SABEResPODER’s goal is to listen to the Latino community in the United States and to provide tailored information, products and services. With this in mind, we surveyed 56,000 people from our community about their financial habits and their relationship with the country’s banking institutions. Check out some of the most interesting findings below!
Most Latinos have bank accounts, but they don't trust banks
Having access to banking services is, undoubtedly, one of the most important factors for the personal and financial development of any person in this country. Fortunately, our survey shows that most Latinos already have a bank account. Of the 56,000 people we surveyed, 82% reported having at least one. However, when we consider that only 6% of the general US population doesn’t have a bank account, it is clear that the Latino community is still underserved by financial institutions.
If you are part of the 18% that do not have a bank account, we want you to keep in mind that they are the safest and most convenient method to store and use your funds, and getting one is easy and free.
This low rate of financial services usage by our community is likely due to the fact that we generally do not trust banks. When asked if they trust the US financial system, nearly a third of our respondents said no. This is probably because more than half (55%) also believe that banks are not impartial institutions.
The data collected from our Rewards Center is incredibly important to SABEResPODER. A perfect example of this is that with the realization that many Latinos distrust banks in the US, we decided to launch our own line of financial products that are specifically tailored to cater to the Latino community. Our first product, PODERcard, is a digital checking account with debit card that offers:
100% bilingual customer service
No annual maintenance fees
Paycheck deposits up to two days early when using ASAP Direct Deposit™*
and much more!
Accessing basic banking features is incredibly important, but so is credit. That's why we also asked about the community's needs and activities around this topic. We found that only 29% of the respondents have a credit card.
Noting this, and keeping in mind the relative importance of credit cards, SABEResPODER has focused on launching a credit card next. We currently have a waitlist in place for anyone interested. This card will not have any annual fees and be accessible to people even if they don’t have a SSN.
There’s more room to leverage credit
Credit is an incredibly valuable tool that is essential for many life-changing events, such as buying a new car or home or starting a business. Our community seems to be well aware of this, since 79% said they know how important credit is in the US. However, we found that almost half of them either don't have a credit score or don't know if they do.
Our community is hardworking, honest and responsible, so the use of credit should not be problematic. This is supported by our data: the majority of our respondents (43%) have no outstanding debt and only 3% owe more than $5,000.
There’s still work to be done in fostering good saving habits
Unfortunately, it's not all good news. One of the most alarming results we found is that only 55% of the people surveyed said they save part of their income.
We know that saving may seem complicated when there are so many expenses to deal with, but it is possible if you create a healthy financial strategy. If you’re not currently saving and you want to start now, we suggest reading this guide, where you will find 10 tips to save money.
PODERcard: the account you can trust!
Based on the knowledge we’ve gained from our community, SABEResPODER designed a digital bank account that offers what Latinos need. Here are some of the main features of PODERcard:
Also, because 78% of people said they prefer to deal with their banks over the Internet, PODERcard is 100% online. The savings we get from having no physical branches are passed on to you, and you’ll never have to to wait in line!
Our Rewards Center is a win-win!
As you can see, SABEResPODER values the opinions of each and every one of our members. This is the foundational idea behind our Rewards Center, where you can voice your opinion and get paid to do so. If you are already a member of this amazing program, we suggest you log in now to continue earning money. If you haven't signed up: what are you waiting for? Creating an account is quick and easy.
*ASAP Direct Deposit™ - Early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period.
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