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Rising household incomes and increasing wealth translate to a need for the financial services industry to target Hispanic consumers across a wider and deeper range of products and services. Hispanic household wealth is expected to grow by more than 90% from 2010 to 2019, and the number of Hispanic households with a net worth of $100,000 or more is expected to top 3.5 million in 2018. However, homeowning Hispanic households have 16 times more wealth than non-homeowning Hispanic households. But while Hispanic consumers are more likely than average to use national banks, generational trends suggest that Bank of America is losing ground among younger Hispanics. And roughly half of the Hispanic payments by value are made via bank account drafts and debit cards—cost-effective payment choices that could be crowding out higher-margin payment options.
The Financial Services Market: Hispanics drills down into Hispanic household finances by demographic, analyzes net worth, asset, and debt trends; banking relationships and attitudes toward money management, financial institutions, and discrimination; and payment preferences and mobile banking, app, and wallet use. Heavy emphasis is placed on market sizing. Examples include total household wealth by various race/ethnicity demographic segments; the dollar value of payments made by various payment instruments; and active credit card wallet share of revolvers and transactors, by race/ethnicity. As such, the report provides an important marketing tool that can be used to target populations across a wide variety of financial services and products.
This report is the companion to Packaged Facts' The Financial Services Market: African Americans, on sale individually or as part of a collective report covering financial trends involving African American and Hispanic consumers.
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