An Update on the FDICs Hispanic Advertising Campaign
In the last issue of Money Smart News, we featured details and photos from the launch of the FDICs summer-long, Spanish-language advertising campaign. The print and radio ads that ran in 14 key markets were developed to raise awareness of the FDICs Money Smart financial education program among Hispanic adults and to encourage them to ask about Money Smart classes or products. The initial results from the eight-week campaign (June 6-July 3 and August 1-September 4) are impressive, including the following:
- Fifty-two radio stations carried the advertisements, which resulted in an estimated 144 million impressions (instances of someone hearing an ad).
- The FDIC received 4,873 calls to a special Spanish-language help line resulting in 2,230 inquiries about Money Smart classes and 1,971 requests for the interactive version of Money Smart available in Spanish, free of charge, on CD-ROM.
- A total of 1,080 peopled attended a Money Smart class as a result of the advertising campaign.
We are encouraged at the amount of interest in the Hispanic community for information about money management, said Lee Bowman, National Coordinator of Community Affairs at the FDIC. Advertising our program in Spanish and through the Spanish media has proven to be an effective means of communication.
Bowman and other FDIC officials also were pleased to hear about favorable comments from consumers who responded to the advertisements. For example, a New Jersey woman who called the hotline said, It is refreshing to know that a government agency like the FDIC is spreading awareness throughout the Spanish community on how easy it is to open a bank account and, most important of all, how to learn to trust a bank.
Likewise, FDIC staffers have heard positive reactions from bankers who either taught a Spanish-language Money Smart class or opened new accounts after the FDIC advertisements appeared. One Midwest banker wrote to the FDIC that some of the Money Smart participants who opened new accounts were so excited to finally be able to have their own checking account and a debit card, and that others who already had checking accounts also decided to sign up for direct deposits into new savings accounts.