A new survey conducted by Northwestern Mutual asked women what they would pursue if they were totally free of any financial constraints, and the surveyed found that most women of color said they’d start a business. When this is broken down further 12% of Hispanic respondents, 14% of Asian American, and 16% of black women compared to only 10% of the general female population desire to become entrepreneurs.
Northwestern conducted the survey to understand women’s financial confidence and the factors contributing to it. While the desire to start a business and have a long-term financial plan remains strong, over 1/3rd of respondents in all three groups expressed a lack of financial confidence as a result of not having a financial plan. Only 1 in 5 respondents, 17% African American, 21% Hispanic, and 24% Asian American work with a financial advisor.
“Now, more than ever, women are championing their own futures, especially when it comes to business ownership,” said Northwestern Mutual’s director of women’s market strategy, Allison Engel. “And with the right plan in place, women can get one step closer to their personal and professional dreams.”
The majority of women surveyed expressed confidence in managing day-to-day household finances, with 80% of African American women giving themselves a 7 or higher on a scale of 1 to 10. When compared to the general population sample, women of color feel that taking a larger role in managing personal finances would lead to greater financial confidence.
A field survey was undertaken between November 20th and 27th of 2017 with 1,263 respondents; 503 African American, 260 Asian and 500 Hispanic. A separate survey was done on line from November 20th to 22nd of 1,338 women, and the samples were weighted and are representative of all US adult women aged 18 and above. Any data was obtained from YouGov Plc.
