In just a few years, more than half of college students will be part of a minority race or ethnic group. That means they’ll need financial services from credit unions that understand their unique backgrounds and needs.
It’s graduation season all across the country. Thousands of students are donning caps and gowns, and thinking about what’s coming next in their educational and career plans. And the changing demographics of America’s population means more of those students are coming from Hispanic families.
By 2020, the U.S. Census Bureau estimates more than half of the nation’s children will be part of a minority race or ethnic group. That means an increasing number of students heading to colleges and universities in the coming decade will be from Hispanic communities. What’s more, the graduation rates for Hispanic students are on the rise, and many minority students are opting to continue their education at community colleges close to their homes.
This growing number of Hispanic students represents a tremendous opportunity for credit unions that want to help them reach their educational goals and successfully manage their finances long after graduation day.
How are you preparing your credit union for the increasing numbers of Hispanic college students in your communities? Here are a few suggestions on products, as well as cultural readiness to serve this influential segment of young people:
Student loans with affordable rates and repayment plans can help many Hispanic students bridge the gap between the funds they and their families can provide and what colleges require.
Students balancing the demands of family, work and school can benefit from money management tools like online and mobile banking, checking accounts tailored to their needs and low-interest credit cards.
And for Hispanic students, partnering with a credit union with particular expertise in the cultural nuances of the community (like those who’ve earned the Juntos Avanzamos designation) can be incredibly valuable. The designation means the student will get the financial tools and education they need from credit unions that understand how to deliver products and services in ways that truly connect with Hispanic students and their families. For example Hispanic students will most likely be bilingual and able to connect with CU staff in either Spanish or English; their families, however, may need Spanish-speaking staff to help them understand their financial planning options and make the best use of a CU’s products and services.
By connecting with Hispanic students and helping them reach their educational and career goals, credit unions can strengthen their ties with their communities and create long-lasting relationships with those students as their financial needs grow and change. And it certainly doesn’t take an advanced degree to know that’s a combination that benefits everyone.Leave a comment