Pivotal study supported by JPMorgan Chase strengthens financial wellness efforts within the Hispanic community
STAFFORD, Texas, March 27, 2024 (Globe Newswire) — Money Management International, in collaboration with Black//Brown, a nationally certified Minority Business Enterprise (MBE) specializing in culture-forward growth strategies. (MMI) has published its findings. A research project focused on the financial behaviors, needs, and preferences of the Hispanic community.
Project Equidad: Using Cultural Insights to Help Hispanics Overcome Economic Challenges, made possible through a generous grant from JPMorgan Chase, will help this growing segment of the U.S. population engage. The aim is to fill the gap in financial wellness services. This study highlights the unique financial experiences and challenges faced by Hispanic consumers.
Key findings highlight the path to empowerment
via, not via: This study emphasizes the importance of culturally authentic communication and that messages resonate more when they are seen as shared within a community.
Acculturation spectrum: Findings debunk the myth that financial counseling consumed by the Hispanic community must be delivered in Spanish, with more acculturated Hispanics responding better to culturally appropriate messages in English It shows that.
Financial products and services: Usage varies widely by acculturation segment, with less acculturated Hispanics leaning toward alternative banking services, whereas more acculturated and bicultural Hispanics leaning toward traditional banking services. and high involvement in fintech services.
Liability recognition and management: Hispanics express negative feelings toward debt and desire education and support to effectively manage their financial obligations.
MMI awareness and engagement: The MMI-led advertising campaign resulted in a significant increase in engagement, demonstrating clear interest in financial education and counseling services.
“We have been committed to serving the Hispanic community for decades, and we are excited about the possibilities this research unlocks by understanding the nuances of Hispanic financial experiences. , allowing us to continue to evolve our supports and programs to meet their unique needs,” he said. Michelle Jones, Chief External Affairs Officer, MMI.
“It's difficult to talk about personal finances and people tend to get defensive,” added MMI customer Juan Piñon. He paid off $47,000 in debt, raised his credit score by 129 points, and bought a house. “We have to find a way to get people to let their guard down and not be hesitant or embarrassed to say, 'I might need help.' I really needed professional help, but… I received help through MMI.”
About black//brown
Black//Brown is a strategic advisory and impact studio that builds culture-forward business strategies across a wide range of client industries. From QSR, finance, sports, and manufacturing, our data and insight tools, world-class strategic capabilities, and Fortune 500 operational expertise and real-world experience combine to provide a deep understanding of major demographic shifts. We support the growth of companies by promoting the future of society. US. For more information, please visit www.BlackBrown.us.
About MMI
Money Management International (MMI) is changing the way America overcomes financial challenges. MMI helps you create, restore, and maintain a financially healthy life through empowered choices. For more than 65 years, our clients have gained financial confidence through nonprofit programs that educate, motivate, and liberate. MMI inspires action by providing expert guidance and timely solutions tailored to our clients' goals. Are you struggling financially? Find solutions 24/7 at 866.864.8995 and MoneyManagement.org.
MMI is for reporters who want to interview “real people” from all over the country who are willing to share their experiences with the media in hopes of inspiring others struggling with debt. We have established a group of approximately 400 customers. Our fellow supporters paid off his debt of over $16 million and he now serves as an MMI Ambassador. Hear them on MMI's podcast. long story $short.
To schedule an interview with MMI's Michelle Jones, MMI client Juan pinyonor for an MMI Peer Advocate in your market, please contact us below.
Thomas Nitsche404.490.2227, Thomas.Nitzsche@MoneyManagement.org
Lori Geary, 404.551.2151, lgeary@lexiconstrategies.com
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CONTACT: Thomas Nitzsche Money Management International 404.490.2227 Thomas.Nitzsche@MoneyManagement.org Lori Geary Lexicon Strategies 404.551.2151 lgeary@lexiconstrategies.com
