Black and Hispanic families are less likely to be invested in the stock market, compared to white families, according to a study by the Pew Research Center. About 61% percent of white U.S. households own some stock, compared to 28% of Hispanic households.
The COVID-19 pandemic only exacerbated the financial disparities between Latino households and white households. Young Latinos struggle to save due to monthly student loan repayment and becoming a homeowner has become less attainable.
Vulnerable communities such as immigrants and non-native English speakers struggle financially due to predatory lending practices and unfavorable financing options. These obstacles turn into poor or insufficient credit history which makes it difficult for Hispanics or Latinos to own property or receive loans.
Immigrants, especially undocumented immigrants, tend to remain unbanked due to distrust in financial institutions as well as fear of being reported to immigration enforcement. Lack of financial education is an obstacle significantly affecting these communities.
Financial literacy is extremely important when trying to build generational wealth. For Hispanic and Latino communities to progress financially, they need mentors and educators who can guide them in making responsible financial decisions. These programs are available at some financial institutions, colleges, and universities.
The University of Minnesota Extension is a partnership between the University and state, federal, and county governments to provide scientific knowledge and expertise to the public on various subjects including financial literacy. They offer the Latino Financial Literacy Program, which helps Latinos who are residing in Minnesota understand financial information and systems and guides them in making sound financial decisions at every stage of their lives, according to their website. Classes are available in English and in Spanish and they offer sessions depending on the needs of their clients.
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