A recent poll conducted in July of this year, by Coinstar, Inc. found that the majority of U.S. Hispanics have changed their financial plans for the remainder of 2010 so as to better protect their financial futures and in reaction to an economic scenario they don’t see improving.
In the Hispanic National Currency poll, close to nine in ten (89%) of those Hispanics who plan to alter their financial plans for the year indicated that they’ll put more of a focus on saving. In addition, they are closely monitoring their budgets, saving more of their spare change and cashing in their loose coins more often than they did just a year ago.
“Hispanics should consider their additional loose change to be an important part of their household budget,” said Elianne E. Gonzalez, personal finance columnist and web author. “I encourage families to look to their coin jars as an easy way to encourage savings for defined goals and to supplement their spending.”
Some notable key findings from the poll include the following:
* Where Does the Money Go? An overwhelming majority (95%) of Hispanics save money in some shape or form. Over seven in ten (71%) put it directly in their bank accounts, while 55 percent let their funds build up in a piggy bank or other container.
* Money in My Pocket. Close to nine in ten (89%) of those Hispanics who plan to alter their financial plans for the year think they’ll save more than they did before. Far fewer (8%) expect to spend more money.
* Who Saves More? More Hispanic men than women (65% vs. 59%) save a percentage of their income each month. On average, men put aside 14 percent compared to women who put away 10 percent.
* Staying on Top of Household Budgets. Close to six in ten (59%) Hispanics reevaluate their household expenses at least once a week to ensure they are staying on track.
* Saving for a Rainy Day. While some plan to spend their accumulated change on fun purchases (40%), others have their minds on their financial future and plan to use their coins for bills or expenses (38%), or simply save it (37%). Far fewer (5%) plan to invest their money during such a rocky financial time.
* Budgeting Ahead. The main reason three in ten (30%) Hispanics let their coin containers fill up is to have funds on hand in case of emergencies. Nine percent do this to save up for a big purchase down the road.
* Teach Your Children Well. About one in seven (14%) Hispanics accumulate loose change so that they can set a good example for their children.
“We believe there is approximately $10 billion in coins sitting idle in homes across the U.S.,” said Engle Saez, vice president of category management and consumer experience, Coinstar, Inc. “This is real money that Coinstar can help consumers activate so it can be used as part of their everyday household budget.”