DCA and Mayor's Office of Immigrant Affairs Release Immigrant Financial Services Study Research Brief
Study Reveals Gaps in Financial Services for Immigrant Households with Low Incomes and Identifies Opportunities for Public-Private Partnerships and Financial Institutions to Provide Financial Access
This Study is one of NYC���s first field research initiatives to look specifically at the financial needs and practices of recent immigrants in three communities: Chinese, Ecuadorian, Mexican. Among key findings:
The Study received generous support from Citi Community Development and The New York Community Trust.
- 57% of Mexican, 35% of Ecuadorian, and 5% of Chinese participants in the Study sample did not have a bank account.
- 80% of immigrant survey participants who make less than $300 a week report having savings.
- High incidence of money transfers back to home countries represents a significant market opportunity for mainstream financial banking institutions.
Download Study in:
English Espa��ol (Spanish) ������ (Chinese)