Hispanics are one of the largest, fastest-growing, youngest, and most financial untapped markets in the U.S.
Coopera CEO Miriam De Dios Woodward broke down the demographics of this critical market during a breakout session at the America’s Credit Union Conference.
Hispanics account for almost half of the nation’s population growth, with half under the age of 29.
Technology is key, with Hispanics spending nearly 10.5 hours per week, using the internet on their smartphones, compared with overall average of 8.4 hours. Millennials also have strong social interactions with brands online.
While the population continues to grow, about half remains unbanked or underbanked.
De Dios Woodward offered do’s, don’ts, and recommendations to attendees.
Juntos Avanzamos (Together We Advance) is a designation for credit unions committed to serving and empowering Hispanic consumers. Juntos Avanzamos was founded by the Cornerstone Credit Union League for Texas, Arkansas, and Oklahoma credit unions. It was recently launched nationally by the National Federation of Community Development Credit Unions, with support from Coopera and the Network of Latino Credit Unions and Professionals.