Market Facts
The need for financial education and financial solutions is great – and it's only going to grow.
"The Hispanic population is expected to grow 167% by 2050."
The growing purchasing power of Hispanic consumers is estimated to reach $1.7 trillion by 2019.
“… the growth rate among Hispanics is projected to triple that of any other ethnic group over the next 20 years …”
"The Hispanic community has a significant unmet need for financial advisory services and has been historically underserved by advisers – thanks to a handful of common misconceptions…"
“Most Hispanics (75 percent) still believe the cost of life insurance is too expensive. And almost half (49 percent) remain uneducated about how much/what type of policy to buy.”
“Increasingly, ID theft is occurring online as more people shop, bank and make important financial deals on the Internet. Over forty percent of Hispanic [survey] respondents have been victims of credit card fraud…”
There has never been a better time to be in a business that serves Hispanic families.
If Hispanic Americans were a country, they would rank 16th in the world in purchasing power.
Almost half of U.S. Hispanics report being uneducated about how much/what type of life insurance policy to buy. In addition, 28% noted they have not bought life insurance because they have not been approached by life insurance agencies.
“Eight in 10 Hispanics consider it very/extremely important to buy from an insurance company they recognize. Characteristics like stability and longevity have strong appeal to Hispanics. Visibility in the community is also important.”
“Overall, Latinos are far less likely to have dedicated retirement savings than Whites – almost 70 percent of Latinos do not have retirement accounts compared to less than 40 percent of White households.”
