Bank of America announced today that all content from ®, its free financial education platform, is available in Spanish. Now, users can access the full suite of easy-to-understand tools and resources in Spanish and have the power to make sense of their money and take steps to improve their personal finances.
In addition, new research from Bank of America reveals Hispanic-Latino Americans prioritize smart financial habits, like tracking expenses and budgeting, at similar and higher rates than non-Hispanics. Fifty-three percent of Hispanic-Latino Americans say they track their expenses every month (compared to 48 percent of non-Hispanics), and 31 percent plan and stick to their budget every month (compared to 24 percent of non-Hispanics). But, they still want to learn more about personal finances – 84 percent of Hispanic-Latino Americans say they’d like to learn more (compared to 69 percent of non-Hispanics) about topics like home ownership, investing, saving and retirement.
“We heard from our partners and communities that Better Money Habits content and tools in Spanish would help more individuals and families have the power to build their financial know-how and achieve their goals,” said Andrew Plepler, global head of Environmental, Social and Governance at Bank of America. “By offering easy-to-understand Better Money Habits resources in Spanish, we can help ease some of the biggest stressors Americans report having about their money.”
Savings is the top financial stressor for both Hispanic-Latino Americans and non-Hispanics (43 percent and 42 percent, respectively). Hispanic-Latino Americans are more stressed than non-Hispanics about housing costs and job security. Thirty percent of Hispanic-Latino Americans reported stress about buying a home or paying their rent/mortgage (compared to 15 percent of non-Hispanics). Twenty-five percent of Hispanic-Latino Americans say they’re worried about losing their job (compared to 11 percent of non-Hispanics).
Hispanic-Latino Americans are twice more likely to wish they knew more about buying a home than non-Hispanics (23 percent compared to 10 percent, respectively), a finding that is underscored by engagement with Spanish-language BetterMoneyHabits.com where the home buying content is among the site’s most accessed information.
Fifty-two percent of Hispanic-Latino Americans are financially tied to their families, compared to just 33 percent of non-Hispanics. Hispanic-Latino Americans are more than twice as likely to say they support or expect to support their parents financially (28 percent, compared to 12 percent of non-Hispanics). Yet, only 5 percent of Hispanic-Latino Americans say they expect their children to support them.
In addition to the suite of resources available on BetterMoneyHabits.com, which are available for anyone, anywhere, Spanish-language capabilities are provided to Bank of America clients across multiple products and services, including mobile, online, financial centers and ATMs. More than 2,000 of the bank’s financial centers have Spanish-language capabilities, including Spanish-speaking representatives. Bank of America’s award-winning mobile app has nearly 2 million active Spanish-language users.
Bank of America commissioned a survey of 1,500 respondents, age 18 or older, to explore their views on personal financial matters. For the purposes of this survey, millennials are defined as ages 23-37, Generation Xers are defined as ages 38-52, and baby boomers are defined as ages 53-71. The survey was conducted online in English and Spanish during the period of October 19-29, 2018. Interviews were conducted by Ipsos Public Affairs, using Ipsos’s KnowledgePanel®, a statistically representative sample source used to yield results that are projectable to the American population. The margin of sampling error for national data is +/- 2.7 percentage points at the 95 percent confidence level. An augment sample of approximately 1,500 Hispanic-Latino respondents, age 18 or older, was also included to obtain a representative general population sample of adult Hispanic-Latino Americans. The margin of error for the Hispanic data is +/- 3.6 percentage points at the 95 percent confidence level.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with more than 36 million active users, including nearly 26 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters may contact:
Vanessa Cook, Bank of America