economy (173)


The United States is a diverse nation of consumers with different wants and needs, backgrounds, opinions, values, and expectations. However, not all voices are always clearly heard, often leading to decision-makers remaining ill-informed. With the holiday season in full swing, here are key insights about U.S. Hispanic consumers regarding holiday shopping and how they compare to the non-Hispanic U.S. population. READ MORE AT CIVIC SCIENCE

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Intentional Ways to Connect With Clients


The holiday season is upon us and, amid the juggle of gatherings with family and friends, it’s always good to reach out to clients as well. Showing gratitude to your clients during the holidays is a great way to keep connections strong.

Many real estate leaders across the country express their appreciation through cards, gifts and events for their agents, clients, neighbors and communities. They spread joy through their gestures large and small and provide community support where they can.

Here are what some brokers and brokerages are doing to reach out this holiday season. READ MORE AT NATIONAL ASSOCIATION OF REALTORS

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A Gallup poll found that over half of Latino college students considered leaving college last year, a steep increase from 2020.

For decades, Hispanic enrollment at four-year colleges and universities has been on the rise, and it saw a new high in 2022. But difficulties, particularly with affordability and accessibility, are increasingly making it hard for Latino students to remain enrolled, according to a Lumina Foundation-Gallup “State of Higher Education” poll. READ MORE AT NBC NEWS

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Latina investors more confident about their money


The Hispanic population in the United States has been one of the fastest-growing demographics over the past two decades. Still, there are a number of financial disparities between Hispanic and Latino Americans and their white peers, especially Latina women. Hispanic women earn a median annual salary of $39,511, compared with a median of $55,330 among white women and $61,740 for white men, according to Labor Department data.

Hispanic households of any race have a median net worth of around $31,700, compared with $187,300 among white, non-Hispanic households, the most recent Census Bureau data reveals. READ MORE AT CNBC

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Over 1 in 4 Americans will be Latino by 2060


The U.S. Latino population, now about 1 in 5 Americans, is projected to continue increasing through the year 2060, when over 1 in 4 Americans are likely to be Latino, according to U.S. Census Bureau projections.

Hispanics are now 19.1% of the U.S. population but are projected to make up 26.9% of the population in less than four decades. Meanwhile, the non-Hispanic white population is projected to continue to decline from 58.9% now to 44.9% by 2060. READ MORE AT NBC NEWS

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Saving for Retirement? Not for most Hispanics


Only 34% of Hispanics believe they are saving enough or have saved enough for retirement, six points lower than the national average, according to a report by an insurance industry research company.

According to LIMRA, 50% of Hispanics say they worry about having enough money for retirement and The Latin Times, in conversations with several Hispanic workers and financial advisors, found out that there is a growing concern among members of this community regarding resources for a life after giving up work. READ MORE AT THE LATIN TIMES

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Hispanic Heritage Month is celebrated in the United States annually from the 15th of September to the 15th of October. In Hawaii, we have various events across the islands to commemorate this time, including the yearly Hispanic Heritage Festival.

Currently, around 11% of the population of Hawaii identifies as Hispanic and it is one of the fastest-growing demographics in the state, increasing more than 80% since 2000, according to the U.S. Census Bureau. READ MORE AT HONOLULU CIVIL BEAT

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Retirement planning can look vastly different between older and younger generations of U.S. Latinos, as well as those who are immigrants versus descendants, or who came to the United States with family or solo. Older relatives may send money back to the country they emigrated from to help family members who remained, or in hopes of building a home where they will live out the rest of their lives. Younger generations, meanwhile, might use the stock market to grow their wealth and stay in the U.S., experts said. READ MORE AT MORNINGSTAR

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Latinos and the future of finance


Over the last several years, two important economic trends in the United States have become intertwined. This first is the rise of the Latino community as an economic force, as the demographic rapidly expands across the country while still facing barriers to wealth-building and opportunity that other groups do not. The second is the exploding popularity of financial technology, or “fintech”.

Today, Latinos are embracing fintech at high rates compared to other groups, yet a stark absence of data and research is preventing policymakers and other stakeholders from understanding the technology’s impact on this critical segment of the population. READ MORE AT BROOKINGS

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Latino economy growing faster than the rest of nation


The economic impact of Latinos in the United States has been growing at more than double the rate of the overall U.S. economy, according to the latest Latino GDP report, released Wednesday by a team of researchers from California Lutheran University and UCLA.

It’s the first time in the report’s history the figure has climbed above $3 trillion. If Latinos in the U.S. were a nation, its economy would be the fifth largest in the world, bigger than that of the United Kingdom, India or France. READ MORE AT VC STAR

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20 cities with the most Hispanics


California, Texas, Florida, Arizona and New Mexico are the states with the highest Hispanic population. These states also have the highest concentration of Latino-owned businesses. In California, 85,000 of the total 764,000 businesses are owned by Hispanics or Latinos, which is equivalent to over 11% of all businesses in the state. These businesses provide jobs to an estimated 670,000 people and contribute $25 billion towards the state economy. These figures were shared by the Latino Policy and Politics Institute in August 2023. READ MORE AT YAHOO FINANCE

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As patterns of immigration from Latin America change, Venezuelans have now become the fastest-growing Latino group in the U.S., according to the report, which also noted that immigrants make up a declining share of Latinos in the country.

Between 2010 and 2021, the Venezuelan population in the U.S. increased by 169%, from roughly 240,000 to 640,000, researchers found.. Dominicans and Guatemalans followed with growth rates of 60% each.

While Mexicans remain the largest Latino origin group, they had the slowest growth rate — 13%. READ MORE AT THE LA TIMES

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Hispanic American financial institutions were created to provide services to low-income and minority communities, particularly Hispanic American communities. Historically, Hispanic Americans have been affected by discriminatory lending practices like redlining and experienced limited economic opportunities to build wealth.

Hispanic American banks were founded in areas where minority communities lived. These financial institutions were able to connect with their local communities and fill the banking gap by addressing areas like language and culture. READ MORE AT INSIDER

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Who owns America’s businesses?


As the U.S. population has become more diverse, so has ownership of the nation’s businesses. There were more Hispanic-owned businesses overall and more minority-owned businesses in various sectors in 2020 than a decade earlier, according to the Census Bureau’s 2021 Annual Business Survey (ABS).

The diversity of business owners mirrors the changing profile of the nation’s population. The 2020 Census found that the population of nearly all race and ethnicity groups in the United States had grown since 2010 with the exception of the White alone population, which declined during the decade. READ MORE AT CENSUS.GOV

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Investing in stocks or opening retirement savings accounts has long been elusive for many Latinos, but social media and podcasts that offer culturally relevant financial coaching are turning that on its head. U.S. Latinos' economic power is growing, yet they are less likely than their non-Hispanic white counterparts to have savings, retirement and non-retirement investment accounts. READ MORE AT AXIOS

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According to the 2019 Survey of Consumer Finances (SCF), significant wealth disparities exist between families of different races and ethnicities, including between white households and Hispanic/Latino households. White families have a median wealth of $188,200, whereas Hispanic families have a median wealth of $36,100. Another way to look at the SCF data is that the average white family has five times the wealth of the average Hispanic family. READ MORE AT BROOKINGS

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Hispanics are now confirmed as the largest demographic group in Texas with more than 12 million residents, while non-Hispanic white population is estimated to be 11.9 million, according to new data from the Census Bureau.

Texas added 262,000 new white residents, as well as about 223,000 Hispanic residents from July 2021 to July 2022, but overall Hispanic population outnumbered white population by 128,938 people. READ MORE AT THE DALLAS MORNING NEWS

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A recent study finds the financial capability of Latinos improved over the last decade, but obstacles to Latino wealth remain.

Between 2009 and 2021, the number of Latinos reporting that they had set aside some amount of emergency savings nearly doubled, from 29% in 2009 to 48% in 2021. On the whole, Latino adults reported they were “better able to manage everyday money matters” and experienced less “financial fragility” in 2021 compared to 2009. READ MORE AT MARKETWATCH

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Over the last decade and a half, Latinos have created companies faster than all other demographic groups in the U.S. These companies are younger and consequently smaller than the average business. However, when compared to white-owned businesses, they grow revenues and create jobs at faster rates for all Americans, not just Latinos. If U.S. Latinos were a country, it would be the fifth largest GDP in the world, growing faster than the U.S. economy. READ MORE AT STANFORD GRADUATE SCHOOL OF BUSINESS

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