Fiesta con corazón, futuro con visión
Celebrate with heart, build the future with vision
From festival pride to financial empowerment, how credit unions can lead with trust, education and action.
Photo credit: Fiesta DC
Across North America, the fall season brings celebration. On September 6, thousands will gather in Ottawa for the Latin Sparks Festival, one of Canada’s largest open-air fiestas. Soon after, Washington, DC will host Fiesta DC, celebrating Latino culture, music and community. These events are vibrant, joyful and full of pride. They reflect a community that is growing in size, influence and confidence.
But beyond the celebrations, the financial picture tells a different story. Across North America, millions of Hispanic families are navigating their financial lives on the margins. Many are underserved or entirely disconnected from traditional banking. According to 2024 FDIC data, 60 percent of Hispanic Americans are either unbanked or underbanked. It's a number that points to systemic barriers, gaps in trust and missed opportunities to build financial wellbeing.
For credit unions, this is not just a problem to fix. It is a call to lead. A chance to reach those who need support the most and build lasting relationships rooted in trust and inclusion.
Unbanked households have no checking or savings account at all. Underbanked households may have an account but still rely on alternative services like payday loans, cheque cashers or money orders. Both fall under the broader category of underserved; people without consistent access to affordable mainstream financial services.
A growing population with growing financial influence
The Hispanic population in the United States now exceeds 62 million, making up nearly one in five Americans. In Canada, Latin Americans represent a smaller but rapidly growing group, estimated at over one million, concentrated in urban centers like Toronto, Montreal, Calgary and Vancouver.
And the story is consistent: this is a young, digitally connected, family-oriented population with rising economic influence; yet still disproportionately excluded from the financial tools, education and guidance that build long-term security.
In the U.S., the median household income for Hispanic families stood at about $65,540 in 2023, below the national median of roughly $80,610.
While income is rising, access to savings, credit and retirement programs remains uneven, even for those earning solid wages. In Canada, Latin American Canadians also face a persistent earnings gap. Research shows Latin American men earn only about 68¢ for every $1 earned by non‑racialized white Canadian men. In certain urban districts, such as Toronto’s Davenport, Latin American households reported a median income of only $39,600.
These disparities persist despite rising incomes and higher participation in the workforce. Crucially, income alone doesn’t guarantee financial health: many are still unable to build emergency savings, access affordable credit or plan for retirement; not for lack of ambition, but from lack of access, education and tools.
Why many turn away from traditional banks
Language is only part of the story. Many Hispanic families, especially recent immigrants, bring experiences of financial instability from their home countries and encounter unfamiliar systems, documentation hurdles and financial institutions that often feel unwelcoming or inaccessible, which fuels limited trust in North American banks. A City of New York study found that just 44% of Latin American immigrants were banked, even though they had access to nearby branches. Many actively chose check cashers instead of opening traditional accounts.
When needs arise, people often turn to informal solutions. A national UnidosUS survey revealed 66% of Hispanic respondents borrowed from friends or family, 36% had no emergency savings, and 15% used payday loans or pawn shops to get by.
Predatory, high-cost lenders fill the gap. Hispanic households are 3.1 times more likely than white households to use payday loans, and in 2020, Black and Hispanic families paid a staggering $127 billion in interest and fees for high-cost financial products. A Consumer Financial Protection Bureau report found that 63% of payday loan users remained in debt months later, with Hispanic and low-income users disproportionately affected.
These patterns are not just financial, they’re emotional, generational and deeply destabilizing. Credit unions have a unique opportunity to break this cycle. By building trust, offering affordable alternatives, and showing up with culturally relevant education, they can grow membership and improve lives in the communities that need them most.
The opportunity is real
There is both a strategic and humanitarian case for action. The Hispanic community remains underserved, but it is also young, digitally connected and eager to engage with financial institutions that understand their needs. The population is growing. So is its economic power—and the desire for financial stability runs deep.
Credit unions that choose to invest in this relationship now will see rewards on multiple levels. They’ll earn trust. They’ll grow deposits, increase lending and build lasting loyalty. They’ll help limit the reach of alternative and predatory lenders. And above all, they’ll be doing what credit unions were built to do: serve those who need support the most.
How to begin
Reaching Hispanic communities isn’t a one-time initiative. It requires consistent, practical efforts that build trust over time. That means:
Bilingual content that reflects cultural nuance
Partnerships through schools, churches and community organizations
Marketing that educates and empowers, not just promotes
Mobile and digital tools that match how people bank
Access to financial education resources in Spanish
Representation across your team, especially frontline staff who reflect the communities you serve
A powerful tool in your hands
At Currency Marketing, we’ve spent years helping credit unions bring financial literacy to life through It’s a Money Thing. And now, we’re excited to introduce the updated Spanish Bundle—six foundational topics, fully translated and culturally adapted.
The Spanish Bundle is available as a standalone resource or as an add-on to one of our other plans. It’s a great way to start engaging Spanish-speaking members and empowering them with relevant, trustworthy financial knowledge.
Included topics:
Each topic includes a video, an article, and classroom-ready handouts. All that’s left is to sign up, reach out to a local school, community center, church or nonprofit—and start making an immediate impact.
