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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

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

The recently released 2023 Hispanic Wealth Report showed that more Latinos are making money, owning homes, and building generational wealth for their families. According to the report, 49.5% of the Hispanic population in the United States are now homeowners. That's on track to have 70% of all Latinos be homeowners by 2040. READ MORE AT WFTS TAMPA BAY

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

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

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

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

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

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

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

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

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

The wealth gap between U.S. Latinos and white Americans can vary greatly depending on which state they live in, according to new research. White people in Illinois on average have nearly twice as much wealth as Latinos in the state, according to the report. In California, the gap is nine-fold. READ MORE AT AXIOS

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

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

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

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

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

The dream of homeownership is one shared by many Americans - yet it's a goal too often out of reach for people of color, said Otis Rolley, president of the Wells Fargo Foundation and head of Philanthropy and Community Impact. The reasons for the homeownership gap are many - including historic redlining, challenges to accessing credit and capital, public policy, and the real estate industry intentionally steering people of color away from certain communities and neighborhoods. READ MORE AT MORNINGSTAR

Latino adults have gotten better over the past 12 years at budgeting, managing debt and building personal wealth, according to a new report by the foundation arm of Wall Street's brokerage regulator. But the Hispanic community still faces gaps in financial knowledge, the study found.

Fewer Latinos reported difficulty in paying expenses in 2021 compared to 2009 (50% versus 67%), according to the Financial Industry Regulatory Authority's educational foundation. READ MORE AT FINANCIAL PLANNING