The need for financial education among Hispanic families is growing:
More than two in five Hispanics (42%) strongly agree that they could use answers to everyday financial questions from a professional.
Only 65 percent of Hispanic workers participate in 401(k) plans.
Forty-three percent of Hispanic workers described their personal knowledge as “know nothing” about investing or saving for retirement, as compared to 12 percent for all workers in the United States.
Among workers earning between $30,000 and $59,999, those identifying as of Hispanic origin have saved an average of $22,017 in their 401(k) accounts.
There has never been a better time to be in a business that serves U.S. Hispanics:
Latino entrepreneurs have launched nearly 700,000 businesses in recent years. According to new data released … by the Census Bureau, the number of new Latino-owned businesses grew at more than double the rate of all new U.S. businesses from 2002 to 2007.
“Current estimates put the total purchasing power of goods and services for Hispanics at $1 trillion and growing.”
“The nation’s economic woes have been a wakeup call for US Hispanics about their family financial protection planning and is motivating them to want more financial security for their loved ones.”
Hispanics constitute the largest and fastest-growing minority in the United States, now numbering 45.5 million, or 15.1 percent of the U.S. population.
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