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Unbanked Latinos Case Study

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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 …show more content…

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 …show more content…

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....?

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Many of the Hispanics in America don’t have a bachelor’s degree that enables them to work for jobs that allow them to make enough money to provide for their families, today only about 4.2 million of the 55 million Hispanic residents of the United States of America have their bachelor’s degree and only about 16.5% of the total population of Hispanics in America are enrolled in a program to earn their bachelor’s degree. This means that most Hispanic adults are often not getting the jobs they need to obtain enough money to provide the basic necessities their households need to live. This requires them to need to work multiple jobs at many places where they may only make minimum wage daily to obtain the money needed to provide their family with food, shelter, and water. With parents gone all the time this requires the eldest children to watch after their younger siblings because based on the United States Census, Hispanic women tend to have multiple children, and since they have to work most of the day the eldest children are only able to attend school and watch after their siblings, not allowing them to work or attend college for a better future. Also, due to child labor laws created by the U.S. Department of Labor, children aren’t allowed to work jobs until the age of 14, and even then, they are only allowed to work for little money and for a short amount of hours.

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