Total U.S. household wealth has trended upward over the last 15 years or so, but there is still great inequality along racial lines. According to federal data, the typical white family has almost five times the wealth of the typical Hispanic family. READ MORE AT PBS
finance (76)
Hispanic-Latinos view wealth as a holistic concept that includes money, good health, living a vibrant life, nurturing strong family relationships, and contributing to their community. While Hispanic-Latinos often define wealth as a means of creating independence and stability, many struggle with significant barriers along their path. Here are the barriers these investors faced, along with the strategies used to overcome them. READ MORE AT ETRADE
Biz2Credit’s 2024 Latino-Owned Business Study found that while revenues of Latino-owned companies increased (+11.6%), expenses rose more (+ 22.7%), resulting in lower earnings in 2023-24 than in 2022-23 (-$41.1K).
The annual study examined the performance of Latino-owned small to midsized companies -- from early stage to established companies -- in the U.S. from July 1, 2023, to June 30, 2024. It examines financial indicators including annual revenue, operating expenses, age of business, and credit scores of both Latino-owned and non-Latino-owned companies. READ MORE AT BIZ2CREDIT
Hispanics are leading a revolution in financial education. While traditional sources still play a role, social media is becoming a go-to for financial guidance. This enthusiasm for financial growth is encouraging and speaks to a community eager to take control of its future. READ MORE AT MONEYLION
As companies invest less in women at work, women of color — particularly Latinas — may be left by the wayside. LeanIn.Org and McKinsey and Co. released their 10th annual Women in the Workplace report this year, which concluded that race and gender intersections make the work life of women of color more difficult. READ MORE AT HRDIVE
Experts from Wharton and TIAA Institute discuss ways to improve financial wellness for Hispanic Americans, from college through retirement. Drawing insights from the TIAA Institute’s recent report, “The State of Hispanic Financial Wellness in the United States,” the conversation highlights key findings and explores potential solutions for closing the retirement and savings gaps disproportionately affecting Hispanic Americans.
The discussion delves into the state of financial wellness among Hispanic Americans, covering the behaviors, attitudes, and systemic challenges that shape financial outcomes for this community. READ MORE AT KNOWLEDGE AT WHARTON
A report by Bank of America found that Latinas are responsible for 30.2% of growth in the U.S. labor force since 2010. The data found that Hispanic women are major economic drivers for the U.S. economy. The data also shows that Hispanic women in the U.S. contributed to a total economic output equal to $1.3 trillion in 2021. READ MORE AT SCRIPPS NEWS
In the United States, Bitcoin is seen more as an investment instrument. What many people in the U.S. don't know that Latinos are the ones who invest the most in cryptocurrencies. Then it's followed by Blacks and then Whites. In Colombia and Mexico, you're seeing a lot of activity in using cryptocurrencies for remittances, because it's faster, cheaper and sometimes safer. READ MORE AT THE LATIN TIMES
More than 1.6 million Hispanics and Latinos are part of the military, including veterans, and 47% cite financial struggles as a top transitional challenge. The spouse of a Navy veteran is working to change cultural norms surrounding the topic of money.
Many military families who identify as Latino have cultural values like machismo, where males are predominately responsible for financial leadership in their family. READ MORE AT MILITARY FAMILIES MAGAZINE
Investments from Latino and Latina-led venture capital firms contributed to the creation of an estimated 51,600 jobs last year, according to a new report. These gains come even as Latinos and other people of color remain deeply underrepresented in the VC world. Last year, Latinos and Latinas represented 1.6% of all investment professionals in larger U.S. firms, or those managing more than $100 million in assets, according to the new report from SomosVC, a nonprofit pushing for greater representation. READ MORE AT AXIOS
Building a diverse workforce representative of today’s homebuyers is more than just good business strategy, it’s a moral obligation for the housing industry. The demographics of first-time homebuyers in this country are shifting, with Latinos playing an increasingly significant role. READ MORE AT HOUSINGWIRE
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
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
Latinas are one of the most powerful women in the United States but it’s still an uphill battle when it comes to financial equality. Latina entrepreneurs create businesses 50x more than the national average and Latinas college rates have skyrocketed over the last 20 years. READ MORE AT HIP LATINA
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
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
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
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
