U.S. Hispanics may mean $1.3 trillion in purchasing power, but language and cultural barriers have made this growing group far more likely to be unbanked or underbanked versus non-Hispanics. NBCUniversal Telemundo Enterprises aims to remedy that with “Tu Dinero Es Tu Future” (Your Money Is Your Future), an initiative designed to promote financial literacy. Rocky Egusquiza, Vice President, Community Affairs at Telemundo, explains.
What inspired the idea for Your Money Is Your Future?
We all know that Hispanics contribute greatly to the overall 
economic health of our nation, yet when it comes to savings and wealth creation, there is data that suggests Latinos are behind. For example, according to a Mintel study, 70% of Hispanics do not have a retirement plan, and U.S. Hispanic households are more than five times more likely to be unbanked than non-Hispanics and according to the Financial Industry Regulatory Authority (FIRA), 46% of millennials are concerned they have too much debt, and many in our community are “living paycheck to paycheck” and accumulating debt. “Tu Dinero Es Tu Futuro” focuses on providing information and tips to empower our communities to reach their short and long term financial goals, one step at time and provides them with the information they need where they are on their financial journey.
What is the most effective way to reach Hispanics on the subject of finance?
Understanding finances can be overwhelming for anyone, but small steps can lead to big results. At Telemundo, we are leveraging linear, digital, social and on the ground activities to provide resources to our community and inform them how to take control of their finances, manage debt, explore home ownership, plan for retirement and pay for college.
Through our on-air segments on Un Nuevo Dia and Noticiero Telemundo, we cover the latest news and information keeping our viewers informed. Through our digital website, www.tudineroestufuturo.com, we provide important information on personal finance powered by CNBC and simple tools, featuring financial calculators, that include key categories such as financial basics, buying a home and planning for retirement in collaboration with the Council for Economic Education. Through our on the ground efforts with our national partners, ASPIRA, CNC and the Hispanic Federation, we are reaching our youth as well as those most in need. For example, with ASPIRA’s Youth Development Program, we will work to engage ASPIRA clubs in an awareness competition, via PSAs and social media, to increase financial literacy among youth utilizing “Tu Dinero Es Tu Futuro” tools.
With CNC, we will host monthly comprehensive financial literacy workshops in Florida, covering topics such as “How to Manage Debt,” “Planning Your Retirement,” and “How to Save and Invest,” and with The Hispanic Federation here in NY working closely with Telemundo 47 we will hold quarterly financial town hall meetings in New York based on the “Tu Dinero es Tu Futuro” curriculum.
Egusquiza at a breakfast announcing Tu Dinero Es Tu Futuro
What type of participation will Telemundo have on TV?
Through our on-air segments on Un Nuevo Dia and Noticiero Telemundo, we cover the latest news and information keeping our viewers informed. And through our public service announcements with Edgardo del Villar, we are able to bring you practical information to lay the foundation for a solid financial future.
The Cynsiders column is a platform for industry leaders to reach out to colleagues, followers, and the public at large. In their own words and in targeted Q&As, columnists address breaking news, issues of the day, and the larger changes going on in the ever-evolving world of television, video and digital. Cynsiders columns live on Cynopsis’ main page and are promoted across all daily newsletters. We welcome readers’ comments, queries, and column ideas at [email protected].
