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Addressing Racism in Americas Financial System.

Special Report: Addressing Racism in America's Financial System

2021 Edelman Trust Barometer U.S. Online Survey Special Report • 1,500 general population respondents Addressing Racism in America's • All data is nationally representative based on age, region, gender, ethnicity Financial System • Racial and ethnic segments Fieldwork: June 11 – June 28, 2021 White n=941 Black n=505 Latinx n=502 Asian n=515 • All racial and ethnic segments are nationally representative based on age, income, region and gender Demographics across communities White Black Latinx Asian Male 49% Male 47% Male 49% Male 47% Margin of error: Female 50% Female 52% Female 49% Female 53% • U.S. total margin of error: +/- 2.5% (n=1500) 18-34 25% 18-34 34% 18-34 39% 18-34 32% • Ethnicity-specific data margin of error: 35-54 31% 35-54 34% 35-54 38% 35-54 37% Non-Hispanic White +/- 3.2% (n=941), Black +/- 4.4% (n=505), Latinx +/- 4.4% (n=502), and Asian +/- 4.3% (n=515) 55+ 44% 55+ 32% 55+ 23% 55+ 31% 2

HISTORICAL CONTEXT 1 2 3 4 Generations of Barriers to Impact on wealth Resilient economic deprivation wealth creation transfer multicultural business $16T 26% 8x $863B GDP loss in the Latinx families least likely to The wealth of a typical Asian businesses account U.S. economy due to own retirement accounts White family compared to for the most receipts of discrimination, since among all Americans Black families (Survey of multicultural groups 2000(Citigroup) (MagnifyMoney) Consumer Finances) (Census Bureau) 3

Edelman Trust Barometer Special Report: Business and Racial Justice in America FINANCIAL SERVICES RANKS LAST IN ADDRESSING RACISM Percent who say each sector is doing well in addressing racism U.S. general population White Black Latinx Asian - 0 + Sports n/a 44 44 52 41 51 Change, Aug 2020 to Apr 2021 Healthcare n/a 42 44 41 42 41 Lowest performing sector within each community Food and beverage +6 39 39 45 40 36 Technology n/a 37 35 43 43 43 Personal care +3 36 36 41 38 39 Automotive +7 35 36 36 40 34 Pharmaceutical +8 35 34 35 42 36 Financial services +7 33 31 36 40 33 2021 Edelman Trust Barometer Special Report: Business and Racial Justice in America. Q15. How well are each of the following industry sectors currently doing when it comes to addressing the problem of systemic racism and racial inequality in their industry? 6-point scale; top 2 box, doing well. Industries shown to half of the sample. General population, U.S., and among Non-Hispanic White, Black, Latinx, and Asian populations. 4

Edelman Trust Barometer Special Report: Business and Racial Justice in America BUSINESS FALLS SHORT ON CONCRETE ACTION AND SYSTEMIC CHANGE Percent who agree With few exceptions, the business community Companies that issue a statement in support of racial has done very little in the way of concrete equality need to follow it up with concrete actions to address systemic racism in our country action to avoid being seen by me as exploitative or as opportunists U.S. - 0 + U.S. Change, Aug 2020 to Apr 2021 46%+2 53% 57 55 63 57 57 53 51 41 0 +4 +8 +6 White Black Latinx Asian White Black Latinx Asian 2021 Edelman Trust Barometer Special Report: Business and Racial Justice in America. Q23. Please indicate how much you agree or disagree with the following statements. 9-point scale; top 4 box, agree. General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 5

FINANCIAL SERVICES CUSTOMERS REPORT SYSTEMIC INEQUITIES

PERCEIVED SYSTEMIC BIAS AND DISCRIMINATION ACROSS SUBSECTORS, PARTICULARLY AMONG BLACK PEOPLE Percent who agree I think there is systemic bias and discrimination towards certain groups of people within companies in this industry Banks Auto Mortgage Credit card Insurance lenders lenders companies companies 71 62 60 60 54 50% 41 49 42 48 45 43 44 43 32 34 38 33 35 29 30 White Black Latinx Asian White Black Latinx Asian White Black Latinx Asian White Black Latinx Asian White BlackLatinxAsian 2021 Edelman Money in Color Special Report. Q32/34/35/36/37. Now thinking about specific sectors of financial services, how much do you agree or disagree with the following statements about [industry]? 4-point scale; top 2 box, agree. Q32 asked of respondents who have a financial product (Q8/1-23), Q34 asked of respondents who have a mortgage or real estate (Q8/11, 18), Q35 asked of respondents who have a credit card (Q8/1), Q36 asked of respondents who have a life insurance policy (Q8/9), Q37 asked of respondents who have an auto loan (Q8/22) General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 7

DIFFERENT TRUST LEVELS ACROSS SUB-SECTORS Percent trust Distrust Neutral Trust 73 60 57 52 47 44 Banks Credit cards Property/casualty Financial Mortgage Auto insurance advisory lending lending % Diff vs gen pop White 76 +3 63 +3 62 +5 55 +3 49 +2 46 +2 Black 69 -4 56 -4 50 -7 49 -3 49 +2 43 -1 Latinx 64 -9 55 -5 47 -10 49 -3 40 -7 37 -7 Asian 78 +5 73 +13 61 +4 60 +8 52 +5 45 +1 2021 Edelman Money in Color Special Report Q29. Below is a list of financial services subsectors. Please indicate how much you trust each subsector to do what is right. 9-point scale; top 4 box, agree. General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations 8

BLACK AND LATINX COMMUNITIES PERCEIVE PREJUDICE INCREDIT CRITERIA Percent who agree I feel that the credit criteria used by companies in this industry to determine eligibility or pricing are biased or discriminatory Banks Auto Insurance Mortgage Credit card lenders companies lenders companies 64 68 73 54 54 62 63 50% 44 47 43 47 39 44 41 43 42 44 41 35 34 White Black Latinx Asian White Black Latinx Asian White Black Latinx Asian White Black Latinx Asian White Black Latinx Asian 2021 Edelman Money in Color Special Report. Q32/34/35/36/37. Now thinking about specific sectors of financial services, how much do you agree or disagree with the following statements about [industry]? 4-point scale; top 2 box, agree. Q32 asked of respondents who have a financial product (Q8/1-23), Q34 asked of respondents who have a mortgage or real estate (Q8/11, 18), Q35 asked of respondents who have a credit card (Q8/1), Q36 asked of respondents who have a life insurance policy (Q8/9), Q37 asked of respondents who have an auto loan (Q8/22) General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 9

HIGH LEVELS OF DISTRUST FOR FINANCIAL SERVICES PROFESSIONALS Percent who trust each of the following people with regards to their financial well-being Distrust Neutral Trust 59 58 57 46 44 43 39 32 Bank Tax Financial Credit card Personal Mortgage lender Auto-lender CEOs of a employees accountants advisors company insurance employees employees financial employees employees services company % Diff vs gen pop White 62 +3 63 +5 61 +4 50 +4 45 +1 45 +2 40 +1 33 +1 Black 55 -4 52 -6 47 -10 45 -1 43 -1 41 -2 37 -2 33 +1 Latinx 52 -7 52 -6 52 -5 38 -8 43 -1 41 -2 33 -6 36 +4 Asian 63 +4 66 +8 59 +2 55 +9 46 +2 45 +2 41 +2 36 +4 2021 Edelman Money in Color Special Report Q30. Below is a list of people. Please indicate how much you trust each to do what is right when it comes to your financial well-being. 9-point scale; top 4 box, agree. General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 10

DUAL REALITIES IN THE FINANCIAL SERVICES SECTOR

FINANCIAL SERVICES ASSIGNS TWO VERY DIFFERENT CUSTOMER EXPERIENCES Percent who have had one or more negative experiences with financial services companies General population High income respondents (100k+) List of negative experiences include: An employee talked down to me White Black Latinx Asian I felt that no one there cared to get to know me as a person I felt I needed to change my appearance to be taken seriously 68 I had to supply more proof of my employment than was necessary 58 55 49 I felt ignored or not seen at a physical location 41 44 34 36 No one had a similar cultural background to me I was given higher rates or fees because of the color of my skin 2021 Edelman Money in Color Special Report Q39. Which of the following, if any, have you experienced dealing with financial services companies before? Please select all that apply. General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 12

FEELING EXPLOITED AND UNWELCOME Four categories of negative experiences that high income ($100k+) respondents perceive, including instances of exploitation, mistrust, condescension, and feeling unseen Type of Negative Experience White Black Latinx Asian Being Exploited I was given higher rates or fees because of the color of my 5 26 5 3 skin Being Mistrusted I had to supply more proof of my employment than I thought 9 25 17 8 was necessary Condescension 12 17 22 8 An employee talked down to me Feeling Unseen Most likely to perceive I felt that no one there cared to get to know me as a person 11 14 16 18 each type of negative experience 2021 Edelman Money in Color Special Report Q39. Which of the following, if any, have you experienced dealing with financial services companies before? Please select all that apply. General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 13

LATINX CUSTOMERS SHUT OUT OF FINANCIAL SERVICES Low income (<$50k) Latinx respondents more likely to be denied service altogether at a financial services company Type of Negative Experience White Black Latinx Asian I was denied service altogether at a financial services company 6 13 23 2 2021 Edelman Money in Color Special Report Q39. Which of the following, if any, have you experienced dealing with financial services companies before? Please select all that apply. General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 14

RACIAL BIAS WORSENS PERSONAL FINANCIAL OUTCOME FOR BLACK COMMUNITY Percent who agree/strongly agree Low income respondents (<50k) Middle income respondents (50k-99k) High income respondents (100k+) My personal finances would be better off if financial services companies treated people in my racial/ethnic 59 54 59 community fairly 44 46 42 31 33 32 24 27 20 White Black Latinx Asian 2021 Edelman Money in Color Special Report. Q24. How much do you agree or disagree with the following statements? 4-point scale; top 2 box, agree. General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 15

WHEN CUSTOMERS HAVE A NEGATIVE EXPERIENCE, BUSINESS WILL LOSE THEIR TRUST U.S. general population 44 47 Net percent who lost trust either in 38 37 the financial services company or the 43%industry due to a negative experience White Black Latinx Asian 2021 Edelman Money in Color Special Report. Q40. As a direct result of the experience(s) you just indicated, which, if any, of the following things happened? Please select all that apply. Question asked of respondents who dealt with any experience (Q39/1-12) General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 16

WHEN CUSTOMERS HAVE A NEGATIVE EXPERIENCE, BUSINESS HAS A NEGATIVE IMPACT U.S. general population Net percent who took their 54%business elsewheredue to a negative experience List of actions include: 54 57 54 I switched financial services companies 45 I started using that financial services company less I started saving more of my money at home to avoid interacting with the financial service company I started using non-traditional financial services companies (payday loans, retail stores) I started using alternative investment tools like cryptocurrency White Black Latinx Asian to avoid dealing with financial service companies 2021 Edelman Money in Color Special Report. Q40. As a direct result of the experience(s) you just indicated, which, if any, of the following things happened? Please select all that apply. Question asked of respondents who dealt with any experience (Q39/1-12) General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 17

FINANCIAL WORRIES CAUSE EMBARRASSMENT AND STRESS, PARTICULARLY FOR THE LATINX COMMUNITY Percent who agree I get embarrassed talking about money because Concerns about money have had a long-term I do not think my finances are where they should be negative impact on my mental health U.S. general U.S. general population population 49% 44% 59 46 50 52 42 44 40 37 White Black Latinx Asian White Black Latinx Asian 2021 Edelman Money in Color Special Report Q24: How much do you agree or disagree with the following statements? General Population n=1500, Hispanic n=502, NH-Asian n=515, NH-Black n=505, NH-White n=941 18

INSTITUTIONALIZED BARRIERS TO ACHIEVING FINANCIAL GOALS

MULTICULTURAL COMMUNITIES UNDER-INDEX ON TRADITIONAL MARKERS OF CREDIT White Black Latinx Asian Percent who have bought a home 66 54 39 45 2021 Edelman Money in Color Special Report. Q4: How old were you when you first…? General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 20

MULTICULTURAL COMMUNITIES LESS LIKELY TO RECEIVE AN INHERITANCE Percent who expect to or have received an inheritance Ages 18-34 Ages 35-54 Ages 55+ White 38 30 34 47 Greater disparity among age 55+ Black 19 25 21 12 Latinx 19 17 17 28 Asian 29 26 25 36 2021 Edelman Money in Color Special Report. Q17: Have you received a financial inheritance or expect to receive one? General population, U.S., among Non-Hispanic White, Black, Latinx and Asian populations, and by age 21

BLACKAND LATINX COMMUNITIES LESS LIKELY TO TURN TO PROFESSIONALS FOR ADVICE Top three people who have the greatest influence on how respondents manage their money U.S. general population White Black Latinx Asian My spouse/partner 51 +2 -10 -2 -3 Disparities compared to the general population My family 51 -2 +3 -2 +7 A financial advisor 24 +2 -7 -8 +4 My friends 23 -2 0 +1 +4 2021 Edelman Money in Color Special Report. Q12. Which of the following people, if any, has the greatest influence on how you currently manage your money? Please rank the top three, with “1” being the person who has the greatest influence. General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 22

MULTICULTURAL COMMUNITIES CREATE OWN SOURCE OF WEALTH AND CAPITAL Percent who agree If anyone in my extended family were to open a small business, the whole family would pitch in through either financial support or as an employee U.S. general 52 population 47 45 41% 38 White Black Latinx Asian 2021 Edelman Money in Color Special Report. Q16. How much do you agree or disagree with the following statements? 4-point scale; top 2 box, agree. General population, U.S., and among Non- Hispanic White, Black, Latinx and Asian populations. 23

BLACK PEOPLE MORE LIKELY TO HAVE ADDITIONAL SOURCES OF INCOME Percent who have a side hustle Goals for those who have a side hustle White Black Latinx Asian 43% Give me enough money to save or invest more 54 60 49 63 U.S. general population Allow me to maintain my standard of living 45 52 52 52 45 51 34 37 Give me enough money to pay off debts 38 47 39 34 Have my side job become my main source of income 25 35 20 25 White Black Latinx Asian 2021 Edelman Money in Color Special Report. Q5. Do you currently have a job or entrepreneurial pursuit alongside your main form of employment or income? This can be any regular gig or freelancing you do on your own terms and schedule alongside a traditional full or part time job(s). This is sometimes referred to as a “side hustle(s)”. General population, U.S., among Non-Hispanic White, Black, Latinx and Asian populations. Q7. Which of the following, if any, are your goals for your side job or entrepreneurial pursuit? Question asked of those who have or want a side hustle (Q5/1-3) General population, U.S., among Non-Hispanic White, Black, Latinx and Asian populations 24

MANY FINANCIAL GOALS SEEN AS FAR LESS ATTAINABLE FORBLACK AND LATINX COMMUNITIES Percent who say each of the following financial goals are attainable, and percentage point difference between each community and the general population U.S. general population White Black Latinx Asian Car ownership +5 Disparities in 77 -9 -12 -4 attainability compared to the general population Personal insurance 71 +4 -1 -10 -3 Creditworthiness 68 +5 -9 -9 +4 Financial security 55 +4 -2 -7 +4 Comfortable retirement 51 +3 -1 -8 -1 Building wealth 49 +3 +1 -6 +2 2021 Edelman Money in Color Special Report. Q2. In thinking about your personal finances, how attainable do you think each of the following are for you? 4- point scale; top 2 box, attainable. General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 25

ELIMINATE INEQUITIES TO BUILD DIVERSE CUSTOMER BASE

PRACTICE EQUITABLE AND DIVERSE HIRING AND REPRESENTATION Percent who agree I am more likely to work with companies in this industry if I see people who look like me working there Banks Auto Insurance Credit card Mortgage lenders companies companies lenders 64 62 60 63 62 50% 51 52 54 52 39 43 43 43 41 39 37 33 30 26 23 White BlackLatinxAsian White BlackLatinxAsian White BlackLatinxAsian White BlackLatinxAsian White BlackLatinxAsian 2021 Edelman Money in Color Special Report. Q32/34/35/36/37. Now thinking about specific sectors of financial services, how much do you agree or disagree with the following statements about [industry]? 4-point scale; top 2 box, agree. Q32 asked of respondents who have a financial product (Q8/1-23), Q33 asked of respondents who have a financial advisor (Q8/12), Q35 asked of respondents who have a credit card (Q8/1), Q36 asked of respondents who have a life insurance policy (Q8/9), Q37 asked of respondents who have an auto loan (Q8/22) General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 27

TRAIN EMPLOYEES TO MITIGATE BIAS Percent who say It would be helpful to managing my personal finances if financial services companies trained their employees to mitigate bias 59 50 46 U.S. general 42 population 44% White Black Latinx Asian 2021 Edelman Money in Color Special Report. Q45. To what extent would each of the following actions from a financial services company be helpful to you in managing your personal finances? 5-point scale; top 2 box, helpful. General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 28

REVIEW CREDIT CRITERIA FOR POTENTIAL BIAS Percent who said each action from a financial services company would be very/extremely helpful in growing their money Change credit evaluation practices that make it difficult for certain groups to obtain loans 61 U.S. general 39 42 43 population 41% White Black Latinx Asian 2021 Edelman Money in Color Special Report. Q47. To what extent would each of the following actions from a financial services company be helpful to you in growing your money? 5-point scale; top 2 box, helpful. General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 29

BE PRESENT IN MULTICULTURAL COMMUNITIES Percent who say this is very/critically important when it comes to choosing a financial services company The company has a strong presence in my racial/ethnic community 52 48 U.S. general 43 population 32 37% White Black Latinx Asian 2021 Edelman Money in Color Special Report. Q31. How important are each of the following, when it comes to choosing a financial services company? 5-point scale; top 2 box, important. General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 30

INCORPORATE EDUCATION AND FINANCIAL LITERACY INTO COMMUNITY ENGAGEMENT Percent who say each of the following action from a financial services company would be very/extremely helpful in terms of managing personal finances U.S. general population White Black Latinx Asian Teach me how to manage long-term debt 49 49 59 48 49 Highest agreement for each community Teach me how to manage short-term debt 48 46 57 51 45 Provide community financial education 46 46 57 48 42 2021 Edelman Money in Color Special Report. Q45. To what extent would each of the following actions from a financial services company be helpful to you in managing your personal finances? 5-point scale; top 2 box, helpful. General population, U.S., and among Non-Hispanic White, Black, Latinx and Asian populations. 31

CULTIVATE AN INCLUSIVE ENVIRONMENT TO DEVELOP POSITIVE CUSTOMER EXPERIENCES Percent that say each action is very/extremely important to creating a welcoming environment U.S. general population White Black Latinx Asian Top 2 solutions within each community Communicate all customers are treated equally 66 64 71 67 68 Employees greet me with a smile 58 58 61 58 55 Having a diverse workforce at all levels 52 50 67 52 55 of the organization Implementing company-wide trainings around 51 47 69 54 57 diversity, inclusion, and equity Having materials in languages other than English 42 40 53 48 44 Demonstrate allyship for disenfranchised groups 41 39 55 45 44 2021 Edelman Money in Color Special Report. Q48. In your opinion, how important are each of the following actions when it comes to creating a more welcoming environment within the financial services industry? 5-point scale; top 2 box, important. General population, U.S., and among Non- Hispanic White, Black, Latinx and Asian populations. 32

EARN TRUST AND DRIVE GROWTH THROUGH SYSTEMIC CHANGE 1 2 3 4 Own existence and Get your own house Address both Propel systemic extent of inequity and in order structural and change one product disparate outcomes • Top-down-bottom- cultural barriers and experience at • Demonstrate allyship upissue: Leadership • Reassess lending a time for disenfranchised and customer-facing practices (i.e., • Composemessaging groups employees must mortgage, auto & credit of services and address card) products in multiple • Conduct listening institutionalized bias languages sessions with and discrimination • Invest in and customers (e.g., accelerate multicultural • Establish presence in surveys) • Practice equitable and businesses multicultural diverse hiring and communities representation • Train employees • Offering wealth to mitigate bias building resources andunderstand emotional and cultural barriers 33

TECHNICAL APPENDIX

EXTERNAL RESEARCH CITATIONS LINKS TO STUDIES REFERENCED IN HISTORICAL CONTEXT • Generations of economic deprivation: Since 2000, the U.S. GDP has lost $16 trillion due to discrimination. (Closing the Racial Inequality Gaps: The Economic Cost of Black Inequality in the U.S. Citigroup. 2020.) • Barriers to wealth creation: 26 percent of Latinx families own retirement accounts, the least among American families. (17 Retirement Statistics You Should Know in 2021. MagnifyMoney. LendingTree. 2021) • Impact on wealth transfer: The typical White family has 8x the wealth of a typical Black family. (Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances. Federal Reserve. 2020) • Resilient multicultural businesses: Asian businesses account for the most receipts ($863 billion) among multicultural proprietorships. (Annual Business Survey Release Provides Data on Minority-Owned, Veteran-Owned and Women- Owned Businesses. Census Bureau. 2021) 35 2021 Edelman Money in Color Special Report

DATA IN DETAIL FULL QUESTION TEXT FOR ANSWER CHOICES THAT WERE ABBREVIATED IN THE REPORT Q32. Now thinking about specific sectors of financial services, money discrimination into their application process how much do you agree or disagree with the following • I frequently do not understand the terms and • I feel that the factors that mortgage lenders use to statements about banks? Please select one response for phrases used by banks determine credit worthiness are biased against each. various groups • I feel that my bank really cares about me • I am willing to travel (drive, take a bus, etc.) further distances or go out of my way to get to a bank that I • I think there is systemic bias and discrimination • The communications I receive from my bank lack have a good relationship with towards certain groups of people within the empathy or cultural sensitivity Q34. How much do you agree or disagree with the following mortgage lending industry • I feel I could go to my bank if I needed reliable statements about mortgage lenders? Please select one • I am more likely to trust a mortgage lender when I financial advice response for each. know they actually understand and can relate to my • I feel as though employees at banks have treated • I feel that my mortgage lender really cares about financial situation and experiences with money me differently due to what I look like me • I frequently do not understand the terms and • I feel I need to change my behavior or appearance • The communications I receive from mortgage phrases used by mortgage lenders when interacting with banks lenders lack empathy or cultural sensitivity • I am willing to travel (drive, take a bus, etc.) further • I am more likely to work with a bank when I see • I feel I could go to a mortgage lender if I needed distances or go out of my way to work with a people who look like me working there reliable advice mortgage lender that I have a good relationship with • I have felt that an employee at a bank has talked • I feel as though mortgage lenders have treated me down to me differently due to what I look like • I think there is systemic bias and discrimination • I feel I need to change my behavior or appearance towards certain groups of people within the banking when interacting with a mortgage lender industry • I am more likely to work with mortgage lenders that • I feel that the factors that banks use to determine look like me creditworthiness are biased against various groups • I have felt that a mortgage lender has talked down • I am more likely to trust a bank when I know that to me employees there actually understand and can • When mortgage lenders use credit scores to relate to my financial situation and experiences with determine loan eligibility, it introduces bias and 36 2021 Edelman Money in Color Special Report

DATA IN DETAIL FULL QUESTION TEXT FOR ANSWER CHOICES THAT WERE ABBREVIATED IN THE REPORT Q35. How much do you agree or disagree with the following when I know that employees there actually working there statements about credit card companies? Please select one understand and can relate to my financial situation • When personal insurance companies use credit response for each. and experiences with money scores to determine insurance premiums, it • I feel that my credit card company really cares • I frequently do not understand the terms and introduces bias and discrimination into their pricing about me phrases used by credit card companies • I have felt that an employee at a personal • The communications I receive from credit card • I am willing to travel (drive, take a bus, etc.) further insurance company has talked down to me companies lack empathy or cultural sensitivity distances or go out of my way to get to a credit • I think there is systemic bias and discrimination • I feel I could go to a credit card company if I card company that I have a good relationship with towards certain groups of people within the needed reliable advice Q36. How much do you agree or disagree with the following personal insurance industry • I feel as though employees at credit card statements about personal insurance (life/health/property) • I am more likely to trust a personal insurance companies have treated me differently due to what companies? Please select one response for each. company when I know that employees there I look like • I feel that my personal insurance company really actually understand and can relate to my financial • I feel I need to change my behavior or appearance cares about me situation and experiences with money when interacting with my credit card company • The communications I receive from personal • I frequently do not understand the terms and • I am more likely to work with a credit card company insurance companies lack empathy or cultural phrases used by personal insurance companies when I see people who look like me working there sensitivity • I am willing to travel (drive, take a bus, etc.) further • I have felt that an employee at a credit card • I feel I could go to a personal insurance company if distances or go out of my way to get to a personal company has talked down to me I had questions or needed reliable advice insurance company that I have a good relationship • I feel as though employees at personal insurance with • I feel that the factors that credit card companies companies have treated me differently due to what use to determine credit worthiness are biased I look like against various groups • I think there is systemic bias and discrimination • I feel I need to change my behavior or appearance towards certain groups of people within the credit when interacting with my personal insurance card industry company • I am more likely to trust a credit card company • I am more likely to work with a personal insurance company when I see people who look like me 37 2021 Edelman Money in Color Special Report

DATA IN DETAIL FULL QUESTION TEXT FOR ANSWER CHOICES THAT WERE ABBREVIATED IN THE REPORT Q39. Which of the following, if any, have you to be taken seriously • I switched financial services companies experienced dealing with financial services • No one had a similar cultural background • I told my friends and family about the companies before? Please select all that apply. to me experience • I was denied service altogether at a • I felt that no one there cared to get to • I stopped interacting with that company in- financial services company know me as a person person and moved to online only • I was given higher rates or fees because • None of the above • I switched branches, but stayed with the of the color of my skin Q40. As a direct result of the experience(s) you just company • I had to supply more proof of my indicated, which, if any, of the following things • I started using alternative investment tools employment than I thought was necessary happened? Please select as all that apply. like cryptocurrency to avoid dealing with • An employee expressed doubts that I was • I filed a formal complaint financial services companies a U.S. citizen even though I supplied all of • I lost trust in that financial services • I did not do any of the following actions the required proof company • An employee talked down to me • I lost trust in the financial services industry • I felt like an employee was saying my • I started using that financial services experiences were not real or valid company less • I felt ignored or not seen at a physical • I started saving more of my money at location home to avoid interacting with the financial • No one spoke my primary language service company • I felt I needed to change my appearance • I started using non-traditional financial to be taken seriously services companies for certain financial • I felt I needed to change the way I speak transactions (payday loans, retail stores) 2021 Edelman Money in Color Special Report 38