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It’s fair to say you learn finance management from watching your parents. But that’s not the case among Hispanics, with millennials leading the way to fix their credit.
According to new research from Chase Bank, U.S. Hispanics are more upset about their credit health than Americans nationally, but 81 percent have taken steps to fix it, compared to 72 percent of Americans. On top of this, Hispanic millennials (66 percent) are more likely to have a plan in mind to fix their credit than Baby Boomers (40 percent).
Less than half of Hispanics are content with their credit at 47 percent, compared to Americans nationally at 55 percent. Mical Jeanlys, with Chase Slate, pins the difference down to one reason — exposure.
“U.S. Hispanic adults are newer to credit and credit cards than U.S. adults overall, but they are diligent about checking their credit score and finding actionable ways to improve it,” says Jeanlys.
Regardless of where their credit score rests, Hispanic people are making moves to fix it. Close to 90 percent have checked their credit and have done so in anticipation of making a big purchase.
Overall, they’re trying to play catch up and focusing on credit score improvement.
Eighty-one percent are more likely to have already taken at least one step to improve their credit score — compared to 72 percent of U.S. adults.
Knowing your credit score can be useful, but not if you don’t know how to use it. Hispanic men are more likely to know and check their credit, whereas Hispanic women have a better understanding of what it gets you.
A quarter of Hispanic men know their credit score and 44 percent check it monthly. That’s compared to 55 and 19 percent respectively for women.
On the flip side, 77 percent of Hispanic women believe good credit is very important when it comes to buying a house. That’s 11 percent more than Hispanic men who come in at 66 percent.
One thing both men and women understand is that chit chat over finances might not lead to a good first date. Only 16 percent of men and 11 percent of women are willing to talk money on a first date.
Assuming they make it past that first date, Hispanics do want to work on improving their credit and almost two thirds plan to pass that knowledge onto their children.
“There is much optimism among Hispanics in this year’s survey about improving credit health,” said Chase financial education ambassador Brittney Castro. “I encourage everyone to learn about their finances and use tools to put a financial plan in action. A first step is checking their credit score and understanding the top factors impacting it.”
Published by Debt.com, LLC Mobile users may also access the AMP Version: Hispanics Are Mad About Their Credit - AMP.