This Hispanic Heritage Month, we’re celebrating the strength and financial potential of the Hispanic community.
And we did our homework.
We partnered with The Harris Poll to gain deeper insights into the U.S. Hispanic community’s current approach to their finances and financial literacy.
Our report, entitled Understanding U.S. Hispanic Financial Literacy & Empowerment in 2024, uncovered valuable information about the challenges and opportunities we can work on together and we’re excited to share what we’ve learned.
Key Insights
The New Financial Classroom: Social Media
Hispanics are leading a revolution in financial education. While traditional sources still play a role, social media is becoming a go-to for financial guidance.
Our research shows that 24% of U.S. Hispanics turn to platforms like Facebook and TikTok for money advice, compared to just 17% of non-Hispanics. Social media is not just for memes anymore, folks.
Hungry to Learn
Despite life’s constant hustle, there’s a strong desire for financial education in the Hispanic community.
Here’s what we found:
- 36% want to master budgeting skills (compared to 27% of non-Hispanics).
- 33% are eager to navigate credit scores (compared to 25% of non-Hispanics).
- 45% are keen to learn more about saving money (compared to 33% of non-Hispanics).
This enthusiasm for financial growth is encouraging and speaks to a community eager to take control of its future.
However, the report highlights a critical disparity: 68% of Hispanics say they don’t have enough time to access financial tools and resources (compared to 51% of non-Hispanics).
It’s clear — we need quick, accessible education that fits into the Hispanic community’s jam-packed schedule.
Bridging the Gap
Let’s talk numbers. Only 54% of U.S. Hispanics are considered financially literate, while 69% of non-Hispanics meet that mark. This isn’t just a stat; it’s a wake-up call.
And when it comes to practical financial safety nets, like emergency funds, only 53% of Hispanics have one, compared to 67% of non-Hispanics. The gap widens further with retirement planning — just 24% of Hispanics have contributed to a retirement account in the past 12 months versus 49% of non-Hispanics.
It’s a gap we’re committed to closing because financial security should be within everyone’s reach.
A Plan For Action
So, where do we go from here? The report suggests several ways to boost financial literacy in the Hispanic community:
- Show Up Where It Matters: Use platforms like TikTok, Instagram, and YouTube to deliver simple, engaging financial tips that are easy to digest.
- Build Trust with Inclusivity: Financial institutions need to offer more culturally relevant services — like having bilingual advisors — so everyone feels understood and supported.
- Make Financial Tools Easy to Access: It’s time to make things like retirement accounts and emergency funds more accessible. Think low-cost or even no-cost options that anyone can use.
- Create Content That Hits Home: Financial education should connect with real-life experiences. Let’s create relatable resources and speak to the specific challenges faced by the Hispanic community.
- Put Financial Literacy on the Political Agenda: Push for financial literacy to be a priority for politicians. If they want support, they should make financial education a key part of their platforms.
Your Voice, Your Money, Your Future
Here’s a powerful stat: 74% of Hispanics say they’d be more likely to support a presidential candidate who prioritizes financial literacy. That’s not just a number – that’s a call for change.
It’s a Movement
We’re not just talking about change; we’re making it happen.
The MoneyLion app is designed to meet the Hispanic community where they are, with personalized financial guidance that fits their lifestyle. Whether you’re looking to build savings, improve your credit, or invest for the future, we’re here to support you with the right tools and information.
