money (32)

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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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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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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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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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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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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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

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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

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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

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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

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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

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Financial capability improved among Latinos

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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

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Even though Latinos are the second-largest ethnic group in the U.S., they’re underrepresented across many industries, including finance, which can have long-term effects on the ability to grow wealth. Lack of access to capital markets makes it harder for Latinos to build meaningful wealth. It also means they’re underrepresented as shareholders of companies if they aren’t holding stocks and that they’re not lending a proportional voice to investing decisions. READ MORE AT CNBC

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Millennial age groups – born mid 1980s to early 2000s – now have more money at hand than they have ever controlled before. And they are spending it, says Olivia Johnson, assistant professor in the Department of Human Development and Consumer Sciences at the University of Houston College of Technology.

Tech gear, cars, travel, fashion, furniture, houses, home security, insurance – everything young consumers might want and would likely need – form a retail turf being fought over by companies seeking to occupy that market segment. READ MORE AT UNIVERSITY OF HOUSTON

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The market for luxury brands is rapidly changing with a boom in the Hispanic consumer market, the fastest-growing demographic of households with incomes of $150k+, according to two new studies.

The rapidly rising affluence of Hispanics, their greater representation compared to other ethnicities in the top two quintiles, and the fact they are the fastest growing ethnicity bar none means they are an increasingly important demographic for brands to understand. READ MORE AT FORBES

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The economic state of Latinos in the U.S.

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Latinos account for the fastest-growing portion of US GDP. So much so, that if we considered US Latinos as their own country, it would be third only to the GDP growth rate of China and India in the past decade.1 At a time of economic uncertainty with concerns about a possible recession growing, consumers are looking for additional support.

Latinos are conscious of their impact, choosing brands that value the environment and their employees, all of which makes them more influential than their income levels would suggest. READ MORE AT MCKINSEY.COM

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Even though Latinos are the second largest ethnic group in the U.S., they’re underrepresented across many industries, including finance, which can have long-term effects on the ability to grow wealth. A group of Latino-led and focused venture capital firms is looking to change that.

Lack of access to capital markets makes it harder for Latinos to build meaningful wealth. It also means they’re underrepresented as shareholders of companies if they aren’t holding stocks and that they’re not lending a proportional voice to investing decisions. READ MORE AT CNBC

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