LatinaLista — When it comes to money, Latinos see spending, saving and investing through a different lens. While the Suze Ormans and Dave Ramseys of the financial world bluntly advise people to think of themselves first when it comes to their money, most Latinos do the exact opposite.
In fact, a recent Wells Fargo survey found that 55 percent of Latinos see investing in their children’s lives as their retirement plan.
What’s equally disturbing is the following survey finding:
And while 92 percent of Hispanics say their parents talked “a lot” or “sometimes” about how important hard work was while they were growing up, fewer than half report that parents devoted as much time to educating them about financial issues.
It’s troubling because 61 percent of Latino Millennials (ages 24-34) turn to their family and friends for financial advice, according to the just released TD Bank Financial Education Survey.
It’s no wonder that 51 percent of Latino Millennials are stressed over paying their bills versus 45 percent of all Millennials, and 60 percent of Latino Millennials, though managing to make it, don’t have financial happiness.
The good news from this survey is that Latino Millennials are putting to use their parents’ retirement plan — a.k.a. education — and researching on their own about financial products. The vast majority of Latino young adults use the Internet (55 percent) versus 48 percent of millennials in general.
However, the percentage still isn’t high enough to show that the next generation is as savvy about their financial health as they need to be, especially if they’ll be taking care of mom and dad.