Page 13 - SYF Hispanic Playbook_WorkingDraft (1)

 According to the Department of Labor, Hispanics account for 82% of
workforce growth in the US* and are expected to account for 78% of net new
workers between 2020 and 2030.**

 86% of all new businesses in the past 10 years were launched by Hispanics.

 8 out of 10 new startups were launched by Hispanics.

 Hispanic buying power has grown significantly in the last 30 years, from

$213 billion in 1990 to $1.9 trillion in 2020 (11.1% of total US buying power).
This is mostly attributed to population growth, entrepreneurial activity and
rising education levels.**

 The largest Hispanic markets are California ($506 billion), Texas ($361
million), Florida ($208 billion) and New York ($139 billion).

 It is also estimated that US Hispanics have contributed to 72% of
real consumption growth in the US.***

https://blog.dol.gov/2021/09/15/hispanics-in-the-labor-force-5-facts
**Thirty years of change: Consumer buying power is more diverse than ever (uga.edu)
***hispanicstar.org

BANKING HABITS

In 2019, 87.8% of Hispanic households were banked, and while that was an increase

versus 2015 (83.7%), the unbanked percentage of 12.2% is still significantly higher than
White households (2.5%).

With respect to specific banking services, Hispanic households are more likely to use
money orders (20.8%), check cashing (10.6%), international remittances (20.2%) and
bill payment services (such as offered by Western Union and MoneyGram; 10.6%).

They are also less likely to use bank credit (credit card, personal loan, line of credit
from a bank; 58.6%).

And in terms of bank channels used, in general Hispanic banked households:
o 20.9% went to a branch (i. e. bank teller)