According to data from the Economic Policy Institute, only 26% of Hispanic families had savings in a retirement plan like a 401(k) or IRA, in 2013. Meanwhile, 65% of white families and 41% of black families and 58% of Asian families and those of other races had savings in such accounts.
Part of the reason for this gap is that many Hispanics, particularly those that work in low wage jobs, don't have access to retirement plans, said Monique Morrissey, an economist at the EPI who analyzed data from the Federal Reserve for the report.
Immigrant Hispanic workers, for example, are often more likely to be undocumented and therefore working off the books or work in low wage jobs that don't offer access to retirement accounts, Morrissey said. Native-born Hispanics, however, are more likely to have access to and participate in retirement accounts at rates closer to those of African-Americans, Morrissey said. READ MORE AT CNN MONEY
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