Table of Contents
Scope and Themes
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- What you need to know
- Definition
- Sources
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Terms
Executive Summary
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- Understanding the consumer
- Demographics
- Acculturation
- The Hispanic consumer
- Financial position is strong and growing
- Unease in today’s economy is leading to cut-backs in spending
- Hispanics with lower levels of acculturation overspend in certain categories
- Remittances to Latin America remain an essential part of the Hispanic budget
- Hispanics and money
- Careful with money, untrusting of banks
- A significant portion of the Hispanic population is underbanked
- Frequent debit card use suggests desire for banking services
- Aspirations to save, difficult realities
- Home loans non-existent or source of concern
- Undocumented Hispanics lack access to credit
- Hispanic finances and financial services
- A lack of knowledge and an element of interest
- The majority of Hispanics do not own any type of investment
- Hispanics prefer to make financial decisions on their own
- A variety of insurance and a variety of behaviors
- Retirement savings falls short
Insights and Opportunities
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- Banking the unbanked
- Gaining trust and credibility
- Products and services that fit
- Education, risk and retirement
Inspire Insights
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- Trend: My Financial Service
- What’s it about?
- Trend: The End of Easy Credit
- What’s it about?
- Assessing risk
- Personal risk
- The new normal
U.S. Hispanic Population
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- Demographic data
- U.S. Hispanic population
- U.S. population by race/Hispanic origin
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- Figure 1: Population by race/Hispanic origin, 1970-2020
- Figure 2: Asian/Pacific Islander, Black, and Hispanic populations, 1940-2020
- Figure 3: Population, by race and Hispanic origin, 2003-13
- Age
- The Hispanic and non-Hispanic population by age
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- Figure 4: Hispanic population, by age, 2003-13
- Figure 5: Total U.S. population, by age, 2003-13
- Generations
- Hispanics by generation
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- Figure 6: Generations, by Hispanic origin, 2008
- The Hispanic household
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- Figure 7: Average household size, by Hispanic origin/race of householder, 2001 and 2006
- Figure 8: Households, by number of persons in the household—Hispanics vs. non-Hispanics 2006
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- Figure 9: Households, by presence of children and Hispanic origin, 2006
- Hispanic fertility rate
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- Figure 10: Fertility rate, by race and Hispanic origin of mother, 1996-2006
- Country of origin/heritage
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- Figure 11: Hispanic population, by country of origin/heritage, 2007
- Figure 12: Graph: Hispanics, by country of origin/heritage, 2007
- Geographic location
- Hispanics by geographic concentration
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- Figure 13: Graph: Hispanic population, by region and by country of origin/heritage, 2007
- Figure 14: Hispanic population, by region and by country of origin/heritage, 2007
- States with greatest Hispanic population growth
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- Figure 15: Hispanic population greatest percentage increase, 2001-06
- Key Hispanic metropolitan areas
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- Figure 16: Metropolitan areas with the largest number of Hispanic residents, by country of origin, 2006
Acculturation
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- What is acculturation?
- Why is level of acculturation important?
- Unacculturated/Enculturated
- Acculturated/Bicultural
- Assimilated
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- Figure 17: Hispanics, by acculturation and assimilation level, 1998-2008
- What is retro-acculturation?
- Retro-acculturation
The Hispanic Consumer
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- Hispanic purchasing power
- Hispanic purchasing power on the upswing
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- Figure 18: Purchasing power, by race/Hispanic origin, 2007
- Hispanic income
- But Hispanics lag in U.S. household income distribution
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- Figure 19: Median household income, by race and Hispanic origin of householder, 2007
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- Figure 20: Household income distribution, by race and Hispanic origin of householder, 2007
- Hispanic household earners
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- Figure 21: Number of household earners, by income level, December 2008
- Income earners by language preference at home
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- Figure 22: Number of household earners, by language preference, December 2008
- Hispanic income levels concentrated in key states
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- Figure 23: Largest Hispanic markets, by Hispanic disposable income, 2005
- Hispanics and the economy
- Hispanics in today’s economy
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- Figure 24: Hispanics now looking for deals/sales more than they did a year ago, by household income, December 2008
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- Figure 25: Hispanic attitudes towards personal finances, by household income, December 2008
- Hispanics’ economic outlook
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- Figure 26: Hispanics who describe the U.S. as a land of opportunity, by household income, December 2008
- Remittances to Latin America
- Providing for the family
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- Figure 27: Hispanic attitudes towards personal finances, by language preference, December 2008
- Younger Hispanics send more
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- Figure 28: Hispanic attitudes towards personal finances, by age group, December 2008
- Decrease in remittances
- Remittances and banks
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- Figure 29: Western Union television ad, “We Are With You”, February 2008
- Hispanics’ category expenditures
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- Figure 30: Expenditures by category, by Hispanic origin of consumer unit reference person, 2007
- Household grocery spending
- Spending by race/Hispanic origin
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- Figure 31: Average spent on groceries per week by race/Hispanic origin, July 2007-September 2008
- Spending by household income
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- Figure 32: Household grocery expenditure by income level, Hispanic vs. non-Hispanic, July 2007-September 2008
- Hispanic spending by language preference
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- Figure 33: Hispanic average spent on groceries, by language preference when reading, July 2007-September 2008
Hispanics and Money
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- Attitudes towards money
- By race/Hispanic origin
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- Figure 34: Attitudes towards money, by race/Hispanic origin, July 2007-September 2008
- Hispanics by income level
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- Figure 35: Hispanics’ attitudes towards banking by household income level, July 2007-September 2008
- Hispanics by place of birth
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- Figure 36: Hispanic attitudes towards banking, by place of birth, July 2007-September 2008
- Banking
- Banking and investment use by race/Hispanic origin
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- Figure 37: Banking and investment services preferred by Hispanics and non-Hispanics, July 2007-September2008
- Hispanics by income level
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- Figure 38: Banking services prefered by Hispanics and non-Hispanics, by income, July 2007-September 2008
- Hispanics by place of birth
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- Figure 39: Hispanics’ banking behavior, by place of birth, July 2007-September 2008
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- Figure 40: Wachovia Bank television commercial, “ Way2save”, September 2008
- Hispanics’ usage of debit cards
- By race/Hispanic origin
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- Figure 41: ATM/debit card ownership, by race/Hispanic origin, July-September 2008
- Figure 42: ATM/debit card usage frequency, by race/Hispanic origin, July 2007-September2008
- Hispanics by level of acculturation
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- Figure 43: ATM/debit card ownership, by Hispanic language preference, July 2007-September 2008
- Savings, the new priority
- Savings by race/Hispanic origin
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- Figure 44: Ownership of savings vehicles, by race/Hispanic origin, July 2007-September 2008
- Saving habits of Hispanics by income
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- Figure 45: Currently saving money for variious items, by household income, December 2008
- Saving habits of Hispanics by language preference
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- Figure 46: Currently saving money for the following items, by Hispanic language preference, December 2008
- Savings habits of Hispanics by age
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- Figure 47: Currently saving money for the following items, by Hispanic language preference, December 2008
- Loans and the Hispanic consumer
- Loans by race/Hispanic origin
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- Figure 48: Loan ownership, by race/Hispanic origin, July 2007-September 2008
- Loans by Hispanic household income
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- Figure 49: Hispanic loan ownership, by household income July 2007-September 2008
- Loans by language preference when reading
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- Figure 50: Hispanic loan ownership, by language preference when reading, July 2007-September 2008
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- Figure 51: Wells Fargo Bank television ad, Mortgages, May 2008
- Hispanics’ usage of credit cards
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- Figure 52: Consumer credit outstanding, percentage change, 2007
- Credit card acquisition by race/Hispanic origin
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- Figure 53: Credit card ownership, by race/Hispanic origin, July 2007-September 2008
- Hispanic credit card debt
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- Figure 54: Credit card payment behavior, by race/Hispanic origin, November 2008
- Hispanic credit card debt by income level
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- Figure 55: Hispanic ownership of credit cards, by income level, July 2007-September 20008
- Hispanic credit card debt by language spoken at home
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- Figure 56: Hispanic attitudes towards their credit card debt, by language preference, December 2008
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- Figure 57: Visa television ad, “Life takes Visa”, May 2008
Hispanic Finances and Financial Services
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- Finances and financial services
- Hispanics’ attitudes towards finances and financial services
- Investments by race/Hispanic origin
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- Figure 58: Attitudes towards finances, by race/Hispanic origin, July 2007-September 2008
- Hispanics’ investment by language preference
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- Figure 59: Attitudes towards finances, by language preference in the home, July 2007-September 2008
- Hispanics’ investments by income level
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- Figure 60: Attitudes towards finances, by race/Hispanic origin and income level, July 2007-September 2008
- Investment products
- Investments by race/Hispanic origin
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- Figure 61: Investment ownership, by race/Hispanic origin, July 2007-September 2008
- Hispanics’ investments by income level
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- Figure 62: Investment ownership, by race/Hispanic origin and income level, July 2007-September 2008
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- Figure 63: Prudential retirement television ad, October 2008
- Financial decisions
- Financial services used by Hispanics, by income
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- Figure 64: Hispanic financial decisions, by income level, December 2008
- Financial services used by Hispanics by educational attainment
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- Figure 65: Hispanic financial decisions, by education level, December 2008
- Hispanics and insurance products
- Health insurance
- Health insurance by race/Hispanic origin
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- Figure 66: Ownership of health insurance, by race/Hispanic origign, July 2007-September 2008
- Figure 67: Means of obtaining Health insurance by race/Hispanic origin, July 2007-September 2008
- Hispanics’ health insurance by income
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- Figure 68: Ownership of health insurance, by race/Hispanic origign, July 2007-September 2008
- Figure 69: Means of obtaining Health insurance, by race/Hispanic origin and income level, July 2007-September 2008
- Life insurance
- Life insurance by race/Hispanic origin
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- Figure 70: Ownership of life insurance, by race/Hispanic origin, July 2007-September 2008
- Hispanic life insurance by income
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- Figure 71: Ownership of life insurance, by race/Hispanic origin and income level, July 2007-September 2008
- Figure 72: Value of life insurance, by race/Hispanic origin and income level, July 2007-September 2008
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- Figure 73: Ownership of life insurance by language preference in the home, July 2007-September 2008
- Automotive insurance
- Automotive insurance by race/Hispanic origin
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- Figure 74: Ownership of auto insurance, by race/Hispanic origin, July 2007-September 2008
- Figure 75: Value of auto insurance, by race/Hispanic origin, July 2007-September 2008
- Hispanics’ automotive insurance by income
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- Figure 76: Value of auto insurance, by race/Hispanic origin and income level, July 2007-September 2008
- Home insurance
- Home insurance by race/Hispanic origin
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- Figure 77: Ownership of home insurance, by race/Hispanic origin, July 2007-September 2008
- Hispanics’ home insurance by income
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- Figure 78: Value of home insurance by race/Hispanic origin and income level, July 2007-September 2008
- Planning for retirement
- Retirement savings
- Pensions by race/Hispanic origin
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- Figure 79: Ownership of 401(k) accounts, by race/Hispanic origin, July 2007-September 2008
- Hispanics’ pension savings by income
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- Figure 80: Ownership of 401(k) accounts, by race/Hispanic origin and income level, July 2007-September 2008
- Attitudes towards retirement planning
- Pension by race/Hispanic origin
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- Figure 81: Attitudes towards retirement, by race/Hispanic origin and income level, July 2007-September 2008
Cluster Analysis
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- Crunchers
- Who they are
- Opportunity
- Buyers
- Who they are
- Opportunity
- Retirees
- Who they are
- Opportunity
- Cluster characteristics
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- Figure 82: Hispanics and budgeting clusters, January 2009
- Figure 83: Level of credit card debt, by Hispanics and budgeting clusters, January 2009
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- Figure 84: Expenditure behavior on non-essentials, by Hispanics and budgeting clusters, January 2009
- Figure 85: Seeking sales and deals, by Hispanics and budgeting clusters, January 2009
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- Figure 86: Attitudes towards finances, by Hispanics and budgeting clusters, January 2009
- Figure 87: Reasons for savings, by Hispanics and budgeting clusters, January 2009
- Cluster demographics
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- Figure 88: Hispanics and budgeting clusters, by gender, January 2009
- Figure 89: Hispanics and budgeting clusters, by age group, January 2009
- Figure 90: Hispanics and budgeting clusters, by income group, January 2009
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- Figure 91: Hispanics and budgeting clusters, by language dominance, January 2009
- Figure 92: Hispanics and budgeting clusters, by place of birth, January 2009
- Cluster methodology
Appendix: Simmons
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- Figure 93: Hispanics banking behavior, by language preference in home, July-September 2008
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Appendix: Other Useful Consumer Tables
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- Figure 94: Hispanics who describe the U.S. as a land of opportunity, by language preference, December 2008
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- Figure 95: Hispanics who describe the U.S. as a land of opportunity, by household income, December 2008
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Appendix: Trade Associations
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