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Filene Report Explores Highly Educated Hispanics
Friday, June 12, 2015 6:45 AM

A new report from the Filene Research Institute explores the financial condition of highly educated Hispanics and opportunities for credit unions to serve them. According to the report, highly educated Hispanics show low levels of financial literacy, and credit union programs that appeal to and educate this population will do much to help improve their financial condition.

The paper, “Financial Capability among Highly Educated Hispanics,” says only 12 percent show high financial literacy and nearly 40 percent can be classified as “financially fragile." But with expanding purchasing power and a growing population, Hispanics are of particular importance to the U.S. economy, the paper said.

Expensive credit card behavior and use of alternative financial services are common among highly educated Hispanics. By reaching out to Hispanics, credit unions can help address the use of alternative financial services and other high-cost borrowing behaviors.

  • The paper advises credit unions to consider the following tactics:
  • Increase engagement efforts with Hispanics through marketing and personal outreach;
  • Offer low-cost products and services to eliminate the need for Hispanics to engage in expensive financial behaviors;
  • Use Spanish-speaking financial advisers to help foster a culture of comfort and trust for potential Hispanic members; and
  • Encourage incentive-based savings programs to help build rainy day or emergency funds.