"Embrace the Collective: The Hispanic Financial Journey" was Conducted by Publicis Media and Adsmovil, in partnership with ThinkNow
Hispanics are less likely to feel anxious about their finances when compared to non-Hispanics
Hispanics are more pragmatic spenders than non-Hispanics
Hispanics are power users of mobile banking
Hispanics are more likely to learn about finances from relatives and online
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LOS ANGELES, Dec. 6, 2023 /PRNewswire/ -- Adsmovil, a minority owned, digital first, Hispanic media company, in collaboration with Publicis Media and ThinkNow, announced the groundbreaking findings from their latest research study: "Embrace the Collective: The Hispanic Financial Journey." This comprehensive study provides a fresh perspective on the financial behaviors of the Hispanic community as compared to the non-Hispanic market, offering invaluable insights across acculturation levels and age groups, including Millennials, Generation X, and Baby Boomers. Full research findings and best practices to engage the Hispanic market will be presented at a webinar on December 7, at 10:00am PT / 1:00pm ET. Those interested can click here to register.
Conducted in partnership with Publicis Media, the media division of global communications leader Publicis Groupe, and ThinkNow, a renowned cross-cultural research firm, the study was designed to shed light on the similarities and distinctions between Hispanic and non-Hispanic consumers regarding their financial attitudes, behaviors, and experiences, from their initial encounters with banking to their current financial endeavors. "The Hispanic Financial Journey" equips financial advertisers with actionable data to better serve this diverse and expansive consumer cohort.
"Our business is rooted in understanding multicultural consumers and bringing value to their everyday experiences," said Stephen Paez, EVP, Multicultural Investment and Innovation, Publicis Media. "Being able to get this unique view of the ever-evolving financial landscape and how Hispanic audiences view it gives us great insight into how brands should be engaging with this dynamic segment.
"As a Hispanic First, digital media company, we are proud to lead the charge in revealing these critical insights. 'The Hispanic Financial Journey' is not just a study; it's a testament to our commitment to demystify the Hispanic consumer cohort across ages and generations, so that ad and media strategies are informed by current, culturally relevant insights - better serving both the consumer and the brands we aid," stated Maria Twena, CMO, Adsmovil.
Key Takeaways from the Study Include:
1. Financial Anxiety:
Hispanics are more pragmatic spenders, and are more concerned about 'job security', 'assisting family' and 'home ownership.' Non-Hispanics worry more about 'retiring comfortably' and 'high-interest rates.'
The Spanish-dominant worry more about job security than do the Bilingual and English-dominant Hispanic.
2. Trust in Financial Institutions:
Hispanics are less trusting of their financial institutions and feel undervalued as customers compared to non-Hispanics.
Hispanics have been with their banks for less time and start banking later in life than non-Hispanics.
3. Limited Emphasis on Physical Bank Amenities Among Hispanics:
In choosing a primary bank, Hispanics exhibit a reduced emphasis on certain physical bank amenities compared to non-Hispanics.
Factors such as the presence of friendly tellers (and the bank's local physical presence) hold less importance for Hispanics when making their banking decisions.
4. Higher Adoption of Mobile Banking Among Hispanics:
Hispanics exhibit a higher propensity for utilizing mobile banking services when compared to their non-Hispanic counterparts.
Specifically, most Hispanics opt for online or mobile banking, more so than non-Hispanics.
5. Diverse Use of Mobile Banking Functions:
Hispanics are mobile banking power users.
This preference encompasses activities such as checking account balances, making payments, verifying deposits, transferring funds to individuals, and conducting interbank account transfers.
"Embrace the Collective: The Hispanic Financial Journey" has uncovered valuable data that will empower financial entities to engage with the Hispanic market more authentically and effectively.