Unbanked Latinos Case Study

Unbanked Latinos; an AARP Opportunity to Gain -Trust
All economic reports have Latinos growing rapidly in the United States. There are about 55 million Latinos United States and represent about 18 percent of the population; of these 55 million, 60 percent are millennials (18-49) and in total they inject about $1.5 trillion dollars a year to the U.S. economy.
While the number of Unbanked Latino households decline in 2014 still the number of unbanked remains much higher than the national number. Unbanked: as defined by the FDIC, Household that do not have a checking or savings account and have used alternative financial services like money order, check cashing, remittance, payday loans, etc. generation ,
This approach has to be where you

Second and first generation Latinos tend to be more college educated and are more astute with the finances. The 3rd generation is more aware of their finances and their future; it is hard for them to be able to rely on financial institutions because of the lack of trust. These groups of people are the unbanked and rely heavily on predatory lending institutions.
That trust was broken with the recent occurrence targeting the undocumented where they were manipulated in opening bank accounts with Wells Fargo. Second generation, or Generation X, and first, or generation Y generation Latinos are more affluent and they are more educated and more aware about their future. Even more aware if they are college educated

In addition to the negative suggestion about millennials is that they are lazy and that they only think for themselves. Also that they are far removed from their cultural identify and that the their Spanish language will dissipate in the long run and ultimately they will become monolingual English speakers; Many of these stereotypes were disputed by Strategic Insights and Research, published October 10, 2016.
The reality is that Millennials, or 3rd generation, 7 in 10 were more connected to their Hispanic Heritage and see it as an asset. In Language 3rd generation bilingual millennials 9 in 10 see Spanish language as a valuable skill, where English-only 3rd generation 7 in 10 wish they could speak Spanish.
53% of 3rd Generation welcomes advertising targeted specifically at them as a Hispanic/Latino. in the same research report found that 65% of 1st, 2nd & 3rd generation dynamics reinforce the heart and humor. All 3 generations connected through these two elements that bind them together. cell phones and other means of electronic devices are used at a higher rate among Latino first and second generations
(Latinos lost confidence in bank in several aspects Wells Fargo 2017 Suit: Wells Fargo targeted 'undocumented immigrants' for accounts, Thomas Lee, April 26, 2017) perhaps AARP Prepaid cards....?