As multicultural consumers come to occupy a greater and greater proportion of total American
wealth and spending power, they are demanding more and more attention from the financial
sector, and they represent a fantastic opportunity for growth.
New American Dimensions has extensive experience working with banks, insurance companies,
lending institutions, credit card providers, and investment companies, and we have worked
with some of the best in the business at making their financial products and services more
attractive to multicultural consumers at all ranges of the socio-economic spectrum.
Marketing financial products to multicultural Americans is especially tricky following the
devastating impact of the Great Recession on minorities. According to a study conducted by the
Pew Research Center, in 2014, between 2005 and 2009, Hispanic households lost 66 percent of
their wealth and black households lost 53 percent (white households lost 16 percent).
However, the worst seems to be behind us, and all but the most skeptical pundits are projecting
slow, but steady, growth in the coming years.
Yet multicultural Americans continue to pose unique challenges to financial marketers. For
example, each multicultural segment often manifests different financial needs and a distinct
way of viewing such factors as risk, reward, and attitudes toward the future. For example, in
many immigrant cultures, planning for one’s future financial needs sometimes takes a backseat
to the expectation that one’s family will be a significant source of support during the retirement
years. Many immigrants and low income consumers may lack a credit history. LGBT
individuals and families frequently face unique anxieties regarding saving, investing, and estate
planning, although many of these will likely diminish with the legalization of gay marriage.
Getting people to openly discuss their financial situation is often a challenge to marketers, and
getting honest and direct feedback is sometimes difficult. At New American Dimensions, we
have dozens of projects under our belt, and we have learned how to ask the right questions and
correctly interpret the answers. From testing advertising copy to partnering with our clients to
develop detailed marketing plans, we offer our financial clients the benefit of our experience,
so that they may succeed in an increasingly segmented and diverse marketplace.