The need for financial education among Hispanic families is growing:
79% of Hispanics surveyed said they had never been given any professional advice about financial issues.
25.7% of Hispanics holding credit cards report having debt hardship (40%+ debt-to-income ratio).
Less than 25% of Hispanic workers participate in their employer’s retirement plans.
“Latinos accumulate less in their 401(k) plans … Besides saving too little, they tend to invest too conservatively.”
“In a study by LIMRA, nearly 35 percent of Hispanics with dependents stated they were very concerned about not having adequate protection in the event of premature death.”
There has never been a better time to be in a business that serves U.S. Hispanics:
Hispanics constitute the largest and fastest-growing minority in the United States, now numbering 45.5 million, or 15.1 percent of the U.S. population, according to 2007 data released in May 2008 by the U.S. Census Bureau.
“The number of Hispanics ages 18-64 will double – rising from 15 percent to 31 percent of the total working-age population by 2050, reports Pew Research Center researchers who base projections on detailed assumptions about births, deaths and immigration levels – key components of population change.”
“The buying power of Hispanics exceeded $860 billion in 2007 and is whizzing its way to more than $1.2 trillion five years from now…”
“Hispanic businesses are the single fastest growing segment of small businesses in the country. Close to three million Hispanic-owned businesses now generate almost $400 billion in annual revenues.”
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