Study Examines Hispanics' Financial Literacy

The Business Journal
November 2, 2009

A study conducted by two economics professors at California State University, Fresno, has found that Hispanics are more likely to want to learn more about money management than non-Hispanics, despite the fact that Hispanics are less likely to have had a checking account. The study, which was entitled "Assessing Financial Literacy Among Hispanics in the California Central Valley," found that 45 percent of Hispanics wished they knew more about money management, compared with 20 percent of non-Hispanics. However, only about 80 percent of the Hispanics surveyed said they had ever had a checking account, compared with 99.1 percent of non-Hispanics. In addition, the study found that 73 percent of Hispanics and 68 percent of non-Hispanics learned about personal finance on their own, while less than 6 percent of Hispanics and 16 percent of non-Hispanics said they learned about personal finance from a financial professional. Wells Fargo, which provided a $60,000 grant for the study, plans to use the findings to better target its services and programs to Hispanic consumers.

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