Money Management International to launch new initiatives to reach underserved Hispanic consumers
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Money Management International will be launching new advertising and branding initiatives targeting underserved consumers within the Hispanic community.
More specifically, the initiatives will be designed to increase reach to Hispanic families who are struggling with debt and extend services to help them navigate the financial challenges.
This is being done thanks to a new grant that MMI recently received from JPMorgan Chase.
“This grant will be used for inclusive marketing with messaging designed to inspire Hispanic families to take the first steps toward overcoming the stigma of debt and to overcome barriers they may face reaching their financial goals,” said Emanuel Rivero, senior director at MMI, in a statement.
A 2019 report by the Urban Institute at its annual Summit on Hispanic Wealth found that Hispanic families own fewer financial assets ($20,000) than non-Hispanic White families ($100,000).
In addition, young Hispanics are adding to their student loan debt, but not to their savings and 83% of Hispanic millennials have no retirement savings, compared with 66% of non-Hispanic White millennials.
“We know authentically diverse advertising is important to create a connection, and our goal is to use this grant to create a strategy that best relates to this community and offer solutions for financially at-risk households that may not have been included in the past,” said Rivero.
MMI calculated in 2022 that approximately 29% of its clients across all services identified as Hispanic. In the United States, about 19% of the population identifies as Hispanic, totaling over 62 million people.
Tomás Aguirre is an MMI client and peer advocate who has spoken about the impact MMI has had on him.
“MMI changed my life,” he said in a statement. The good habits that I learned are now a part of my lifestyle which I discuss and practice with my partner daily.”
Aguirre has been able to pay off more than $130,000 in debt.
“I have learned how to save and financially plan for the future while not spending money I do not have or can pay back immediately. Best of all I am passing on these skills to my three children,” he highlighted.
Hispanics face unique challenges to both long-term and short-term savings, as only 15% of Hispanic families have three months of living expenses saved, compared with 42% of non-Hispanic families.
Aguirre can vouch for the impact that debt and debt reduction can have on an individual, particularly one from an underserved community.