Page 22 - Michigan Credit Union League: 2018 Contact Q3

THE 6 KEY DIFFERENCES DRIVING
MULTICULTURAL CONSUMER BEHAVIOR
By Opal Tomashevska
Over the past five years, multicultural consumers have
accounted for 100 percent of the U.S. population growth
and 61 percent of credit union membership growth. As the
population becomes increasingly diverse, understanding
cultural differences might cause credit unions to reconsider
their communications and product delivery channels.
CUNA Mutual Group’s What Matters Now™: Insights from
Multicultural Consumers research uncovered significant dif-
ferences in behavioral areas, such as financial product
ownership and research behaviors. It also uncovered six
attitudinal themes where multicultural consumers ranked
considerably higher than white consumers: optimism, hustle,
living in the moment, worry, generosity and community spirit.
Optimism. It’s a mindset that includes hopefulness and
confidence about the future. People of color view optimism
as an element of their identity significantly higher than the
white population. In addition, African-American, Hispanic and
Asian consumers responded “yes” twice as often as white
consumers when asked whether they believed they would
become rich in their lifetime.
Hustle. Our research showed “hustle” to be defined as
resiliency and creativity. And, like optimism, hustle is often working together, eight to 16 percentage points above that
fueled by hopes and dreams, as well as concern for others.
Multicultural consumers feel that always striving for excel-
lence is an important part of their personal identity and
growth. Think of all the ways you can align with multicultural credit union’s performance. Download CUNA Mutual Group’s
consumers as they strive to achieve their financial goals;
loans for school and businesses, savings plans for reaching
larger goals, retirement and giving back to the community
are just a few.
Living in the moment. We found that multicultural consumers
value the experiences around purchases and sharing those
purchases with others more than the material item itself.
Living in the moment is a goal, with 42 percent of Hispanic
22 THIRD QUARTER 2018 I CONTACT
consumers, compared to 23 percent of white consumers,
saying they strive to live in the moment.
Worry. What people worry about varies greatly among racial/
ethnic groups. While one in five Asian consumers worries
about having enough money to care for a parent or loved one,
white consumers are most concerned about retirement and
health care costs. African-American consumers share the
same concerns, plus paying bills and mortgages. The worries
of Hispanic consumers are more pronounced across all areas.
Generosity. While white and Asian consumers might be
more likely to purchase traditional passive investment prod-
ucts — like mutual funds — Hispanic and African-American
consumers might take a more active approach. They prefer
to finance a family or local business, something that’s con-
nected to them, something they can touch and feel rather
than giving their money to a financial institution they might
interpret as “impersonal.”
Community spirit. Multicultural consumers think about their
family, extended family and even their community more
often when it comes to financial decisions. African-American
and Hispanic consumers believe they can achieve more by
of white consumers.
Consider how these cultural differences can and will impact your
e-book at cunamutual.com/whatmattersnow to learn more.
Opal Tomashevska is the multicultural business strategy man-
ager at CUNA Mutual Group, the leading provider of insurance
and financial services to credit unions and their members. In
this role, Opal is responsible for advancing the efforts of the
Multicultural Center of Expertise, which includes gaining a
deeper understanding of underserved consumers. Contact
her at Opal.Tomashevska@cunamutual.com