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
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
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
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
Hispanics will be spending more on holiday shopping this year and are more likely to buy gifts online than in the past, according to a national survey by the Florida Atlantic University Business and Economic Polling Initiative (FAU BEPI). READ MORE AT FLORIDA ATLANTIC UNIVERSITY
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
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
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
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
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
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
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
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
Some educators and advocates say the best way to break the cycle of poverty is by accessing well-paid STEM jobs, as well as the many scholarships that go unawarded each year due to a lack of applicants. In some places, the door seems tightly shut. In Silicon Valley, for example, where the largest number of STEM jobs in the country are concentrated, and where the Latino population is almost 50 percent, less than 3 percent of high-tech, high-wage jobs are filled by Latino professionals. READ MORE AT GOVTECH
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
