LatinaLista — While headlines tout how Latinos are the hardest hit in this recession, one report show that prior to the economy’s downfall, Hispanics had more of a disposable income.
According to Latinum Network, while non-Hispanic consumer spending from 2005 to 2008 grew only 2.9%, Hispanic consumer spending increased 6.4% in that same period.
What did that money go towards? — “Cereals, computers, education, fees and admissions, food away from home, laundry and cleaning supplies, major appliances, vehicle finance and insurance, women’s apparel, and a range of other categories.”
From 2007-2008:
U.S. Hispanic consumers were responsible for 30% of the $40bn growth in the food business.
U.S. Hispanics spent 58% more on education compared to a much more modest increase of 9% for non-Hispanics.
U.S. Hispanics increased their entertainment spend on fees and admissions by 14% as compared to a 7% decline for non-Hispanics.
Unfortunately, the flipside of being big spenders or “loose spenders” is that the term “money management” is a hard concept to grasp. That’s why the Federal Trade Commission has created a web site called Money Matters and a Spanish version called Asuntos de Dinero.
Each site carries the same six topics: Scams to Watch, Credit Cards, Managing Your Money, Dealing with your Debt, Your Home and Jobs. Under each topic, are plans of action to take in getting control of situations that range from being victimized by stimulus scams; how to use credit cards correctly; how to budget and spend money and; how to repair your credit record, plus other types of information that help make the concept of money management go from the abstract to practical reality.
