To extend its longstanding legacy of service in the Hispanic community, in November 2012 Univision Communications launched Plan Prosperidad (Prosperity Plan), a comprehensive multiplatform, multi-year national financial empowerment initiative designed to create awareness about financial literacy and entrepreneurship among the Hispanic community in the U.S. The initiative will focus on key topics like building credit, setting financial goals, avoiding fraud and how to start or expand a business.
As the fastest growing ethnic group in the US, the financial well-being of Hispanics is critically important to the overall success of the national economy. The “Great Recession” had an outsized impact on the Hispanic community which has been particularly hit by the housing crisis (Pew Center). More readily accessible and understandable information about the financial system and good financial practices could have prevented some of the pain caused by the housing collapse.
Despite economic challenges, Hispanics in the US have proven to be hard-working and entrepreneurial. The 2010 Census showed that there were more than 2 million Hispanic-owned businesses in this country creating jobs and generating nearly $275 billion in revenues. According to the Kauffman Index of Entrepreneurial Activity, Hispanics are the most entrepreneurial ethnic group in the country. Between 2009 and 2010 their business-creation rate was the highest ever recorded. Hispanic purchasing power is more than $1 trillion today and is expected to reach $1.5 trillion by 2015—larger than the economies of Canada and Spain. Clearly the economic and financial potential for Hispanics is high.
“Financial education supports not only individual well-being, but also the economic health of our nation,” said U.S. Federal Reserve Chairman Ben Bernanke in August 2012. Improved access to information and awareness of basic financial strategies will help families as they strive to reach the American Dream. The long term result will be that more Hispanics can afford to go to college, own a home, start or expand a business and fully participate in growing the US economy.
The Plan Prosperidad initiative communicates with four target audiences:
- Parents: Hispanic mothers and fathers are worried about the job market, paying for college, buying a home and investing for retirement. More information will ease stress and help them make better decisions for the next generation.
- The Next Generation: Good personal finance starts at a young age. Second and third generation Hispanics need to learn more about credit, savings and investments at a young age. As they grow older they will have more purchasing power than their parents.
- Small business owners: Hispanic business ownership is on the rise and in this challenging U.S. market entrepreneurs need to be more creative and savvy with how they manage revenue, profits and expansion. Plan Prosperidad will also help connect Hispanic business owners to the La Idea business competition.
- First Generation Immigrants: Recent arrivals to the U.S. are hard-working and looking for good ways to save and send their money. They are basic consumers that can benefit from more information about the costs of cash and how to avoid high fees and fraud.
Working with an advisory board that includes financial experts and practitioners, the multi-platform, multi-year Plan Prosperidad initiative consists of a number of elements, including:
- A national multi-media campaign across all Univision platforms including Univision, UniMás and Galavisión Networks, Univision Television Group, Univision Radio and Univision Interactive Media;
- Designated website (www.univision.com/prosperidad);
- Social media campaign #planprosperidad
- Special TV and radio programming; and
- Grassroots and community efforts in partnership with community serving organizations
For campaign information please contact:
Stephen P. Keppel