The U.S. Hispanic market's sheer size, youth and rate of growth has many in the financial services market understanding now is the time to adjust for service to this critical consumer segment.
Part of the draw to serving Hispanic consumers - particularly for credit unions who struggle with aging memberships - is the unmatched youth of the U.S. Hispanic market. For this reason, targeting "second-generation," or children of Hispanic immigrants, is a smart strategy for credit union leaders who want to introduce their cooperative to the next generation of financial-service consumers.
Beyond this target market's youth, second-generation Hispanics generally have higher incomes, more degrees and own more homes than their parents, making them attractive financial clients. In fact, 91 percent of Hispanic youth agreed with this statement: "No matter how poor you start out in the United States, with hard work you can achieve success."
Understanding which segment of the Hispanic youth population best aligns with a credit union's value proposition and strategic growth goals is an important first step to the development of a plan to serve young Hispanics.
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