New MoneyLion Financial Literacy Report Sheds Light on the 2024 Financial Landscape for U.S. Hispanics

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09/16/2024 - 09:00 AM

The MoneyLion Understanding U.S. Hispanic Financial Literacy & Empowerment 2024 Report explores financial literacy and attitudes toward personal finance within the U.S. Hispanic community

NEW YORK--(BUSINESS WIRE)-- MoneyLion (“MoneyLion”) (NYSE: ML), a digital ecosystem for consumer finance that empowers everyone to make their best financial decisions, today shared findings from a new Understanding U.S. Hispanic Financial Literacy & Empowerment 2024 Report¹. Coinciding with the start of Hispanic Heritage Month on September 15, this report, conducted by The Harris Poll and commissioned by MoneyLion, offers a comprehensive exploration of financial literacy and personal finance attitudes of the U.S. Hispanic community.

The report showcases crucial insights into how Hispanics in the U.S. perceive their access to financial resources, their preferred methods for learning about money, and the broader political implications of their financial literacy. With detailed comparisons between Hispanic and Non-Hispanic populations in the U.S., the report highlights key disparities in financial education, time constraints, and familiarity with financial products, offering valuable recommendations for improving financial literacy and access to resources within this rapidly growing community.

Key Findings from the Report:

Preference for Social Media: 24% of U.S. Hispanics turn to social media for financial guidance, compared to just 17% of Non-Hispanics, indicating a strong preference for non-traditional financial information sources.
Strong Interest in Financial Education: 45% of U.S. Hispanics want to learn more about saving money (vs. 33% of Non-Hispanics) if they had time to do so, and 36% are interested in budgeting (vs. 27% of Non-Hispanics).
Time Constraints: A notable 68% of U.S. Hispanics report not having enough time to access financial tools and resources that can help them learn about money and personal finance topics, compared to 51% of Non-Hispanics, underscoring the need for quick, accessible financial education.
Financial Literacy Disparity: The survey revealed significant disparities in financial literacy between U.S. Hispanics and Non-Hispanics. The U.S. Hispanic financial literacy rate of 54% was significantly lower than the 69% of Non-Hispanics.
Gaps in Financial Planning: 53% of U.S. Hispanics have an emergency fund, compared to 67% of Non-Hispanics. Furthermore, only 24% of U.S. Hispanics contributed to a retirement account in the past 12 months, compared to 49% of Non-Hispanics.
Political Engagement: 74% of U.S. Hispanics are more likely to support a presidential candidate who prioritizes financial literacy as one of their main issues.

“Our latest financial literacy survey highlights the strong desire within the U.S. Hispanic community to learn and improve their financial well-being,” said Yuka Yoneda, Vice President of Content Marketing at MoneyLion. “It also shows the barriers this group faces when it comes to learning about money, such as limited time, and a preference for modern formats like short videos for financial education. This data is exciting for MoneyLion as it highlights the impact of our ongoing initiatives to foster financial empowerment and literacy. We’re committed to providing the right mix of tools and support necessary to help Hispanics in the United States - and all Americans - achieve financial success and empower them to make their best financial decisions.”

“The U.S. Hispanic community is one of the most important in the country,” said David Krane, Senior Consultant at The Harris Poll. “As this community continues to grow and exert influence in U.S. society, it’s clear from MoneyLion’s research that providing the right resources to improve financial literacy is essential. Helping U.S. Hispanics build greater confidence in managing their finances is a highly desirable outcome.”

In addition to the report, MoneyLion also launched the latest season of its “No Stupid Questions” content series, hosted by social media finfluencer and award-winning financial educator Lea Landaverde. Designed to fit the needs of busy, everyday Americans interested in up-leveling their financial lives, the show answers some of the most common money questions (crowd-sourced from real users on the MoneyLion app) in simple terms that anyone can understand - and in under 2 minutes per episode.

For more information on the Understanding U.S. Hispanic Financial Literacy & Empowerment 2024 Report, visit MoneyLion’s website here.

About MoneyLion

MoneyLion is a leader in financial technology powering the next generation of personalized products, content, and marketplace technology, with a top consumer finance super app, a premier embedded finance platform for enterprise businesses and a world-class media arm. MoneyLion’s mission is to give everyone the power to make their best financial decisions. We pride ourselves on serving the many, not the few; providing confidence through guidance, choice, and personalization; and shortening the distance to an informed action. In our go-to money app for consumers, we deliver curated content on finance and related topics, through a tailored feed that engages people to learn and share. People take control of their finances with our innovative financial products and marketplace - including our full-fledged suite of features to save, borrow, spend, and invest - seamlessly bringing together the best offers and content from MoneyLion and our 1,200+ Enterprise Partner network, together in one experience.

MoneyLion’s enterprise technology provides the definitive search engine and marketplace for financial products, enabling any company to add embedded finance to their business, with advanced AI-backed data and tools through our platform and API. Established in 2013, MoneyLion connects millions of people with the financial products and content they need, when and where they need it.

For more information about MoneyLion, please visit www.moneylion.com. For information about Engine by MoneyLion for enterprise businesses, please visit www.engine.tech. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on X.

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¹ The insights featured in this report were compiled using data collected from an online survey conducted in the United States by The Harris Poll on behalf of MoneyLion from 8/9/2024-8/14/2024 among 1,009 U.S. residents (half of whom were Hispanic (n=506) and the other half Non-Hispanic (n=503)), provides a detailed comparison between these two groups over the ages of 18 and older).