Financial Firms Must Spend More To Reach Hispanics: Study

NU Online News Service, Nov. 21, 4:45 p.m. – Financial services companies will need to allocate at least 6% of their marketing and business resources to reaching Hispanic consumers in 2007 to target those consumers effectively, according to the Association of Hispanic Advertising Agencies, McLean, Va.

In 2001, financial services companies spent only 2% of their marketing and business resources on reaching the 40 million U.S. Hispanic consumers, the AHAA says.

The study found that 91% of Hispanics wish more financial institutions would offer products with Hispanics in mind, and that 85% wish they had more information about saving and investing their money, AHAA says.