economy (182)

Latinos in Hollywood

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US Latinos account for 24 percent of box office ticket sales and 24 percent of streaming subscribers.3 To put this into even sharper contrast, US Latinos see films 3.3 times a year, per capita, compared with 2.9 for Asian-Americans and 2.3 for White Americans.

Yet Latinos hold less than 5 percent of leading on-screen, off-screen, and executive leadership roles in US media. Half of large media companies’ boardrooms include no Latino representation, and overall there is limited progress toward parity. As a result, the many facets of the Latino identity, from the United States and around the world, continue to be unseen or misrepresented on screens. READ MORE AT MCKINSEY & CO

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Hispanic small business owners statistics

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In October 2023, the U.S. Department of the Treasury reported that roughly 5 million Latinx-owned businesses operated nationwide. These companies generate over $800 billion in annual revenue with an economic output of $2.8 trillion. 

That report also revealed that this share is growing. In 2021, almost 25 percent of the entrepreneurs behind new business applications were Latinx. And between 2019 and 2023, the share of self-employed Latinx workers across the country grew by 26 percent. READ MORE AT BANKRATE

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Planning your Latino parents' retirement

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few years back, my siblings and I began what would turn out to be a long, somewhat arduous conversation: What’s going to happen with Mom? Our mom was getting older, and we needed to start thinking about what her golden years would look like, considering the possibilities that could come with caring for an elderly parent. The entire exercise, thus far, has led to arguments and a sense of straying further from the light. READ MORE AT THE LOS ANGELES TIMES

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Latinos essential to growing STEM workforce

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U.S. Latinos are key when it comes the nation’s engineering and technology workforce, according to a new joint report from the Society of Hispanic Professional Engineers (SHPE) and the Latino Donor Collaborative (LDC). According to the report, the economic contributions the Latino community makes to the U.S. are immense. The contributions are significant enough that if the national Latino population were its own country, it would have the fifth-largest GDP in the world, $3.2 trillion, despite comprising only 19.1% of the U.S. population. READ MORE AT DIVERSE EDUCATION

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53 Hispanic American-owned banks and credit unions

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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 PERSONAL FINANCE

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Financial services and the tools they provide can be invaluable for economic mobility and wealth building, but many of the benefits have been hard to reach for Latinos, many of whom live with unmet needs. While they represent about 20 percent of the US population and are a growing economic bloc, Latinos have not had access to many of the benefits of financial services. READ MORE AT MCKINSEY & COMPANY

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The total economic output of U.S. Latinos reached $3.2 trillion in 2021, inching closer to Germany's and staying ahead of India. A report shows U.S. Latino buying power and economic output grew by more than 14% despite the pandemic's disproportionate impact on Latino communities.

While the report focused on the overall strength of the U.S. Latino economy, it did not address the massive economic inequalities still facing Hispanics nationwide. READ MORE AT AXIOS

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Financial planning tips for the Latino community

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The Hispanic community is taking the U.S. economy by storm. Projections suggest that Latinos will hold $2.6 trillion in purchasing power over the next three years, a growth that outpaces that of non-Hispanic households. Despite these promising statistics, Latino individuals are still behind financially, for a variety of reasons. READ MORE AT MORNINGSTAR

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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

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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

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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

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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

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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

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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

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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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