Nearly 4 in 10 Latino women take on insurance decisions

By National Underwriter

National Underwriter

By Warren S. Hersch

Latino women control household spending for the lion’s share of the $1.2 trillion Hispanic market in the U.S., new research shows.

The Nielsen Company, a unit of Nielsen Holdings N.V., unveils this finding in “Latina Power Shift.” The report explores changes among Latino women and their increasingly central role in the U.S. economy.

Eighty-six percent of Latinas say they are the primary or joint decision-maker for every product category examined in the study, including:

● Insurance (38 percent primary vs. 50 percent joint)

● Family finances (41 percent vs. 50 percent)

● Home electronics (33 percent vs. 50 percent)

● Food (67 percent vs. 33 percent);

● Pharmaceuticals (59 percent vs. 38 percent); and

● Clothes (66 percent vs. 34 percent)

The study adds that nearly a quarter of Latinas (24 percent) have increased their personal financial contribution to the household during the past year. They intend to spend the extra money they earn over the next five years on building the financial security of their family, primarily by paying off debt and increasing their savings.

The report identifies the following as areas where Latino women will boost spending over the next five years:

Pay off debt73% (135)
General savings63% (121)
Retirement savings38% (112)
Education for self21% (263)
New home21% (350)
Home electronics20% (143)
Personal electronics19% (119)
Investments19% (190)
Having another child16% (145)
Education children15% (136)

(Top indices to non-Hispanic white females)

Latinas’ economic power is growing in tandem with an increase in the U.S. Hispanic population. The study projects that Latino women will account for 17 percent of the U.S. female population in 2015, as compared to 62 for non-Hispanic white women and 21 percent for the non-Hispanic ethnic female population.

By 2035 and 2060, Latinas are forecasted to grow to 23 percent and 30 percent, respectively, of the U.S. female population.

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