But are credit unions taking notice?

“I have a credit union and I had a student account without any fees, but I think that was for every student,” said Cindy Varjas, 28 of San Diego, CA. who is a member of the $6.9 billion San Diego County Credit Union. “But other than that, I see them marketing to me the same way they market to my mom.”

Varjas said many of her friends use alternative banking as their main financial institutions, a trend that could have credit unions rethinking their marketing plans.

“Hispanics are clearly the most adventurous when considering non-traditional institutions, while non-Hispanics are the least willing to try something new,” stated the January 2015 Hispanic millennial Project. The study also showed that:

• 58% of HMs are open to non-traditional banks with no branches like Ally or Capital One, dropping to as low as 47% for non-Hispanics.

• For non-traditional banking companies like Amazon, Apple, Google or Facebook offering banking services, it’s 55% vs. 47%.

• And for non-traditional banking retailers like Wal-Mart or Target offering banking services, Hispanics were at 54%, 9 points higher than non-Hispanics.

Not only are Hispanic millennials the trendsetters financially, their purchasing power will continuously increase, challenging the spending habits of the Baby Boomers.

Hispanic millennials are also frontrunners when adopting technology and they lead when it comes to mobile banking trends. Around 69 % of Hispanics use their smartphone for mobile banking and 49 % use tablets for the same reason.

The Hispanic millennial segment continues to be one of the most important and misunderstood consumer demographics in the financial sector.

Some of the key findings of the research show that finances, money and financial relationships are important topics for Hispanic millennials:

• Finances are an important means to an end for the Hispanic millennial and not the end in itself.

• Younger Hispanics have a pragmatic approach to money and are more responsible when it comes to spending, particularly compared with older Hispanics.

• Hispanic millennials take a conscientious approach to finances in line with post-recessionary consumer trends as well as rooted in Hispanic cultural norms.

• The American Dream, particularly in the form of home ownership, is alive among Hispanic Millennials, but the method for realizing that dream is less clear.

Millennials’ parents have finally been acknowledged as credit unions offer money transfer services and check cashing, but most efforts have been focused on the “unbanked,” which is not the world of the youngest Hispanic demographic.

“My parents didn’t have a lot of money and didn’t go to college,” said Daniel Salgado, 27, of San Jose, CA. who belongs to the $340 million Premier One Credit Union. “But things are totally different with me. Hopefully credit unions understand that, because I like my credit union, but I want them to know what I want and keep up with the trends. It’s really not that hard. Just ask me what I need.”