1. Public Opinion Research Study of Latin American Remittance Senders in the United States October 18, 2006

2. 2 Methodology Sample size2,511 Latin American immigrant adults* Dates of interviewsMay 3 – 25, 2006 Margin of error2 percentage points Language of interviewSpanish *does not include immigrants from Cuba, Haiti or English-speaking Caribbean nations

3. 3 Demographics of Remittance Senders  The median age of regular remittance senders in the United States has decreased over the last five years.  Still a substantial percentage of immigrants that are older and have been in the U.S. for 10 years or more that send money to their families regularly.  Mexican and Central American regular remittance senders are significantly younger than other Latin American remittance senders.  More than three-fifths of remittance senders can be considered “working poor” or “lower middle class” with annual incomes of less than $30,000.

4. 4 Age of Remittance Senders

5. 5

6. 6 Age by Country of Birth

7. 7 Residency in the United States

8. 8

9. 9 Annual Household Income

10. 10 Gender

11. 11  The majority of Latin American immigrants in the United States were unemployed when they left their country.  The average salary of the Latin American immigrants that had a job was $150 a month.  Half of the Latin American immigrants found a job in the U.S. within a month of their arrival.  The average salary of the first job of Latin American immigrants in the U.S. was $900 a month – six times the amount they were earning in their country.  Latin American immigrants (legal and undocumented) find employment within a few weeks of arriving in the United States and they earn several times the amount they earned in their home country. IMMIGRATION – The key dynamic

12. 12 Did you have a full-time job in Latin America before you came to the United States?

13. 13 Average: $150 / month More or less, how much money did you make monthly at your last job in Latin America?

14. 14 Average: 1 month When you first came to the U.S., how long did it take you to find work?

15. 15 Average: $900 / month More or less, how much did you make monthly at your first job in the U.S.?

16. 16  Our study indicates that 12.6 million Latin American immigrants living in the United States will send about $45 billion to their families in 2006.  The percentage of immigrants sending money on a regular basis to their relatives has increased from 61 percent in 2004 to 73 percent in 2006.  The average amount of each remittance sent from the U.S. has increased from $240 in 2004 to $300 in 2006.  The percentage of immigrants that use a bank or credit union to send remittances has increased from 8 percent in 2004 to 19 percent in 2006. REMITTANCES – United States to Latin America

17. 17 Have you ever sent money to your family member in Latin America?

18. 18 Have you ever sent money to your family member in Latin America?

19. 19 Have you ever sent money to your family member in Latin America? By country of birth

20. 20 Have you ever sent money to your family member in Latin America? By annual household income

21. 21 Have you ever sent money to your family member in Latin America? By residency in the United States

22. 22 Average: 12 times a year How frequently do you send money to your family member?

23. 23 How frequently do you send money to your family member?

24. The average remittance to Latin America from the United States is $300.

25. 25 How much money, on average, do you send?

26. 26 How do you usually send money to your family in Latin America?

27. 27 How do you usually send money to your family in Latin America?

28. U.S. Regional Distribution of Remittances to Latin America

29. 29 Total Money Sent

30. 30 (in millions) Total Money Sent Remittances to Latin America from the U.S. - 2006

31. 31 (in millions) Total Money Sent Remittances to Latin America from the U.S. - 2006

32. 32 (in millions) Total Money Sent Remittances to Latin America from the U.S. - 2006

33. 33 (in millions) Total Money Sent Remittances to Latin America from the U.S. - 2006

34. 34 (in millions) Total Money Sent Remittances to Latin America from the U.S. - 2006

35. 35 2006 Amount2004 Amount California$13,191$9,610 Texas$5,222$3,182 New York$3,714$3,562 Florida$3,083$2,450 Illinois$2,588$1,528 New Jersey$1,869$1,371 Georgia$1,736$947 Arizona$1,378$606 North Carolina$1,221$833 Virginia$1,110$586 Total Money Sent

36. 36 2006 Amount2004 Amount Maryland$921$500 Colorado$646$544 Nevada$618$447 Massachusetts$579$527 Pennsylvania$517$180 Washington$504$353 Tennessee$407$162 Indiana$386$190 Oregon$383$218 New Mexico$370$103 Total Money Sent

37. 37 2006 Amount2004 Amount Michigan$337$192 Wisconsin$335$152 South Carolina$322$148 Connecticut$301$129 Minnesota$292$147 Utah$258$164 Arkansas$253$114 Oklahoma$226$156 Alabama$219$149 Kansas$215$94 Total Money Sent

38. 38 2006 Amount2004 Amount Ohio$214$108 Louisiana$208$61 Missouri$166$105 Kentucky$161$53 District of Columbia$154$94 Nebraska$154$80 Idaho$142$96 Iowa$138$69 Rhode Island$130No data available Delaware$105No data available Total Money Sent

39. 39 2006 Amount2004 Amount Mississippi$100No data available Hawaii$34No data available Alaska$33No data available Wyoming$33No data available New Hampshire$32No data available South Dakota$23No data available Maine$22No data available North Dakota$15No data available Vermont$9No data available MontanaNo data available West VirginiaNo data available Total Money Sent

40. 40 Remittance Senders Percentage of immigrant adults that send remittances regularly - 2006

41. 41 Remittance Senders Percentage of immigrant adults that send remittances regularly - 2006

42. 42  The percentage of regular remittance senders that has a bank account in the United States has increased by approximately six points during the last two years.  Regular remittance senders that have a bank account in the United States are more likely to be South American, over 35 years of age, and have annual household incomes of more than $20,000 a year. Banking practices of remittances senders

43. 43 Do you have a bank account in the United States?

44. 44 Do you have a bank account in the United States? By country of birth

45. 45 Do you have a bank account in the United States? By age

46. 46 Do you have a bank account in the United States? By annual household

47. 47 Do you have a bank account in the United States? By legal status

48. Investment Potential of Remittances

49. 49 There is substantial evidence from the studies that the remittance process can help millions of Latin American and Caribbean families establish credit and have access to valuable financial services. Major findings

50. 50 Major findings Insurance and banking investment products were most attractive to remittance senders and recipients in both the United States and LAC. Housing and educational investment products were also of great interest.

51. 51 Financial Investment Products First and second choices