STAFFORD, Texas, March 27, 2024 (GLOBE NEWSWIRE) -- In collaboration with Black//Brown, a nationally-certified Minority Business Enterprise (MBE) specializing in culture-forward growth strategies, Money Management International (MMI) has published the findings of a research project focused on the financial behaviors, needs, and preferences of the Hispanic community.
Project Equidad: Using Cultural Insights to Help Hispanics Overcome Financial Challenges, made possible by a generous grant from JPMorgan Chase, aims to bridge the gap in financial wellness services engaged by this growing segment of the U.S. population. The study sheds light on the unique financial experiences and challenges faced by Hispanic consumers.
Key Findings Highlight the Path to Empowerment
Through, Not To: The study emphasizes the importance of culturally authentic communication, highlighting that messages resonate more when they are seen as shared within the community.
Acculturation Spectrum: Findings debunk the myth that financial counseling must be conducted in Spanish for consumption by the Hispanic community, showing that more acculturated Hispanics respond well to culturally relevant messaging in English.
Financial Products and Services: Usage varies significantly across acculturation segments, with less-acculturated Hispanics leaning more towards alternative banking services, while more-acculturated and bicultural Hispanics show a higher engagement with traditional and fintech offerings.
Debt Perception and Management: Hispanics expressed negative feelings towards debt, with a strong desire for education and support to effectively manage their financial obligations.
MMI Awareness and Engagement: The advertising campaign led by MMI significantly increased engagement, demonstrating a clear interest in financial education and counseling services.
"We have been committed to serving the Hispanic community for decades, and we are excited about the potential this research unlocks. By understanding the nuances of Hispanic financial experience, we can evolve our outreach and programs to continue to meet their unique needs," said Michelle Jones, Chief External Affairs Officer at MMI.
“Talking about personal finances can be difficult and people can get defensive,” added MMI client Juan Piñón, who paid off $47,000 of debt, increased his credit score by 129 points, and bought a home. “We just have to find a way to get people to put their guard down and not feel hesitant or embarrassed to say, ‘Maybe I need some help’. I really needed professional help, and I got it through MMI.”
About Black//Brown
Black//Brown is a strategic advisory and impact studio that builds culture-forward business strategies across a wide array of client industries. From QSR, to finance, to sports, to manufacturing, our data and insight tools, world-class strategic ability, and Fortune 500 operational expertise coupled with our lived experience help companies grow by deeply understanding and activating the demographic sea change driving the future of the United States. To learn more, visit www.BlackBrown.us
About MMI
Money Management International (MMI) is changing how America overcomes financial challenges. MMI helps create, restore, and maintain a life of financial wellness through empowered choices. For over 65 years, our clients have achieved financial confidence through nonprofit programs that educate, motivate, and liberate. MMI inspires action by delivering expert professional guidance and timely solutions aligned with our client's goals. Experiencing a financial challenge? Find your solution 24/7 at 866.864.8995 and MoneyManagement.org.
For reporters looking to interview “real people”, MMI has created a group of nearly 400 clients from across the country who are willing to share their experiences with the media in the hopes of inspiring others challenged with debt. Our peer advocates have paid off over $16 million of debt and now serve as MMI ambassadors. Hear from them on MMI’s podcast, Long Story $hort.
To schedule an interview with MMI’s Michelle Jones, MMI client Juan Piñón, or MMI Peer Advocates in your market, please contact:
Thomas Nitzsche, 404.490.2227, Thomas.Nitzsche@MoneyManagement.org
Lori Geary, 404.551.2151, lgeary@lexiconstrategies.com
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