CHART CLOSE-UP FROM THE STORY:
Study Reveals Hispanics’ Attitudes About Finances »
scroll down to read the full story

Study Reveals Hispanics’ Attitudes About Finances

Hispanic consumers in the US say they feel more financially secure than they have in the past and are using credit cards more, but their self-reported lack of knowledge about financial matters also has increased, according to a study from Experian Consumer Research.

The study, which is part of a broader body of research that tracks Hispanic consumers’ spending habits and buying behaviors and how they compare with those of the US population overall, also finds that Hispanic consumers are more likely than the average US shopper to go shopping and to pay higher prices for environmentally friendly products, but are less likely to plan ahead for large purchases.

Additional findings :

• The total adult Hispanic population has grown by 20% over the past four years - with younger and older segments growing at even faster rates.
• More than 25% of the Hispanic population reports using a credit card 1-5 times in the last 30 days, which is up versus 2004
• All levels of credit card usage have increased slightly from 2004 to 2008, suggesting that this population may either become more comfortable carrying debt than they may have in the past, or see the importance in establishing credit, Experian said.
• The percent of Hispanics who say they don’t like being in debt has decreased slightly over the last four years. At the same time Hispanics are less likely to pay for things with cash. These decreases may help in explaining the increase in credit card usage, during the same time period.

• Hispanic adults have not changed their opinions on the importance of brand names or their frequency of shopping. The bigger changes have come in their willingness to pay more for environmentally-friendly products, as well as a greater propensity to plan ahead for expensive purchases.

About the research: As part of larger market research on the Hispanic population, Experian Consumer Research examined how Hispanics feel about their finances and how these feelings and financial-related behaviors have changed over time. The data included is from studies conducted in 2004, 2006 and 2008.