From Katy Slay: According to the 2010 U.S. Census Report, 50.5 million people residing in the United States were of Hispanic or Latino origin. This represents 16% of the U.S. population, up from 12.5% in the 2000 Census Report. More than half of the growth in the total population of the United States between 2000 and 2010 was due to the increase in the Hispanic population. Furthermore, this growth is expected to continue, with Hispanics expected to represent 25% of the U.S. population by 2050.
Hispanics are the largest, youngest, fastest-growing and most underserved ethnic group in the U.S. But they are also the least likely ethic group to belong to credit unions. Only about 22% of Hispanics are credit union members, compared with 35% of blacks and 36% of whites.
Among all ethnic groups, Hispanics are the least knowledgeable of what credit unions are and how credit unions could serve or benefit them. Half of Hispanics surveyed have never heard of credit unions or know very little about them. Among white and black consumers, it’s 23% and 28%, respectively. Many Hispanics are either unbanked or underbanked. Only 54% of Hispanics have accounts at a financial institution; and only 14% of Hispanics surveyed say a credit union is their primary financial institution.
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