The MoneyLion Understanding U.S. Hispanic Financial Literacy & Empowerment 2024 Report explores financial literacy and attitudes toward personal finance within the U.S. Hispanic community
MoneyLion (“MoneyLion”), a digital ecosystem for consumer finance that empowers everyone to make their best financial decisions, shared findings from a new Understanding U.S. Hispanic Financial Literacy & Empowerment 2024 Report1. Coinciding with the start of Hispanic Heritage Month on September 15, this report, conducted by The Harris Poll and commissioned by MoneyLion, offers a comprehensive exploration of financial literacy and personal finance attitudes of the U.S. Hispanic community.
“Our latest financial literacy survey highlights the strong desire within the U.S. Hispanic community to learn and improve their financial well-being”
The report showcases crucial insights into how Hispanics in the U.S. perceive their access to financial resources, their preferred methods for learning about money, and the broader political implications of their financial literacy. With detailed comparisons between Hispanic and Non-Hispanic populations in the U.S., the report highlights key disparities in financial education, time constraints, and familiarity with financial products, offering valuable recommendations for improving financial literacy and access to resources within this rapidly growing community.
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Key Findings from the Report:
- Preference for Social Media: 24% of U.S. Hispanics turn to social media for financial guidance, compared to just 17% of Non-Hispanics, indicating a strong preference for non-traditional financial information sources.
- Strong Interest in Financial Education: 45% of U.S. Hispanics want to learn more about saving money (vs. 33% of Non-Hispanics) if they had time to do so, and 36% are interested in budgeting (vs. 27% of Non-Hispanics).
- Time Constraints: A notable 68% of U.S. Hispanics report not having enough time to access financial tools and resources that can help them learn about money and personal finance topics, compared to 51% of Non-Hispanics, underscoring the need for quick, accessible financial education.
- Financial Literacy Disparity: The survey revealed significant disparities in financial literacy between U.S. Hispanics and Non-Hispanics. The U.S. Hispanic financial literacy rate of 54% was significantly lower than the 69% of Non-Hispanics.
- Gaps in Financial Planning: 53% of U.S. Hispanics have an emergency fund, compared to 67% of Non-Hispanics. Furthermore, only 24% of U.S. Hispanics contributed to a retirement account in the past 12 months, compared to 49% of Non-Hispanics.
- Political Engagement: 74% of U.S. Hispanics are more likely to support a presidential candidate who prioritizes financial literacy as one of their main issues.
“Our latest financial literacy survey highlights the strong desire within the U.S. Hispanic community to learn and improve their financial well-being,” said Yuka Yoneda, Vice President of Content Marketing at MoneyLion. “It also shows the barriers this group faces when it comes to learning about money, such as limited time, and a preference for modern formats like short videos for financial education. This data is exciting for MoneyLion as it highlights the impact of our ongoing initiatives to foster financial empowerment and literacy. We’re committed to providing the right mix of tools and support necessary to help Hispanics in the United States – and all Americans – achieve financial success and empower them to make their best financial decisions.”
“The U.S. Hispanic community is one of the most important in the country,” said David Krane, Senior Consultant at The Harris Poll. “As this community continues to grow and exert influence in U.S. society, it’s clear from MoneyLion’s research that providing the right resources to improve financial literacy is essential. Helping U.S. Hispanics build greater confidence in managing their finances is a highly desirable outcome.”
In addition to the report, MoneyLion also launched the latest season of its “No Stupid Questions” content series, hosted by social media finfluencer and award-winning financial educator Lea Landaverde. Designed to fit the needs of busy, everyday Americans interested in up-leveling their financial lives, the show answers some of the most common money questions (crowd-sourced from real users on the MoneyLion app) in simple terms that anyone can understand – and in under 2 minutes per episode.
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