Tuesday, March 13, 2018

New TruStage #WhatMattersNow Research Explores Multicultural Consumers for Credit Unions

Today, we released our annual TruStage® What Matters Now consumer research at CUNA’s Marketing and Business Development Council Conference. 
The new research reveals insights on multicultural consumers and how their cultural differences can impact business performance. It also shares ways credit unions can reach and establish more meaningful relationships with this core consumer group.
Why multicultural? Over the past five years, multicultural consumers accounted for 100 percent of U.S. population growth and 61 percent of credit union membership growth, according to The Collage Group, Latinum Network.1
Highlights from the new study include:
·    Hispanic consumers are nine times as likely to acquire a small business loan within the next five years.
·    African American and Hispanic consumers are twice as likely to research financial products and services using mobile apps and call to ask about financial products.  
·    Convenience and flexibility are two times more important to Hispanic and African American consumers, even if it means paying higher rates and fees.
·    African American consumers are two times more likely to take-out a student loan than white consumers.
·    And, 69 percent of Asian and white consumers own investment products.
“When examining the research findings, it’s important to remember a person is made up of many unique cultural aspects,” said Opal Tomashevska, manager, multicultural business strategy, CUNA Mutual Group. “Be careful not to over-generalize or create stereotypes from this information and apply it to all members of a certain group. The data shows trends and significant differences, but it does not attempt to speak for every individual."
The new #WhatMattersNow research also reveals significant differences in multicultural consumers’ attitudes, beliefs, values, feelings and priorities. Multicultural consumers rank considerably higher than white consumers in these six areas:
·     Optimism
·     Hustle
·     Living in the moment
·     Worry
·     Generosity
·     Placing the community above the individual.

Click here to read the full announcement, or go to www.cunamutual.com/whatmattersnow for the research report itself.