How financial institutions can improve banking for Hispanic millennials
This fast-growing consumer group faces increased financial stress, but is determined to work through it. With Hispanic Heritage Month on the horizon, it's important all financial institutions re-evaluate their LatinX banking strategies.
Millennials should be the focal point of any financial institution’s marketing strategy in today’s world. They’re the consumers at the brink of starting families (if they haven’t already), buying a home and setting up their long-term savings and retirement plans.
Hispanic Millennials specifically should be no different — they represented a quarter of all American Millennials in 2018, according to Statista. Yet, it seems segmentation strategies for this demographic are failing in the banking industry as this group gets lost in the balance.
Even though they are a key target audience for financial institutions, almost nine out of ten Hispanic Millennials (88%) say they have a financial stress point and another 83% say there’s a primary barrier to their financial success, according to Bank of America’s Better Money Habits survey.
To make the situation worse, nearly one in five Hispanic Millennials reported being unemployed, Bank of America says, compared to 14% of all Millennials. The bank’s report is based on a survey conducted by Ipsos of 1,015 general population adults and 515 Hispanic adults (ages 18 and up). Of the latter, 394 were Hispanic Millennials (ages 24 to 40).
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