The Latino community is on average young, bilingual and exhibits moderately higher financial confidence than the general population.

Alike other millennials, young Latinos are highly mobile and connected, influencing the way they access banking services. Young Latinos are 11 percent more likely to check bank accounts using texting or mobile technology than the general population, according to a TD Bank survey.

  1. Mobile bankers

More than 60 percent of Internet-using Latinos do online banking, according to a 2013 Pew Research Center report, and nearly half of millennial Latinos surveyed by TD bank said they check their balance and activities weekly online.

SEE MORE: 10 Key Facts About Hispanics And U.S.-Born Hispanics

Latinos are also more likely to do their banking online compared to other multicultural segments, including Asian Americans and African Americans, according to 2015 Nielsen.

  1. Media as a financial information source

Although exhibiting moderately higher financial confidence, Latinos receive less financial advice—and are less open to receiving it—from professionals.

Alternatively, media ranks significantly higher as a source of financial information for Latinos, including TV and radio programs, advertisements and social media, according to Prudential’s 2014 research report. Latinos are about three times more likely to use social media networks as their source of financial information.

  1. Use debit more than credit

There’s inconsistency in credit usage and ownership within the Latino community related to language preference.

Nearly 60 percent have a credit card, according to Nielsen, but Latinos who only speak Spanish are less likely to own a credit card (44 percent).

Nearly 45 percent of Latinos use debit cards more often than a credit card, according to Nielsen’s Share of Wallet Study. Latinos are generally more likely to pay with a debit card than credit, cash/check or other payment options.

  1. Attitudes toward debt

Even though there’s a strong cultural stigma toward debt, Latinos had nearly a 35 percent higher tendency to access a bank for a cash advance or title loan within the past 12 months.

Nearly 70 percent of Latinos agree it’s almost impossible to live debt free, according to a 2014 Prudential research report.

  1. Language preference

The number of bilingual speakers in the U.S. increased 73 percent in the past decade. Within Latinos, the millennial segment (18-34) is more likely to identify as bilingual, according to Nielsen.

A recent Wells Fargo App advertisement used both Spanish and English in the creative to better reach the multi-generational market, and it was ranked within the top ten ads among Latinos in the first half of 2015.

According to Nielsen, even English-dominant Latinos like to consume and interact with Spanish-language media.

Financial goals

Latinos prioritize saving for retirement (53 percent); reducing debt (52 percent); building an emergency savings account (42 percent); and funding education for children or grandchildren (31 percent)— The latter ranks significantly higher than the general population (13 percent more likely).

Motivate is the leading specialized insights and media partner for reaching Hispanic consumers. You need a trusted media partner that understands the impact of changing demographics and helps you navigate through the marketing maze. We understand the nuances and intricacies of the Hispanic market and have the resources and expertise to ensure maximum buying power, impact and ROI.

Source: Nielsen, Prudential, Pew Research Center.

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