Diverse Consumers Overwhelmingly Optimistic About Financial Future

Wells Fargo survey affirms African American, Asian and Hispanic
communities more hopeful about finances, managing credit than combined
general population

SAN FRANCISCO–(BUSINESS WIRE)–Diverse consumers feel optimistic about the current U.S. economic
outlook, according to the third “How America Buys and Borrows” survey by
Wells Fargo & Company (NYSE: WFC) and Ipsos. Eighty-eight percent of
diverse consumers surveyed report having a positive outlook compared to
79 percent of the combined general population – a seven percent increase
from last year. This is the second wave of data Wells Fargo has released
as part of its annual support of the American Bankers Association’s Get
Smart About Credit campaign.

When asked about personal finances, on average 60 percent of African
American, Asian and Hispanic consumers said they expect their financial
situation to be “somewhat” or “much” better a year from now, compared to
48 percent of the combined general population. The survey, fielded
in June 2015
, measured the attitudes and behaviors of more than
1,000 African American, Asian and Hispanic consumers about finances and
managing credit.

“Our vision of helping customers succeed financially means making sure
they know where to go for the information and resources they need to
take charge of their credit. That’s why we support Get Smart About
Credit month to ensure we’re highlighting the tools and resources they
need to make informed credit choices,” said Shelley Freeman, head of
Wells Fargo’s Consumer Credit Solutions group. “With optimism high, it’s
especially important that we continue to offer our diverse customers
access to the information and resources they need.”

Survey results – diverse communities more hopeful than combined
general population

When looking at diverse communities, the findings unveiled that, similar
to the combined general population, diverse consumers believe credit can
help them achieve their financial goals if used responsibly. However,
diverse communities vary in how proud they are of their own credit
scores. Among the combined general population, 51 percent of consumers
report feeling proud of their credit score, however 59 percent of
Asians, 34 percent of African Americans and 48 percent of Hispanics
report the same.

Though diverse consumers are optimistic, their confidence levels are
lower. Fifty-one percent of Asians, 46 percent of African Americans and
53 percent of Hispanics report feeling they may not know enough about
making good borrowing decisions compared to 58 percent of the combined
general population.

10 Tips to Get Smarter About Credit

Good credit helps with more than borrowing. It can factor into
everything from renting an apartment and getting a cell phone to landing
a job. Lenders, landlords, utility providers and employers can all
review credit reports when making decisions. Here are 10 tips to help
manage credit:

1. Monitor your credit regularly
2. Know
your credit limits

3. Know that good scores = good

4. Don’t make late payments
Know your debt-to-income ratio
6. Start with a
college or secured credit card

7. Pay down highest
interest rates first

8. Live within your means
Pay more than the minimum
10. Set up account and
autopay alerts

For more information about ways to establish or improve credit – or
better manage debt – consumers can visit Wells Fargo’s Smarter
™ Center
online and our free financial education program, Hands
on Banking

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.7 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through 8,700 locations, 12,800 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 36 countries to
support customers who conduct business in the global economy. With
approximately 266,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 30
on Fortune’s 2015 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy all our customers’ financial needs and help
them succeed financially. Wells Fargo perspectives are also available at Wells
Fargo Blogs
and Wells
Fargo Stories


Wells Fargo & Company
Media: Edna Silva