Bank of America released research exploring the financial prospects, challenges, and priorities of Latino millennials across the United States as they continue to cope with the impacts of the pandemic for themselves and their families.
According to the study, Latino millennials face economic and job stability challenges compared to other ethnic groups . It was found, that almost half saved less than $ 1, 000 dollars in the last year and the 19% remains unemployed compared to 14% of non-Latino millennials.
The financial entity said that 72% of Latino millennials financially support their family , since either directly or extensively, compared to millennials of other ethnicities with only 53%. Of the 72% of Latinos who support their families, the 23% make financial efforts to contribute more money as the pandemic progresses.
In addition , it was exposed that the 35% of Latinos can balance work and childcare versus only 15% of Latina women. On this topic, it was added that, having had to leave the workforce or reduce working hours to take care of children, Latinos only represent the 19% versus 15% of Latina women.
In a statement, Christine Channels, Director of Community Banking and Customer Protection at Bank of America, stated that “many of the Latino millennials are providing financial assistance to their family members. They face shocks due to reduced savings, highlighting the need for advice as take steps to ensure financial security ”.
According to Bank of America in the pandemic, the 40% of Latino millennials did not have an emergency fund, compared to 34% of other ethnic groups, the 27% did not have enough savings to face the impacts of the pandemic compared to 17%. The 72% said that the pandemic affected their ability to save, even more than the non-Latino millennials who represent the 59%.
Although the country is experiencing an economic recovery, the 38% still have difficulties to save, compared to 29% of non-Latino millennials. A quarter 24% live a day and the 13% have problems paying their rent or mortgage, in addition to other basic expenses.
Despite the existing vicissitudes, Bank of America stated that Latinos in this generational segment are slowly looking for ways to find ways to improve their saving habits, this could be seen in a better way as the pandemic declines.
You may also be interested in: Evictions in the United States: step by step what to do if you are a victim of eviction from the house you rent