MERCADEO Versión en español
Sensis Jose Villa: Financial services in the Hispanic market have a long way to go
Patricia Molina| 12 de febrero de 2015
José Villa, fundador y presidente de la agencia de publicidad multicultural Sensis
Jose Villa, founder of Sensis, issued a new report regarding the Hispanic millennials and financial services, which ensures that the latter have been a little slow to focus on the evolution that is taking the US Hispanic market.According to Villa, with the continued growth of the Hispanic population and their socioeconomic status, it has been noted that financial services have improved their attention on the multicultural population.”Unfortunately, there is still a long way to go for financial services in the Hispanic market,” Villa said. Most Hispanics, nearly 77% said they wanted to have more institutions offering products and services to Hispanics. However, a study of the AHAA in 2011 indicated that the financial services category has increased its Hispanic advertising spending up 3% from 2006 to 2010.In relation to this, Univision reported that from 2005 to 2010 was an increase of 210%, by advertisers, investment in Hispanic media. However, a survey by Wells Fargo, conducted in 2014, indicated that Hispanic investors have a strong appetite for financial education.Millennials are a complex and critical challenge for financial services firms; they have lower incomes, high levels of debt (driven by student loans) and great attitudes towards savings. However, their pragmatism makes them an attractive target for financial institutions.
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