finance (65)


While the gender pay gap persists for all women relative to their white male counterparts, it has long been widest for Latinas, who are paid 46% less than white men and 26% less than white women. One explanation offered for this gap has been that Latinas are more likely to hold low-wage jobs—but research indicates that those pay disparities remain in place among women who are more educated or work in more lucrative industries. READ MORE AT FAST COMPANY

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The fastest growing Hispanic food company in the country, based in Central Texas, is helping empower and support Latino communities across the U.S. This year, Siete Family Foods is awarding a total of $300,000 to Latino-owned food and beverage establishments across the country, marking its biggest distribution to date. READ MORE AT MYSANANTONIO

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The wealth gap between white families and their Black and Latino counterparts has widened by more than $1 million, according to a new analysis by the Urban Institute, a nonpartisan think tank that focuses on economic and social policy research. White families have a median wealth of $284,310, more than four times that of Latinos ($62,120). Additionally, the analysis found that the wealth gap widens with age — on average, white families accumulate more wealth over their lives than Latino families in the same age group. READ MORE AT THE LOS ANGELES TIMES

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How Latino wealth varies by state


A new report examining Latino wealth in six U.S. states shows that New York — where Puerto Ricans and Dominicans make up the largest Latino ethnic groups — has the highest wealth disparities between Latino and white households. 

The Brookings Metro report shows that white households in New York hold 40 times the wealth of Latino households. That’s a stark contrast to Illinois — home to the smallest Latino-white wealth gap — where white households hold 1.9 times the wealth of Latino households. READ MORE AT LOS ANGELES

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History of Hispanic American-owned banks


The first Hispanic American-owned banks in the mainland U.S. were established in the 1960s, one of the first being Centinel Bank of Taos. 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. READ MORE AT BUSINESS INSIDER

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Latino-owned businesses are a dynamic and growing portion of the U.S.; with more than 5 million firms driving $800 billion in revenue, they represent a huge opportunity for the U.S. In fact, the number of Latino-owned businesses is growing 10x faster than white-owned businesses. READ MORE AT LATINO BUSINESS ACTION NETWORK

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Half of Hispanic adults (50%) reported being very worried about having enough money for retirement, six percentage points higher than the response from the general population, according to LIMRA’s 2023 Insurance Barometer Study, but the owner of a Hispanic-run financial wellness platform says focused engagement with the Latino audience can help.

Approaching 70 million people, or nearly 20% of the U.S. population, Latinos present a significant opportunity for every sector, according to Finhabits’ 2023 “Power in Numbers” report. Yet efforts to capitalize on the wealth potential of this segment, which by the firm’s estimates will grow to $113 trillion by 2050, have so far fallen short. READ MORE AT PLAN ADVISER

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For Hispanic-Latinos, the drive to become financially successful isn’t just about accumulating wealth — rather, it’s driven by a strong feeling of responsibility to support our families and the Hispanic-Latino community. In A Merrill survey. 

Affluent Hispanic-Latinos in the Merrill survey were also four times more likely than the affluent general population to say that planning to assist aging parents financially is their most important financial goal. READ MORE AT ML.COM

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Hispanic wealth could reach $113T


Hispanic Americans currently make up nearly one-fifth of the American population, according to 2022 Census data, and they are the largest racial or ethnic minority group in the country. They have also become a powerful force in the economy, having contributed an estimated $3.2 trillion of economic output in 2021, according to a report last month by the Latino Donor Collaborative — which would give them the fifth-largest GDP in the world if they were grouped as an individual nation. READ MORE AT FINANCIAL PLANNING

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Planning your Latino parents' retirement


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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53 Hispanic American-owned banks and credit unions


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


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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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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