ONTARIO, Calif. (1/14/13)--More than 60% of Hispanics in California and Nevada were born in the U.S., and with a median age in the mid-20s they represent an opportunity for credit unions to lower their memberships' average age, said a report commissioned by the California and Nevada Credit Union Leagues and Applied Research Institute.
The Hispanic Opportunity Report is part of the leagues' new partnership with Coopera, an Iowa firm focused on the Hispanic market.
Findings in California included:
- Sixty-two percent of California Hispanics were born in the U.S., with the median age as 27;
- Hispanics represent 38% of the state's population;
- One in six businesses are Hispanic-owned (17%);
- Forty-one percent are underserved;
- The state is No. 1 in the nation in Hispanic buying power; and
- Hispanics in California have $265 billion in disposable income.
Nevada results included:
- Sixty percent were born in the U.S., and have a median age of 26;
- From 2000 to 2010, Nevada's Hispanic growth rate (82%) outpaced California (28%), Texas (36%) and Florida (57%);
- By 2030, one out of three Nevada residents will be Hispanics;
- Eight percent or 18,000 businesses are Hispanic-owned;
- North Las Vegas and Las Vegas have the highest ratio of Hispanic-owned businesses; and
- More than half--more than 350,000 individuals--are underserved.
Coopera estimated that 10% of each state's Hispanic adults were members of a credit union, in California, they would contribute an about $2.1 billion in loan balances and $592 million to credit unions' annual income. Nevada's Hispanic adults would contribute an estimated $82 million in loan balances and $28 million to annual income.
Coopera and the Credit Union National Association designed El Poder es Tuyo (The Power is Yours), a customizable, Spanish-language consumer finance microsite for credit union members and potential members.