Mass Affluents?
- Charles Schwab
- HSBC
- Citibank
- MasterCard
- Bank of America
- Wells Fargo
- Fifth Third
- Wachovia
- Ameriprise
- Advertising and Promotion
- Print
- Figure 82: Ameriprise print ad, October 2007
- Figure 83: Ameriprise print ad, September, 2007
- Figure 84: HSBC print ad, March 2008
- Figure 85: HSBC print ad, January 2008
- Figure 86: Schwab print ad, March 2008
- Direct mail
- Figure 87: HSBC direct mail ad, March 2008
- Figure 88: Wachovia direct mail ad, February 2008
- Figure 89: Wachovia direct mail ad, February 2008
- Figure 90: Wells Fargo direct mail ad, March 2008
- Email
- Figure 91: Charles Schwab email ad, October 2007
- Figure 92: TIAA-CREF email ad, March 2008
- Figure 93: Charles Schwab email ad, March 2007
- Figure 94: Wells Fargo email ad, March 2008
- TV commercials
- Figure 95: American Century television advertisement, 2008
- Figure 96: Aviva investments funds television advertisement, 2008
- Figure 97: Charles Schwab television advertisement, 2008
- Figure 98: Charles Schwab television advertisement, 2008
- Figure 99: Fidelity Investments television advertisement, 2008
- Figure 100: Fidelity Investments television advertisement, 2008
- Figure 101: Fidelity Investments television advertisement, 2008
- Figure 102: Fidelity Investments television advertisement, 2008
- Figure 103: Franklin Templeton investments television advertisement, 2008
- Figure 104: TD Ameritrade IRA retirement television advertisement, 2008
- Figure 105: Wachovia television advertisement, 2008
- Appendices--Other Useful Consumer Data
- Figure 106: Most important considerations when opening a financial
account, by race and income, February 2008
- Figure 107: Most important considerations when opening a financial
account, by race and age, February 2008
- Figure 108: Most important considerations when opening a financial
account, by race and income, February 2008
- Figure 109: Income distribution of mass affluents by race and age,
February 2008
- Figure 110: Marital status, by race and age, February 2008
- Figure 111: Mass affluents who are parents or guardians, by age and
race, February 2008
- Figure 112: Number of people living in household, by race and age,
February 2008
- Figure 113: Major financial goals of the mass affluent, by race,
February 2008
- Figure 114: Credit card use among mass affluent, by age, spring 2007
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