STAFFORD, Texas, Aug. 15, 2023 (GLOBE NEWSWIRE) — Money Management International (MMI), a nonprofit organization, is pleased to announce it has received a generous grant from JPMorgan Chase to launch new advertising and branding initiatives targeted specifically to underserved consumers within the Hispanic community.
The program is designed to increase reach to Hispanic families who are struggling with debt and extend services to help them navigate financial challenges.
“This grant will be used for inclusive marketing with messaging designed to inspire Hispanic families to take the first steps toward overcoming the stigma of debt and to overcome barriers they may face reaching their financial goals,” said Emanuel Rivero, Senior Director at MMI.
A report by the Urban Institute at its 2019 Summit on Hispanic Wealth found that Hispanic families own fewer financial assets ($20k) than non-Hispanic white families ($100k). Young Hispanics are adding to their student loan debt but not to their savings and 83% of Hispanic millennials have no retirement savings, compared with 66% of non-Hispanic white millennials.
“We know authentically diverse advertising is important to create a connection, and our goal is to use this grant to create a strategy that best relates to this community and offer solutions for financially at-risk households that may not have been included in the past,” Rivero said.
There were about 62.5 million Hispanics in the U.S. as of 2021, according to Census Bureau data, about 19% of the population. In 2022, approximately 29% of MMI’s clients across all services identified as Hispanic.
“MMI changed my life. The good habits that I learned are now a part of my lifestyle which I discuss and practice with my partner daily,” said MMI client and peer advocate Tomás Aguirre who paid off more than $130,000 in debt. “I have learned how to save and financially plan for the future while not spending money I do not have or can pay back immediately. Best of all I am passing on these skills to my three children.”
Hispanics face unique challenges to both short- and long-term savings. Only 15% of Hispanic families have three months of living expenses saved, compared with 42% of non-Hispanic families.
About MMI
Money Management International (MMI) is changing how America overcomes financial challenges. MMI helps create, restore, and maintain a life of financial wellness through empowered choices. For 65 years, our clients have achieved financial confidence through nonprofit programs that educate, motivate, and liberate. MMI inspires action by delivering expert professional guidance and timely solutions aligned with our client’s goals. Experiencing a financial challenge? Find your solution 24/7 at 866.864.8995 and MoneyManagement.org.
For reporters looking to interview real people for stories, MMI has created a group of over 300 clients from across the country who are willing to share their experiences with the media in the hopes of helping others challenged with debt. Our peer advocates have paid off $14 million of debt and now serve as MMI ambassadors. Hear from them on MMI’s podcast, Long Story $hort.
To schedule an interview with MMI’s Emanuel Rivero, MMI client Tomás Aguirre, or any of our MMI Peer Advocates, please contact:
Thomas Nitzsche, 404.490.2227, Thomas.Nitzsche@MoneyManagement.org
Lori Geary, 404.551.2151, lgeary@lexiconstrategies.com
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