The Latino community represents 18 percent of the American population, according to a 2020 joint study between Harris Poll and Univision. That number is projected to grow more than 50 percent over the next decade.
While many industries are coming around to the size of this pending demographic influence, few realize the financial weight that comes with it, including credit unions.
Mutual opportunities present in serving Latino community
According to the Harris Poll/Univision study, the number of Latino households bringing in $100,000 or greater has skyrocketed more than 300 percent. While Latino incomes have risen, however, the acquisition and use of financial products and services has lagged substantially behind non-Latinos. But the same study revealed the opportunities to correct this demographic oversight.
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