Findings from MoneyLion’s Understanding U.S. Hispanic Financial Literacy & Empowerment 2024 Report show significant gaps between Hispanics and non-Hispanics. With detailed comparisons between Hispanic and non-Hispanic populations in the U.S., the report highlights key disparities in financial education, time constraints, and familiarity with financial products, offering valuable recommendations for improving financial literacy and access to resources within this rapidly growing community.
Roughly one in four (24%) of U.S. Hispanics turn to social media for financial guidance, compared to just 17% of non-Hispanics, indicating a strong preference for non-traditional financial information sources. U.S. Hispanics crave financial education, with 45% indicating they want to learn more about saving money, and 36% wanting more budgeting knowledge. Respective non-Hispanic comparables are 33% and 27%.
A notable 68% of U.S. Hispanics report not having enough time to access financial tools and resources that help them learn about money and personal finance topics, compared to 51% of non-Hispanics, underscoring the need for quick, accessible financial education. The U.S. Hispanic financial literacy rate of 54% was significantly lower than the 69% of non-Hispanics.
While 53% of U.S. Hispanics have an emergency fund, 67% of others do. Only 24% of U.S. Hispanics contributed to a retirement account in the past 12 months, compared to 49% of others. Roughly three in four U.S. Hispanics are more likely to support a presidential candidate prioritizing financial literacy as one of their main issues.
“Our latest financial literacy survey highlights the strong desire within the U.S. Hispanic community to learn and improve their financial well-being,” said Yuka Yoneda, vice president of content marketing at MoneyLion. “It also shows the barriers this group faces when learning about money, such as limited time, and a preference for modern formats like short videos for financial education.
“This data is exciting for MoneyLion as it highlights the impact of our ongoing initiatives to foster financial empowerment and literacy. We’re committed to providing the right mix of tools and support necessary to help Hispanics in the United States – and all Americans – achieve financial success and empower them to make their best financial decisions.”
“The U.S. Hispanic community is one of the most important in the country,” said David Krane, senior consultant at The Harris Poll. “As this community continues to grow and exert influence in U.S. society, it’s clear from MoneyLion’s research that providing the right resources to improve financial literacy is essential. Helping (them) build greater confidence in managing their finances is a highly desirable outcome.”
In addition to the report, MoneyLion also launched the latest season of its “No Stupid Questions” content series, hosted by social media finfluencer and award-winning financial educator Lea Landaverde. Designed to fit the needs of everyday Americans interested in up-levelling their financial lives, the show answers some of the most common money questions (crowd-sourced from real users on the MoneyLion app) in simple terms – and in under two minutes per episode.