Equifax

Finance Blog

Financial Education Serves Growing Hispanic Market

Written by Ilyce Glink on June 6, 2012 in Credit  |   4 comments

Building roots, having a place to call your own, and sharing a home with your family are common goals for all Americans. But for many Hispanic families, buying a home or a vehicle has been out of reach, as a simple lack of financial literacy…

Hispanic financial education

Building roots, having a place to call your own, and sharing a home with your family are common goals for all Americans.

But for many Hispanic families, buying a home or a vehicle has been out of reach, as a simple lack of financial literacy has held back many from achieving these important financial milestones.

The good news is that this trend is changing as U.S. Hispanic buying power continues to grow and more Hispanics have begun to learn better ways to manage that buying power and the cash that fuels it.

Some notes of progress: In 2011, Hispanics made up 24 percent of the growth in new-vehicle sales. Clearly, Hispanics are a driving force behind the resurgence of the automobile industry.

And when it comes to buying, Hispanics are clear on what they want to do. In a report from the National Association of Hispanic Real Estate Professionals (NAHREP), 34 percent of Hispanics said they are likely to buy a home in the next three years, compared to only 24 percent of all Americans. Ernie Reyes, co-founder of NAHREP, has tracked Hispanic homeownership over the past 10 years.

“Latinos do not believe in renting. They believe in owning,” said Reyes. “If our community was given half the opportunity it deserves, this volume would grow by leaps and bounds.”

But while their buying power is growing, the Hispanic community still needs more high-quality financial information from trusted sources. According to research from the University of Virginia’s Darden School of Business, lack of financial knowledge and a mistrust of banks has led to $53 billion in “unbanked” Latino households.

This population has special needs and expectations that the American banking system hasn’t fully addressed. Many Hispanics want to conduct their business in Spanish. They also need educational tools necessary understand their finances and make the best decisions.

To serve this growing segment of the U.S. population, Equifax is introducing a new initiative to address financial literacy. Julie Stav, a leading voice in the Hispanic and financial counseling community, has joined forces with Equifax to educate Hispanic consumers about the importance of credit in their daily lives.

“As Hispanics gain economic strength in the U.S., it’s important that they understand credit and the impact it can have on their lives,” said Stav. “In my role as a financial advisor to the Hispanic community, I have been concerned about this critical educational need for some time and am thrilled to work with Equifax to bring this program to life.”

The new Spanish-language website, www.equifax.com/espanol/, is where consumers can find answers to questions about credit, as well as educational resources, products and tools to help them understand credit issues and make sound decisions.

Trey Loughran, president of Equifax Personal Solutions, notes the importance of credit education as the Hispanic community is expected to contribute significantly to the growth of the U.S. consumer credit market.

“Hispanic buying power in the United States is increasing significantly every year, and these consumers must understand and have access to credit to purchase homes, cars and other significant items,” said Loughran. “It’s why we created this program and why we are teaming with Julie Stav, an expert in understanding Hispanic consumers’ personal finance and credit education needs.”

The Equifax Spanish site features a wide library of credit-related topics and videos. The products, including one credit-monitoring product and two credit report products are presented primarily in Spanish.

As Equifax continues to expand its offerings to the Spanish-speaking community, we want to address those needs on the blog as well. If you’re a Spanish-speaking reader, what areas in the financial world would you like to see us cover? What topics most concern you and the Hispanic community? Please leave your feedback and comments here.

4 comments

  1. daniel says:

    muy bien excelente noticia, keepup equifax

  2. C. David Espinoza 770 953 8004 says:

    I am a Hispanic American naturalize citizen originally from Costa Rica. This article is very important to the Hispanic communities because it show the support that America has for legal immigration. I have been in the mortgage industry since 2005 and I am the owner of Home Lenders of Georgia. 30% of our business is the Hispanic Community and I can tell you that I am always trying to educate my clients the best I can when it comes about purchasing a home and the responsibilities of it. But the help that the Hispanic Community needs goes beyond knowing about owning a home. Hispanics are very much interested in jobs, retirement, insurance, and education for parents and children. One of the things I notes is how much they want to know about paying income tax and why they are paying income tax. Sometimes I talk to my wife about what I notice and I am proud to say that I scratch my head with happiness and wonder to see that when I review one of my Hispanic clients savings and checking accounts they may have managed to save 100% of their yearly income and that my friends is very rear to see amount other ethnicities now days, never the less when these families are a family of 5.
    Thank you so much for this article.

  3. Ilyce Glink, Managing Editor, Equifax Finance Blog says:

    Daniel:

    Gracias. Appreciate your comment. We hope you will come back and sample more of our articles as well as Julie’s articles and videos en espanol.

  4. Ilyce Glink, Managing Editor, Equifax Finance Blog says:

    David:

    Muchas Gracias for your insightful comment. I am married to a man who was born in Mexico and he finds also that his Hispanic clients take great pride in their ability to save and pay for goods and services in cash. What I see, as a financial journalist, is that there is a way to take those excellent habits and turn them into positive actions that help the family join the credit society – without running up a load of debt. That’s one of the messages of this blog – be smarter with your money.

    I appreciate you coming to the blog and hope you will send your friends and clients here, to learn how to manage their money and build a solid financial future.

    Thanks for taking the time to write.


Leave a Comment


Name :


Commenting guidelines

We welcome your interest and participation on this forum, but be aware that comments will be published at Equifax's sole discretion. Please don't use this blog to submit questions or concerns about your Equifax credit report or raise customer service issues. Instead, you should contact Equifax directly for all such matters and any attempts to do so in this forum will be promptly re-directed.

Some other factors to consider when commenting:
  1. Registration and privacy. While no registration is required to visit our forum, participants wishing to post a message must register by creating an account. All personal information provided by forum members incident to registration is governed by our Terms of Use and Privacy Policy.
  2. All comments are anonymous. We'll delete your name, e-mail address, and any other identifying information, including details about your investments.
  3. We can't post or respond to every comment - As much as we'd like to, we can't post every comment, nor can we guarantee that we will respond to each individual message. All questions or comments about your Equifax credit report or similar customer service issues should be handled by contacting Equifax directly.
  4. Don't offer specific legal, tax or financial advice. All of the materials on this Site are for information, education, and noncommercial purposes only and this forum is not intended as a means of expressing views or ideas regarding any specific legal, tax, or investment advice. While offering general rules of thumb is both permitted and encouraged, recommending specific ideas or strategies regarding investments, taxes, and related matters is prohibited.
  5. Credit Repair. This blog is not intended as a venue for the discussion or exchange of ideas regarding credit repair or other strategies intended to assist visitors and community members improve or otherwise modify their credit histories, ratings or scores.
  6. Stay on topic. Your comment should be concise and pertain to the specific post in question.
  7. Be respectful of the community. The use of profanity, offensive language, spam, and personal attacks will not be tolerated and egregious or repeat offenders will be banned from future participation. We encourage disagreement and healthy debate, but please refrain from personal attacks on our WordPresss and contributors.
  8. Finally: Participation in this forum may be terminated by Equifax immediately and without notice for failure to comply with any guidelines or Terms of Use. As such, you should familiarize yourself with all pertinent requirements prior to submitting any response through the blog or otherwise. All opinions expressed in this forum are solely those of the individual submitting the comment, and don't necessarily represent the views of Equifax or its management.

Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.


Credit Archive

Stay Informed Sign up for our FREE Equifax email Newsletter