This the Financial Health Network inBrief analyses the financial attitudes and behaviors of the 20.6 million Latino underbanked consumers in the U.S. These consumers represent 47% of the 44M Latinos in the U.S. The following information draws from the 2008 the Financial Health Network Underbanked Consumer Study, and the U.S. Census Website.
While Latino consumers report some preferences and behaviors in common with all underbanked consumers, there are many instances in which they differ. Some of these differences likely reflect cultural and language issues. In addition, there is significant variation in the attitudes and behavior between foreign-born Latinos and those born in the U.S. Roughly half of Latino underbanked consumers are foreign born, the majority of whom moved to the U.S. in the last 20 years. Relative to the broader underbanked population, differences in the attitudes and behaviors of Foreign Born Latino consumers is more pronounced.
InBrief on the Underbanked Consumer Study: Characteristics of Latino Un- and Underbanked Consumers
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