Younger Hispanics, under the age of 24, are a market with specific needs and likes that include apparel, entertainment and gadgets (Photo by Shuttershock)

With more than 16 percent of the total U.S. population being Hispanic, it’s not a shock to see businesses making concrete marketing plans to target Latinos. What is really surprising though is that not nearly enough effort is being made to connect with the younger portion of this ethnic group, which accounts for 20 percent of the total teen population in the country today, according to the Credit Union Times.

Younger Hispanics, under the age of 24, are a market with specific needs and likes that include apparel, entertainment and gadgets – but they do not necessarily respond to the same marketing efforts as their Caucasian counterparts. For instance, 92 percent of Hispanics under 24 watch some type of sport and that is significantly higher than younger groups in other demographics, according to The Members Group. Also, while only 21 percent of Caucasian youth uses wireless data services, young Hispanics account for 37 percent.

Yet, according to the Credit Union Times, businesses do not understand this segment of the population and often either address them in Spanish or with marketing materials that have been translated from the ones used to target their parents. Neither option seems to click with the younger generation of Hispanics.

Because of their level of acculturation, younger Hispanics prefer to be addressed in English for one, yet they still follow their Hispanic roots and, as their parents, rely their choices mostly on word of mouth from friends and family members, says the Credit Union Times.

However, unlike their parents, the younger Hispanics are focused on planning a future as, often, American citizens.

“There is a huge opportunity to reach out to this audience that’s thirsty for financial services as they plan for their future,” said  Miriam De  Dios, vice president at Coopera, quoted by the Credit Union Times.

In fact, first steps are being taken towards supplying solutions to the specific needs of the group. According to The Members Group, eight credit unions have agreed to offer the Coopera Credit Card, a prepaid option, which targets young Hispanics.

Read the complete report in the Credit Union Times