Full Citation
Title: Strategies to Increase Financial Asset Ownership among U.S. Hispanics.
Citation Type: Journal Article
Publication Year: 2015
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Abstract: This paper provides a broad overview of the asset ownership characteristics of U.S. Hispanic households. In general, Hispanic households exhibit lower levels of financial asset ownership than the rest of the population across all asset classes. Financial asset ownership among Hispanics is influenced by several socioeconomic factors. Social networks, the prevalence of a collective belief system, and cultural and experiential barriers are also direct contributors to the comparatively low levels of financial asset ownership among Hispanics. This paper provides several strategies that can be implemented by financial institutions and intermediaries to increase financial asset ownership among Hispanics. Financial planners can play a critical role in increasing financial asset ownership by (1) increasing financial education and financial literacy among Hispanics; (2) promoting, supporting, and implementing policies and initiatives that include more Hispanics into the formal financial system; and (3) providing individualized and customized financial planning strategies that incorporate the unique needs of Hispanics living in the U.S.
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Authors: Gonzlez-Corzo, Mario A.
Periodical (Full): Journal of Financial Planning
Issue: 6
Volume: 28
Pages: 52-61
Data Collections: IPUMS CPS
Topics: Housing and Segregation, Race and Ethnicity
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