MADISON, Wis. (11/30/07)--Most financial institutions do no more than a marginal job of meeting the needs of Latinos, according to a study by the Filene Research Institute.
The study, “Financial Services and Product Usage by Latinos in the U.S.,” by Barbara J. Robles of Arizona State University, indicates that “Latino families want to know more about and fully utilize financial products and services that seem out of reach or unaffordable.” Credit unions can help this largely untapped market by reducing the level of complexity of their offerings and understanding the fundamentals of being culturally appealing. They also can partner with local, community-based organizations that serve as advocates for Latinos, said George Hofheimer, Filene chief research officer. Robles’ study suggests that by focusing on education, Latinos will have a means to advance economically and socially. Immigration during the past seven years is at the highest for any seven-year period in U.S. history, according to data released Thursday by the Center for Immigration Studies in Washington, D.C. One of eight people in the U.S. is an immigrant, totaling 37.9 million (The New York Times
Nov. 29). For more information, use the link.