401(k) Specialist Issue 3 - 2024 - 5

401(k) NEWS YOU CAN USE
U.S. Ranks Highest in Global Financial Assets
THE U.S. PLACED FIRST in financial assets per capita, slightly beating
out Switzerland in Allianz's latest Global Wealth Report.
Allianz's report, which examines the state of assets and debt
among 60 countries including the U.S., China, New Zealand, Australia,
and Thailand, found that global financial assets of private households
remained strong in 2023 with a growth rate of 7.6%.
Growth remained resilient across Asia and North America, with
both regions rising over 8%. The U.S. grew more than China, at 8.6%
compared to 8.2%.
Specifically, the U.S. saw an increase in securities by 57% and
insurance/pensions by 28%. Fresh savings fell by 10%, but U.S.
savers withdrew an average of $686 billion from bank deposits and
increased their purchase of securities by 7.9% to $1.7 billion, a new
record as noted by Allianz. Growth in household liabilities fell to 2.9%,
down from 5.8% in 2022, while the debt-to-GDP ratio fell to 75%.
As for the rest of the year, Allianz expects U.S. financial assets to
increase by over 7% in 2024.
Even as global financial assets totaled $264 trillion in 2023, large
gains in advanced economies like the U.S. and China have made
it difficult for emerging economies to further their growth, Allianz
explains in its report. Emerging economies have lost their growth lead
in six of the last seven years.
Looking ahead, Allianz forecasts a 6.5% increase in global financial
assets for 2024.
More Black, Hispanic, and Latina Women
Investing to Grow Generational Wealth
A HIGHER NUMBER of Black, Hispanic, and Latina women are incorporating
investing strategies to grow wealth, finds new research from
J.P. Morgan Wealth Management.
The firm's latest Diverse Investor Study found that 51% of Hispanic
and Latina women respondents and 46% of Black women respondents
began investing outside of an employer-sponsored retirement plan less
than five years ago, compared to 24% of all respondents. Seventy-four
percent of Hispanic and Latina women and 69% of Black women credited
building generational wealth as their motivation to start investing.
Black women were also likelier to show their support for women-led
investments. According to findings, 59% of Black women investors said
it's important that the companies their investing in be women-owned-
twice as high as investors surveyed overall (28%).
In fact, a greater number of Black, Hispanic, and Latino investors are
taking a hands-on approach to their finances compared to previous
generations. This was especially true for younger investors. According
to J.P. Morgan, more than half of younger investors in these groups
would rather take an active role in selecting stocks, bonds, or index
funds that comprise their portfolio, compared to 45% of Black Gen Xers
and Baby Boomers, 46% of Hispanic and Latino Gen Xers, and 37% of
Hispanic and Latino Boomers.
ISSUE 3 2024 | 401kSpecialist.com
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401(k) Specialist Issue 3 - 2024

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