Hispanics Taking Control of Their Finances |
New Coinstar Survey Reveals Hispanics More Serious About Finances and
Teaching Children the Value of Money
BELLEVUE, Wash., June 17 /PRNewswire/ -- With household budgets getting
tighter every day, Hispanics in this country find that saving loose change
over time can supplement their daily budget. The Coinstar Hispanic National
Currency Poll revealed today that an overwhelming majority (92 percent) of
Hispanics currently accumulate coins compared to 77 percent just one year
ago*, and most are either using these funds to help pay bills and other
expenses, or saving it for a rainy day.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080625/AQW512LOGO)
"In this economic climate Hispanics are realizing that this is the year
of change and are taking this time as an opportunity to rethink their
budgets and how they spend their money," said Elianne E. Gonzalez, personal
finance columnist and author.
While Hispanics are focused on their finances and making sure they are
saving and paying bills, there's a lot more on their minds. For some, the
accumulated change is a great way to set an example for their children and
teach them the value of saving money. In fact, this year, one in six
respondents said their primary reason for accumulating change is to set a
good example for their children, up from last year* when just one in 10
said they accumulate change for this reason.
"Hispanic parents, in particular with this new mentality to save more,
want to teach their children early on the power of saving. By keeping small
change around the house it helps kids to literally see how their effort
turns into something powerful that allows them to fulfill a dream, to buy a
toy they love, or to engage in activities that they've been planning,"
added Gonzalez.
When establishing a savings goal, Gonzalez recommends that part of the
funds gathered be used for the set goal, and the rest should be saved. This
way, you can accomplish a short-term goal, while learning how to work on a
long-term accomplishment. "This system doesn't work just with children -
adults can use the same strategy of budgeting to save for future goals,
while they work to treat themselves, or vice versa," said Gonzalez.
Key survey results on what Hispanic parents are doing to teach their
children about the value of money include:
-- 52 percent said their children have a piggy bank or container to save
loose change.
-- 38 percent reported their children save their money to buy special gifts
for themselves.
-- 37 percent said their children are given money for doing certain
chores/housework.
-- 34 percent reported their children have a savings account.
Other key findings from the Coinstar Hispanic National Currency Poll
include:
-- In an effort to save money, 94 percent of Hispanics have cut back
spending in many areas of their lives in the last 12 months. Topping the
list of items that have been cut are dining out at 75 percent,
entertainment at 69 percent, and clothes shopping at 67 percent.
-- To help stretch the budget, 69 percent of respondents said they are only
buying the necessities, rather than the "extras."
-- 68 percent are clipping coupons to help stretch their budget and 59
percent are buying generic or store-brand products rather than
name-brands.
-- Vacation plans will also be affected by the economy. More than three in
four (76 percent) who plan on a stay-at-home vacation this summer say
they originally wanted to go on a trip elsewhere but decided to remain
home for financial reasons.
About Coinstar
Coinstar, Inc. (Nasdaq: CSTR) is a multi-national company offering a
range of 4th Wall(R) solutions for the retailers' front of store consisting
of self-service coin counting, DVD rental, money transfer, electronic
payment solutions, and entertainment services. The Company's products and
services can be found at more than 90,000 points of presence including
supermarkets, drug stores, mass merchants, financial institutions,
convenience stores, restaurants and money transfer agent locations. For
more information http://www.coinstarespanol.com or http://www.coinstar.com.
About the Coinstar Hispanic National Currency Poll
The Coinstar Hispanic National Currency Poll was conducted by Kelton
Research between April 29 and May 5, 2009, among 500 nationally
representative Hispanic Americans using an email invitation and an online
survey. Quotas are set to ensure reliable and accurate representation of
the total U.S. population of Hispanic Americans ages 18 and over. The
survey has a margin of error of +/- 4.4%. The poll was developed to provide
information to better understand coin and currency habits in America, and
track trends, behaviors and attitudes towards currency - both traditional
and new forms, as well as related topics.
*The Coinstar 2008 National Currency Poll was conducted by Kelton
Research between May 9th and May 19th, 2008, using an email invitation and
online survey to 500 Nationally Representative Hispanic Americans ages 18
and older.
SOURCE Coinstar, Inc.
back to topRelated links:
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20080625/AQW512LOGO
http://photoarchive.ap.org PRN Photo Desk,
photodesk@prnewswire.com
CONTACT:
Sonia Sroka, +1-212-601-8393,
Sonia.Sroka@porternovelli.com, or Jessica Sheets,
+1-206-770-7081, Jessica.sheets@porternovelli.com, both of Porter
Novelli, for Coinstar, Inc.
