The Hispanic population is a dominant group in the U.S. landscape, reaching new highs at 58 million. And by 2060, the Hispanic population is projected to grow to 129 million – 31 percent of the U.S. population.

Through a new partnership with SABEResPODER, Branded Research has access to a unique mobile-first research platform for Hispanics. Together we have embarked on new research examining the pursuit of the American Dream for Hispanic consumers.

Our research examines many aspects of the Hispanic American Dream, including financial and savings patterns. Hispanic consumers have significant spending power and have their sights set on saving for the future.  

The U.S. Hispanic GDP is $2.13 trillion, larger than the GDP of India. Yet financial institutions have not fully embraced this valuable group. Easy availability of mortgages and credit-fueled the American Dream of the 1950’s, making it much easier for families to purchase homes, vehicles and other goods. But the same level of easy credit is not as prevalent today.

Hispanic consumers have mixed feelings regarding traditional financial institutions. Roughly 7 in 10 Hispanic consumers have bank accounts and the majority have a high level of trust in banking institutions. But the same cannot be said of credit card companies. Roughly two-thirds of Hispanic consumers do not have credit cards and there is a low level of trust in credit card companies.

Children’s education and homeownership dominate Hispanic consumers’ financial savings plans. Roughly 30 percent of Hispanic consumers are currently saving for an emergency fund, followed by 28 percent who are saving for education for children and 18 percent who are saving for a home down payment.

Saving for the future is driven by optimism. Roughly 75 percent of Hispanic consumers are optimistic that they will achieve their goals. And over 1 in 2 Hispanic consumers are optimistic that their children will make more money than them.

Download our white paper to discover more insights on Hispanic consumers.