Nationwide & ASPIRA Launch Bilingual Financial Education Program.

Nationwide and ASPIRA announced the launch of their national, bilingual Financial Education Program on Insurance. The program launched in Washington D.C. at the Press Club and at Arte Mexico in Columbus, OH. The purpose of the program is to promote financial literacy and awareness of insurance as a means to teaching young adult Latinos and communities across the country how to protect assets.

The Latino population is the largest, fastest growing, and youngest minority in the country. In 2002, there were nearly 40 million Hispanics in the United States and they accounted for almost half of the country’s population increase since 2000. The purchasing power of Latinos has grown to over $800 billion a year and they are increasingly acquiring automobiles, homes, and businesses. In fact, Hispanics have the fastest growing rate of home and business ownership in the country. However, many Hispanics may still forego the immediate expense of insurance while overlooking the long-term cost of not being insured. This is largely due to lack of information and awareness regarding the importance of insurance.

“The importance of insurance and the knowledge of how to go about obtaining insurance will help safeguard assets. This information is equally important for U.S. Hispanics, as well as recent arrivals who may have not yet
developed solid financial skills or mastered English. We are very pleased to partner with an organization like ASPIRA to provide important information to the Latino community,” said Lorraine Brock, vice president of Diverse Markets
at Nationwide Insurance.

The event provided industry statistics documenting insurance needs, testimonials, endorsements, and a preview of the new workshop curriculum. The program, developed by ASPIRA, consists of five workshops that can be offered in either English or Spanish. The workshop helps participants better understand why insurance is necessary, what kinds of insurance products exist, the basic framework of an insurance plan, and how to select the best insurance plan for their needs. Focus will be on auto, renters, homeowners and life insurance. ASPIRA and specially trained Nationwide agents will deliver it across the country specifically targeting Latino youth and young adults. According to the Bureau of Labor Statistics, the typical household spends 1.0 percent of its after-tax income on personal insurance, while the average Hispanic household spends only 0.6 percent. In dollar amounts, the average consumer spends $399 a year on personal insurance, compared to $180 annually for Hispanics.

The program is part of ASPIRA’s new national Financial Literacy Program. “We applaud Nationwide’s efforts to reach out to the Hispanic community, especially to our youth, to offer information in both English and Spanish that is vital to the development and security of our families and community,” said Ronald Blackburn-Moreno, president of ASPIRA. “We realize that the future of our community will depend on our ability to create wealth and, with it, our ability to protect this wealth. Understanding insurance is not always easy, especially for young people, and Hispanics that may have not yet mastered English. We have developed a tool that we hope will go a long way toward making our Hispanic consumer knowledgeable and, hence, be better able to protect themselves against loss.”