Coopera-CUNA
August 2009
Send this to your credit union peers interested in Hispanic outreach topics.    
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Hispanic Outreach Insights
In This Issue
Hispanic Youth
Hispanic Youth Outreach Materials
Featured Products
 
 
Some definitions
 
First Generation
Immigrant:
Individuals born outside of the U.S. and residing in the U.S. 
 
Second Generation
Immigrant:
 
Individuals born in the U.S. to parents who were born outside of the U.S.
 
Hispanic Heritage Month celebrates the culture and heritage of Hispanics in the U.S. It is celebrated nationally from September 15th to October 15th.
 
A Quincea�era is a traditional Latin American coming of age celebration held on a girl's 15th birthday.
Join us on LinkedIn
We are now on LinkedIn. Join the Coopera and CUNA Hispanic Outreach Connection group on LinkedIn to connect with credit union peers seeking to grow their credit union by reaching and serving Hispanics - the largest, fastest-growing, youngest and most underserved group in the U.S.
 
Connect with people like Alejandro Alaniz, Account Relationship Specialist at Des Moines Metro Credit Union and Jorge Aguero, Director of Latin American Marketing at Utah Community Credit Union, current members of the group.
 
To more easily facilitate responses to our survey questions, we encourage you to post a reply to the following discussion thread on LinkedIn:  
 
What Hispanic Heritage Month activities is your credit union participating in?
July's Survey Featured Response
Last month we asked, Does your credit union accept alternative forms of identification? If so, what alternative forms do you accept?
 
Featured responder:
 
"The Financial Center Federal Credit Union of Indianapolis, IN accepts the Matricula Consular, Passport, Voting Registration Card, and International Driver's License."
 
Christine Green-Hayes,
Business Development Manager,
Finance Center
Federal Credit Union
Hispanic Youth
 
The Hispanic market is not monolithic, as you are likely aware. There are various sub-segments of this market, each with unique needs and nuances to pay attention to. For example, first and second generation Hispanics share many common characteristics such as pride in their heritage and the use of the Spanish language, but they also exhibit distinct behaviors, especially as it relates to their use of financial services and preferred methods of communication.

According to the Institute for Health Policy, 80 percent of Hispanic youth are U.S. born. Therefore, Hispanic youth are largely second generation immigrants. They were likely raised in predominately Spanish-speaking households and learned English in school. They also tend to have higher education levels than their parents, are more upwardly-mobile and adapt to technology more easily. Financial services that can be delivered via online and mobile mediums will be more appealing to this group than to their parents, who are still integrating into the financial mainstream.
 
Young Hispanics have likely learned about financial services from their parents, many of whom tend to be unbanked. Therefore, they probably did not grow up with parents who managed their money with checking accounts, debit cards or credit cards. This is one reason why financial education is important for this market.
 
If you reach out to youth at an early age, you will be building a lasting relationship, fostering trust and creating loyalty with that potential member, as well as his or her family. With children heading back to school this month and Hispanic Heritage Month approaching, you have many opportunities to promote your youth programs, savings accounts and financial education materials.
Hispanic Youth Outreach Materials
 
Are you having trouble deciding what to give away at a local Hispanic event? Are you unsure about what materials to display in your lobby for Hispanic children?  Consider offering activity books and financial education materials. Efforts to provide information concerning financial education will not only be enticing for first and second-generation Hispanics that lack this knowledge, but possibly profitable if Hispanics use the provided information to successfully open an account in the credit union. This concerted effort to provide financial education, an offering that fits with the credit union philosophy, could be lucrative now and in the future.
RosasRosa's 15th Birthday:
Our Journey to Mexico bilingual activity book

This fun activity book follows two young girls as they attempt to raise money to attend a cousin's Quincea�era in Mexico with money-making activities that the reader can participate in. Rosas 15th Birthday

Part comic, part activity book, Our Journey to Mexico will help elementary school age members establish savings habits while they learn about the Mexican culture.
 

Item/s

Price

50 - 249

$0.99 each

250 - 499

$0.80 each

500+

$0.70 each



 

 
MoneyRefHispanic Money & Number Wallet Reference Card
 money reference card
Help Hispanic members understand basic currency values, and offer English translations for numbers through 50 with this handy reference card.
 

Item/s

Price per 100

Per Item Cost

100 - 150

$20.00

$0.20 each

250 - 400

$19.00

$0.19 each

500 - 900

$18.00

$0.18 each

1000+

$17.00

$0.17 each

 
 
 
 
 
 
 
CheckRefHispanic Checkbook Reference Card
 
Guide Hispanic members through the step-by-step checkbook referencebasics of writing checks with this reference card.

 

Item/s

Price per 100

Per Item Cost

100 - 150

$25.00

$0.25 each

250 - 400

$22.00

$0.22 each

500 - 900

$20.00

$0.20 each

1000+

$18.00

$0.18 each



 
 

 

Purchase Hispanic Checkbook Reference Card

Coopera is a subsidiary of the Iowa Credit Union League and is a strategic partner of the Credit Union National Association. We help credit unions grow through the Hispanic market and are committed to bringing you relevant information that will aid your Hispanic outreach efforts. 
 
Growing by reaching the Hispanic market is not easy or quick. With so much information available on this topic, we wanted to compile the most relevant information in bite-sized pieces to guide your Hispanic outreach initiative. Whether you are the community outreach coordinator, marketing director or CEO of your credit union, Coopera is here to help answer your questions about the Hispanic opportunity. 
Are there other areas within your Hispanic outreach initiative that you need assistance with? Contact us at 866.518.0214 or [email protected] for further assistance.
 
 
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