Hispanics Taking Control of Their Finances
New Coinstar Survey Reveals Hispanics More Serious About Finances and Teaching Children the Value of Money
With household budgets getting tighter every day, Hispanics in this country find that saving loose change over time can supplement their daily budget. The Coinstar Hispanic National Currency Poll revealed today that an overwhelming majority (92 percent) of Hispanics currently accumulate coins compared to 77 percent just one year ago*, and most are either using these funds to help pay bills and other expenses, or saving it for a rainy day.
"In this economic climate Hispanics are realizing that this is the year of change and are taking this time as an opportunity to rethink their budgets and how they spend their money," said Elianne E. Gonzalez, personal finance columnist and author.
While Hispanics are focused on their finances and making sure they are saving and paying bills, there's a lot more on their minds. For some, the accumulated change is a great way to set an example for their children and teach them the value of saving money. In fact, this year, one in six respondents said their primary reason for accumulating change is to set a good example for their children, up from last year* when just one in 10 said they accumulate change for this reason.
"Hispanic parents, in particular with this new mentality to save more, want to teach their children early on the power of saving. By keeping small change around the house it helps kids to literally see how their effort turns into something powerful that allows them to fulfill a dream, to buy a toy they love, or to engage in activities that they've been planning," added Gonzalez.
When establishing a savings goal, Gonzalez recommends that part of the funds gathered be used for the set goal, and the rest should be saved. This way, you can accomplish a short-term goal, while learning how to work on a long-term accomplishment. "This system doesn't work just with children - adults can use the same strategy of budgeting to save for future goals, while they work to treat themselves, or vice versa," said Gonzalez.
Key survey results on what Hispanic parents are doing to teach their children about the value of money include:
-- 52 percent said their children have a piggy bank or container to save loose change. -- 38 percent reported their children save their money to buy special gifts for themselves. -- 37 percent said their children are given money for doing certain chores/housework. -- 34 percent reported their children have a savings account.
Other key findings from the Coinstar Hispanic National Currency Poll include:
-- In an effort to save money, 94 percent of Hispanics have cut back spending in many areas of their lives in the last 12 months. Topping the list of items that have been cut are dining out at 75 percent, entertainment at 69 percent, and clothes shopping at 67 percent. -- To help stretch the budget, 69 percent of respondents said they are only buying the necessities, rather than the "extras." -- 68 percent are clipping coupons to help stretch their budget and 59 percent are buying generic or store-brand products rather than name-brands. -- Vacation plans will also be affected by the economy. More than three in four (76 percent) who plan on a stay-at-home vacation this summer say they originally wanted to go on a trip elsewhere but decided to remain home for financial reasons. About Coinstar
About the Coinstar Hispanic National Currency Poll
The Coinstar Hispanic National Currency Poll was conducted by Kelton Research between April 29 and May 5, 2009, among 500 nationally representative Hispanic Americans using an email invitation and an online survey. Quotas are set to ensure reliable and accurate representation of the total U.S. population of Hispanic Americans ages 18 and over. The survey has a margin of error of +/- 4.4%. The poll was developed to provide information to better understand coin and currency habits in America, and track trends, behaviors and attitudes towards currency - both traditional and new forms, as well as related topics.
*The Coinstar 2008 National Currency Poll was conducted by Kelton Research between May 9th and May 19th, 2008, using an email invitation and online survey to 500 Nationally Representative Hispanic Americans ages 18 and older.
NOTE TO EDITORS:
- Fact Sheet from the Coinstar Hispanic Currency Poll
- Household idle coin data by region
First Call Analyst:
PRN Photo Desk,
SOURCE: Coinstar, Inc.
CONTACT: Sonia Sroka, +1-212-601-8393,
Jessica Sheets, +1-206-770-7081,
Porter Novelli, for Coinstar, Inc.