money (11)

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Latinos make solid and consistent contributions to Illinois’ population and labor force.

Were it not for Latinos, the state’s population and workforce would have contracted. The group contributed more than $97 billion to Chicago’s economy from 2010-2018, according to the recently released 2022 Chicago Metro Latino GDP Report. READ MORE AT CHICAGO REPORTER

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Women of all races who worked full time, year-round in 2020 were paid on average just 83 cents for every dollar paid to men, according to a National Women's Law Center report released ahead of Equal Pay Day on Tuesday. The symbolic day marks how far into the year most women must work to earn what men were paid in the previous year.

“It seems like it’s just a few pennies on the dollar, but it adds up,” Jasmine Tucker, the report’s author, told NBC News. “But Latinas in particular face some of the largest wage gaps.” Latinas only earn 57 cents for every dollar paid to a non-Hispanic man — meaning they have to work at least 21 months, nearly two years, to match a white man’s yearly income. READ MORE AT NBCNEWS

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McKinsey research reveals interventions that can help boost Latino participation in the US economy and strengthen the nation’s economic performance overall. 

Senior Partner, Lucy Pérez, how greater support for Latino workers, business owners, consumers, savers, and investors in the United States could create economic opportunities not just for individuals and families in this demographic but also for the whole country. READ MORE AT MCKINSEY RESEARCH

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Be an amigo to Latinos

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We have witnessed the tremendous buying power of Hispanics as their homeownership rates skyrocket. And yet, many Spanish-speaking customers run into roadblocks when it comes to financing. According to the National Association of Hispanic Real Estate Professionals, Latinos experienced a 19.1% home purchase denial rate for conventional loans and were 81% more likely to be denied than their non-Latino counterparts. READ MORE AT NATIONAL MORTGAGE PROFESSIONAL

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Jefa-Owned (owned by a Latina Boss), a national visibility campaign under PepsiCo's Juntos Crecemos platform, calls upon Latinas in the food and beverage sector to apply for the Juntos Crecemos Hispanic Digital & Delivery Program, an eight-week personalized business building program.

To mark the launch, PepsiCo leaders joined Latina business owners for the Nasdaq Opening Bell Ceremony, where they unveiled the first-ever Jefa-Owned neon sign, designed by PepsiCo. READ MORE AT CISION

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A new study finds many Latino parents are hoping their children make better choices with their money than they did. Only 51 percent of Latinos would want their children to make the same financial decisions (saving, investing, and budgeting) that they did.

A recent survey of 2,000 Americans between 18 and 41, half of whom identify as Latino, found that non-Latino respondents were much more likely to want their children to learn from and model their own money habits (76% vs. 51%). READ MORE AT STUDYFINDS

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Hispanic Americans have long dealt with racial discrimination and unfair lending practices, contributing to a racial wealth gap between Hispanic and white families. A survey from the Pew Research Center found that 70% of Hispanic Americans said they didn't have emergency funds to cover at least three months of expenses during the pandemic, and more than half said they worried daily or frequently about keeping up with expenses.

Those already-grueling financial circumstances have only grown worse over the past 18 months. Earlier in the pandemic, the Paycheck Protection Program provided over $521 billion in funding and over 5 million PPP loans to small businesses. However, Latino business owners didn't reap the benefits of the first round of funding. READ MORE AT INSIDER

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Why Latino students avoid college loans

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San Antonio’s Black and Latino college students are significantly more likely to avoid taking out student loans because they’re afraid they won’t be able to pay them back.

In a survey Texas Public Radio sent to students currently or recently enrolled in one of San Antonio’s public institutions of higher education, Hispanic students were just as likely as white students to take out loans. But the reasons they didn’t take out loans varied depending on their race and ethnicity. READ MORE AT TEXAS PUBLIC RADIO

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The proliferation of financial fraud in the form of scams is undeniable. Federal data show the highest ever year-over-year rise in fraud reports between 2019 and 2020, and we know that scams are severely under-reported. We also know that when consumers are aware of specific scams, they are far less likely to engage with them, and far less likely still to lose money or sensitive information. READ MORE AT AARP

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