Finhabits, a financial technology platform that more than 680,000 U.S. Hispanics use to invest and access financial education, has released a new report on Hispanics' growing wealth and investing behaviors. The report, "Power in Numbers: The $113 Trillion Unseen Hispanic Wealth Opportunity," offers an in-depth look at the impact of the country's fastest-growing demographic on the financial sector, as well as its own financial well being.
Last year’s LDC U.S. Latino GDP Report reflected a U.S. Latino economy valued at $2.8 trillion in GDP. This year’s report shows the U.S. Latino economy has continued its remarkable growth and is now a $3.2 trillion economy. It is, in fact, growing two and a half times faster than the non-Latino equivalent.
Research Finds $113T Unseen Wealth Creation Engine Making Latinos “non-traditional wealth bankers” instead of “underbanked”
According to a new report issued by Finhabits, Latino wealth has grown 12% annually for the past 10 years and the rate is 2x Non Latino Whites and has the potential of reaching $113T by 2050. Finhabits sees that 90,000 Latinos inside their fintech ecosystem are saving 6.5% of their salary regardless of income. Latino is an Everyday Saver and at that rate, even with lower household income, are accomplishing the industry recommended norm in savings. By: Ana Ceppi, SeniorMarCom advisor with 10+ years of Financial services and HealthCare experience and Founder of Factivist LLC
According to the report, economic headwinds have arrived, and chances are marketers aren't prepared; only 10% of marketing leaders strongly believe their marketing investments, whose reins are often held by finance, position them to emerge from economic turmoil ahead of the competition.
Black, Hispanic and Latina Women Report Increased Confidence in Investing Knowledge and Build Generational Wealth
Black, Hispanic and Latina women have gained confidence in their investing knowledge in recent years and are investing to build generational wealth, according to new research from J.P. Morgan Wealth Management. J.P. Morgan surveyed 1,000 investors to uncover investing trends within Black, Hispanic and Latino communities.
In the face of economic uncertainty, rising inflation, and smaller advertising budgets, many agencies and brands are understandably hesitant to invest in advertising. However, the reality is that advertising is still an essential tool for building brand awareness, driving sales, and growing a business.
Slower-but-continued growth in gross domestic product and other economic indicators during the first quarter showed the difficulty of bringing inflation under control, National Retail Federation Chief Economist Jack Kleinhenz said in the May issue of NRF’s Monthly Economic Review.
As a new year starts, we return to our work routine, facing the prospect of a recession. Some believe it will be a mild one, while others are more pessimistic. Nonetheless, most experts believe the country will face an economic slowdown, and consequently, brands may reassess their marketing investments as they will act more cautiously on where to invest their resources in 2023. By Isaac Mizrah - CEO of Alma Agency
Black and Hispanic/Latino entrepreneurs see strong growth, but fewer long-term business opportunities
Despite ongoing systemic barriers and other external challenges, Black and Hispanic/Latino entrepreneurs continue to experience revenue growth, according to the 2022 EY Entrepreneurs Access Network Survey produced by Ernst & Young LLP (EY US).
Fintech is on fire and Hispanics, are adding fuel to the flame, according to the latest research report by Plaid (Fintech Effect 2021). The report showcases how the pandemic has accelerated fintech adoption, growing from 58% usage in 2020 to 88% usage in 2021. That’s a 52% increase in one year! By Karla Fernandez Parker - Advertising Executive, Senior Leadership, and Multicultural Marketer
Brands and advertisers just now settling into a post-COVID marketing rhythm could be facing another major disruption, this time in the form of a global recession. With 60% of economists predicting a Euro-zone recession, and an expected global growth rate of only 2.9%—down from 4.6% at the beginning of the year—an economic slowdown seems inevitable.
Inflation refers to a broad rise in the prices of goods and services across the economy over time, eroding purchasing power for both consumers and businesses. In other words, your dollar (or whatever currency you use for purchases) will not go as far today as it did yesterday. To understand the effects of inflation, take a commonly consumed item and compare its price from one period with another.
Most Teens Aspire to Own a Home Someday but Report Significant Financial and Homeownership Knowledge Gaps
A new survey by Junior Achievement USA and Fannie Mae shows most teens (88%) would like to own a home someday. The survey reflects that most teens (85%) believe "owning a home" is part of "the good life," compared to nearly as many adults (87%) based on Fannie Mae's Q4 2020 National Housing Survey®.
The new Debt.com poll that shows 45 percent of parents are spending at least $200 per child this year – compared to only 29 percent in 2021. And 27 percent will spend more than $300 per child.
Wealth is the value of assets owned minus the liabilities (debts) owed. As described in a previous report on household wealth in 2017, the new U.S. Census Bureau report and detailed tables on household wealth in 2019 show similarly wide variations across demographic and socioeconomic groups but also detail generational wealth differences for the first time.
Nielsen Receives Governmental Regulatory Approval For Proposed Transaction with Consortium of Private Investment Funds
Nielsen Holdings plc (NYSE: NLSN) announced it has received all necessary governmental regulatory approvals required to complete its previously announced proposed transaction with a consortium of private investment funds ("Consortium") led by Evergreen Coast Capital Corp., an affiliate of Elliott Investment Management L.P., and Brookfield Business Partners L.P., together with institutional partners.
According to the report, about half of marketers are not spending enough in a channel to get maximum ROI. While a poor ROI might cause brands to pull back on spending, Nielsen found that spend often needs to be higher to break through and drive returns. Nielsen's "50-50-50 Gap" states that while 50% of media plans are underinvested by a median of 50%, ROI can be improved 50% with the ideal budget.
Social Security is not enough. Anyone currently living on a monthly Social Security check can attest to that. Unfortunately, most Americans don’t fully grasp that reality until they reach retirement age. This problem is even more pronounced in the Hispanic community, which lags other groups in retirement savings.