Recent data shows more Latinos are saving and investing than a decade ago, but systemic barriers to Latino wealth persist.
A recent study finds the financial capability of Latinos improved over the last decade, but obstacles to Latino wealth remain. In February 2023, the U.S. Financial Industry Regulatory Authority Foundation published new findings in a study titled “A Closer Look at Financial Capability of Hispanic Adults in the United States.”A recent study finds the financial capability of Latinos improved over the last decade, but obstacles to Latino wealth remain. In February 2023, the U.S.
See: Telling low-income families to budget better won’t close the racial wealth gap, Boston Fed researcher says FINRA Foundation senior researcher and study author Olivia Valdes suggests the Latino progress between 2009 and 2021 is consistent with that of the general U.S. population. Valdes attributes some of this trend to the year the study started.
Latinos lack access to retirement accounts Latinos are more likely to face barriers to retirement benefits, too. The FINRA study found that in 2012, only 48% of Latinos owned a retirement plan, and that percentage grew only a small amount — to 51% — by 2021. The gap is even greater for Latinos without a college degree. The study found that 75% of Latino college graduates owned a retirement account compared to 42% of those with lower levels of education.
Hall points to how discriminatory experiences and barriers to access have led to a lack of trust in the financial system. These findings are consistent with previous research on experiences of discrimination. In 2021, a study by the Pew Research Center found: “No matter their skin color and despite the notable gap, Latinos are experiencing discrimination.”
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