A study on the current financial health of the US Latino community, published by mitú and The MRKT

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2022-05-05

Second in the mitú InTell series, The study seeks to determine where U.S. Hispanics stand in various areas of their finances, including home ownership, financial technology, and cash validation services

LOS ANGELES, May 5, 2022 /PRNewswire/ — Mitú, the leading digital media company for Latinos, in partnership with leading multicultural marketing and communications agency The MRKT, today released the second edition of the mitú InTell study series focused on the current financial health of the US Latino population concentrated. Some of the discoveries suggest that Latinos are leaders in certain aspects compared to the general population, e.g. B. in the use of financial technology and the early adoption of cryptocurrencies and NFTs, but fall behind in other aspects, including home ownership and the use of banking products and services.

For more key findings and the full study, visit: http://mituintell.mitunetwork.com.

“Our goal at mitú is to present a modern, thorough, and nuanced perspective on US Latinos, and our mitú InTell research series is an integral part of that commitment.” called Stephen BrooksPresident of mitú. “We are incredibly proud to partner with The MRKT to contribute insights into the financial health of Latinos so we can continue the conversations, content and actions to enrich the US Latinx community.”

“We are very excited to partner with mitú on this second installment of their InTell series, which focuses on the financial health of the US Latino population. We think it’s incredibly important to shed light on the achievements of the US Latino community and its regions that have room for growth, and this study does just that!” said President of MRKT, Marco Baron.

Third-party company HyperFocus ROI conducted research among 1,500 respondents, split equally between US Hispanics and non-Hispanics. The research consisted of assessing participants on various attitudes, perceptions and behaviors across a range of demographic segments related to the broader issue of finance. The key areas evaluated fell into the categories of personal financial management, budgeting, taxes, financial goals, banking, home ownership, loans/credit and savings, and were broken down by age, income and gender.

The study found that US Hispanics overestimate the use of technology to manage their finances:

  • Nearly three in 10 U.S. Hispanics (26%) have invested in cryptocurrency or NFTs (non-fungible tokens) in the past year, significantly more than the two in 10 non-Hispanic (17%) who did
  • More U.S. Hispanics than non-Hispanics (30%) use a budgeting app to keep track of monthly expenses, compared to non-Hispanics (22%).
  • More US Hispanics (82%) access and manage their bank accounts through a mobile app than non-Hispanics (70%).

On the other hand, the study found that six out of 10 U.S. Hispanics have used a check cashing service in the past 12 months, and six out of 10 had a bank account. Additionally, half of those with a bank account used a check cashing service at least once a month. That means appreciated 20 billion dollars was spent by US Hispanics on check cashing services last year, equivalent to 29 million US Latinos1 in personnel expenses $703 individually. The average cost of each cash check transaction can range from 1% to 12% of the check2.

On the homeownership front, it was found that far fewer US Hispanics (46%) own a home than non-Hispanic whites (73%) and slightly more than non-Hispanic blacks (42%). Although the study found that significantly more US Hispanics Gen Z currently own their own homes (25%) than non-Hispanic Gen Z members (17%).

Finally, two in 10 non-Hispanic people (17%) learned how to manage their personal finances from a financial advisor, while nearly six in 10 (55%) learned from their parents and more than half (54%) taught themselves.

For more key findings and the full study, visit: http://mituintell.mitunetwork.com.

The first edition of the mitú InTell series assessed the current health status of US Latinos in four key areas: medical health, mental health, fitness + exercise, and nutrition. Among the results, mental health received the highest overall rating of “very important” with 65% of all respondents, despite declining across all segments of the US Latino population compared to two years ago. Other results showed that US-born Latinos were nearly twice as likely to report multigenerational health problems as non-US-born Latinos. 37% of Latinos surveyed said the most common reason they don’t have a primary care doctor is their financial situation, with non-US-born Latinos even more likely to cite this as a barrier at a rate of 46%.

About mitú
Mitú has been the leading digital media company dedicated to inspiring, representing and serving US Latinos for 10 years. As a platform built by Latinos for Latinos, mitú is committed to bringing both the collective and unique experiences of the 200% generation—100% American and 100% Latino—through their multiple touchpoints in video, editorial, social , media and research.

mitú is a proud company of the GoDigital Media Group, headquartered in Los Angeles, California with operation inside new York, Miami, Chicago, Mexico, Colombia, Belarusand Sri Lanka.

About the MARKT
MRKT is the full-service multicultural marketing and communications department of Terry Hines & Associates (THA), a leading entertainment marketing company for over 40 years. The MRKT offers a comprehensive approach to creating narratives and experiences that connect clients to diverse, multicultural demographics through culture and lifestyle, through stereotypes and assumptions. Specializing in reaching Latinx, African American, and AAPI consumers, MRKT runs campaigns with a national and local presence, all steeped in cultural resonance. The MRKT works across multiple disciplines including: PR, Social Media, Influencer Marketing, Experiential, Grassroots and Creative (Print, Digital, AV) on behalf of some of the largest entertainment and consumer brands in the world.

1 https://blog.dol.gov/2021/09/15/hispanics-in-the-labor-force-5-facts#:~:text=29%20million,reach%2035.9%20million%20in%202030.
2 https://www.bankrate.com/banking/checking/how-to-cash-a-check-without-a-bank-account/#:~:text=Fees%20to%20cash%20a%20check,to% 20Cash%20a%20%241%2C000%20Check.

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