More Black, Hispanic, Latina women are investing to build wealth

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More ******, Hispanic, Latina women are investing to build wealth

******, Hispanic, and Latina women are newer to investing and focused on building generational wealth, a

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found.

JPMorgan Wealth Management head of communications Verónica Navarro Espinosa sits down with

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to discuss the findings: “We’ve done this study for three years, and we’re starting to see some progress. And exactly because those barriers are starting to get lower and lower.”

She explains that education, accessibility, and confidence are helping break down barriers. “Investing is overwhelming. There is so much information everywhere that is hard to decide where you’re going to go. But we’re starting to see that there is a path forward. We’re seeing people are starting to be more comfortable. Also, the tools to invest are becoming more accessible…”

“Confidence keeps being an issue for women. So we need to do more about that education and, particularly, educating women,” Navarro Espinosa notes.

Another factor is “myth-busting,” Navarro Espinosa says, explaining there are “knowledge obstacles that don’t allow people to invest. For example, a lot of people think that they don’t have enough money to invest, and we know it’s not a question about how much money you have but how early you start and if you are able to invest regularly. And we’re starting to see not by gender, not by race, [but] by age, that millennials are more knowledgeable, and they understand they don’t need a lot of money to start investing.”

Navarro Espinosa says that when JPMorgan asked these investors what drove them to start investing, “They are telling us that generational wealth is the motivation for them to start investing… [For them] to be able to pass wealth money to the next generations, because they understand we are not all starting on the same level. Those who start ahead go further, and they understand that, and they are doing something about it.”

She highlights that regularly contributing, as well as having a diversified portfolio and a financial plan, are “keys to success” for these investors working to build generation wealth.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Naomi Buchanan.

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