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Many Hispanics saving change: Coinstar poll
August 30, 2010
The Coinstar Hispanic National Currency Poll revealed recently that a majority of Hispanics have changed their financial plans for the remainder of 2010 in an effort to better protect their financial futures. Close to nine in 10 (89 percent) of those Hispanics who plan to alter their financial plans for the year indicated that they'll put more of a focus on saving. In addition, they are closely monitoring their budgets, saving more of their spare change and cashing in their loose coins more often than they did just a year ago.
There were more notable findings from the poll:
• Where Does the Money Go? An overwhelming majority (95 percent) of Hispanics save money in some shape or form. Over seven in 10 (71 percent) put it directly in their bank accounts, while 55 percent let their funds build up in a piggy bank or other container.
• Money in My Pocket. Close to nine in 10 (89 percent) of those Hispanics who plan to alter their financial plans for the year think they'll save more than they did before. Far fewer (8 percent) expect to spend more money.
• Saving for a Rainy Day. While some plan to spend their accumulated change on fun purchases (40 percent), others have their minds on their financial future and plan to use their coins for bills or expenses (38 percent), or simply save it (37 percent). Far fewer (5 percent) plan to invest their money during such a rocky financial time.
"We believe there is approximately $10 billion in coins sitting idle in homes across the U.S.," said Engle Saez, vice president of category management and consumer experience, Coinstar Inc.
About The Coinstar Hispanic National Currency Poll
The Coinstar Hispanic National Currency Poll was conducted by Kelton Research between July 2 and July 12, 2010, via e-mail invitation and an online survey. Quotas were set to ensure reliable and accurate representation of the Hispanic population ages 18 and over. Results of any sample are subject to sampling variation.
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