GE Money and Yahoo! Telemundo Team Up to Help Close Hispanic Financial Education Gap

U.S. Hispanics are projected to spend over $926 billion this year 1; however, research shows they have less understanding and experience managing personal financial matters compared to the average non-Hispanic consumer. GE Money and Yahoo! Telemundo today announced the launch of ‘Soluciones Financieras’ (yahootelemundo.com/soluciones), an online financial education solution that features comprehensive Spanish-language personal finance tools and information designed to empower Hispanics to succeed in their financial lives.

Although many Hispanics are working to integrate successfully into the U.S. financial system, there remains a staggering need for greater emphasis on financial awareness in the Hispanic community. Consider these statistics:

Only 51 percent of Hispanic households have a savings account 2
43 percent of Hispanic workers described their personal knowledge of investing or saving for retirement as "knowing nothing" compared to 12 percent for all workers 3
63 percent of online Spanish-preferring Hispanics feel more comfortable visiting Web sites that are Spanish-language 4
55 percent of online Spanish-preferring Hispanics are more likely to trust companies that have Spanish-language Web sites 5
As noted by industry expert Tamara Barber, data researcher, Forrester Research, Inc. in her April 2007 When To Build A Spanish-Language Web Site, “Companies claim to be serious about their Hispanic customers, but most fail to serve them well online.”

“The online tools offered by our ‘Soluciones Financerias’ section are designed to assist U.S. Hispanics in making better financial decisions, achieve success and further empower a market that is undoubtedly an integral part of the economic engine that drives this country’s growth,” said José Rivera Font, general manager, Audience, Yahoo! Hispanic Americas.

“GE Money recognizes the Hispanic Financial Education challenge and is doing something positive about it,” said Steve Liguori, chief marketing officer for GE Money – Americas. “All consumers need to be empowered with the tools necessary to manage their finances wisely. Through this partnership, each of these organizations is demonstrating a commitment to help Hispanic consumers improve the health and stability of their household finances.”

“Together, GE Money and Yahoo! Telemundo have invested in yet another piece of Spanish-language infotainment to empower our U.S. Hispanic audience to achieve the ‘American Dream,’” adds Peter Blacker, senior vice president, digital media, Telemundo Network Group.

‘Soluciones Financieras,’ part of the ‘Tu Dinero’ section of Yahoo! Telemundo Finanzas, features easy-to-digest information in four key areas of particular interest to U.S. Hispanics including: understanding and managing credit, preventing identity theft, navigating loans and mortgages, and establishing a personal budget. In addition to the slate of existing Yahoo! Telemundo financial content that includes popular financial columnists and economic news, the site also provides best-in-class financial tools such as interactive budgeting, credit card and mortgage calculators, and more.

One of the most powerful elements of yahootelemundo.com/soluciones is the interactive budgeting tool, which helps consumers build their own budget and establish savings goals. The tool gives step-by-step instructions, so consumers can develop and stick to a plan that enables them to reach their goals.

Notes Liguori, " This is the first step in an ongoing effort to offer tailored financial products and services to this vibrant, growing community."

About Yahoo! Telemundo

Yahoo! Telemundo yahootelemundo.com is a commercial venture between Telemundo Communications Group, Inc., a unit GE’s NBC Universal, and Yahoo! Inc. By bringing together Yahoo!'s leading technology, Internet tools and services with the online assets and original television content of Telemundo, Yahoo! Telemundo connects U.S. Hispanics to their passions, their communities and the world's knowledge.

About GE Money

With more than $190 billion in assets, GE Money, a unit of General Electric Company (NYSE: GE), is a leading provider of credit services to consumers, retailers and auto dealers in 55 countries around the world. GE Money, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at www.gemoney.com.

GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.

Sources:

1 U.S. Census Projections
2 Synergistics, Hispanic Market Monitor 2005
3 National Council of La Raza, Financial Education in Latino Communities: An Analysis of Programs, Products and Results/Effects, February 2005
4 Forrester’s Hispanic Technographics® Consumer Technology And Marketing Phone Survey, Q1 2007
5 Forrester’s Hispanic Technographics® Consumer Technology And Marketing Phone Survey, Q1 2007