MacroMonitor Market Trends is a newsletter from Consumer Financial Decisions that highlights topical news and trends of interest to you and your colleagues. If you would like more information about the topic in the newsletter or would like to discuss other ways that we can assist you in your research and marketing efforts, please contact us.
Uh-Oh! Hispanic Households Are Not Advice Oriented
The US Census Bureau recently announced its 2010 finding that it underestimated the number of Hispanics in the US population by over 1 million people. In fact, the number of Hispanics is growing faster than that of any other racial or ethnic segment in the United States. As Hispanics assimilate US culture, their use of financial services will increase. Questions exist about the pace of Hispanic acculturation, which types of financial products and services Hispanics will acquire, and which channels they will gravitate toward.
At present, Hispanic households in the 2010–11 MacroMonitor are self-identified. Because the survey is in English, survey users should project results to English-speaking Hispanic households only.
The 2010–11 MacroMonitor reveals that of all racial or ethnic households, Hispanic households are the least likely to (always or sometimes) get advice before making a major financial decision. This dearth of advice seeking helps explain why only slightly more than one in five Hispanic households sought the advice of a financial professional during the economic maelstrom of the past two years.
A more in-depth exploration of both English- and Spanish-speaking US Hispanic households will be available through a new CFD offering: The Hispanic MacroMonitor. The Hispanic MacroMonitor will be similar to the MacroMonitor in that the survey will be comprehensive in scope and will focus exclusively on financial services; the results will be projectable to all US Hispanic households.
To learn more about how the MacroMonitor or the Hispanic MacroMonitor can help you identify and understand Hispanic households that represent business opportunities, please contact CFD.