Aug 28, 2021 - Health

Latino millennials are in financial straits

Illustration of a hand squeezing a piggy bank.

Illustration: Aïda Amer/Axios

Younger Latinos are much more likely than their non-Hispanic counterparts to provide financial support to family members during the pandemic, despite barely having savings or emergency funds of their own, per an Ipsos/Bank of America poll.

Why it matters: People of color have borne the brunt of the pandemic’s economic fallout, and Latinos also have a higher ratio of COVID-19 infection and death than other groups when compared with white non-Hispanics, per CDC data.

  • A quarter of Hispanic millennials say they are surviving paycheck to paycheck.
  • Still, 72% of those polled are also providing for their families, in comparison to 53% of their non-Hispanic peers, and 49% have increased caregiving responsibilities.
  • Latino millennials are twice as likely to feel a greater sense of financial responsibility for loved ones, according to the poll.

Between the lines: Latinos, among the main drivers of population growth, are younger on average, so the financial impact on millennials will likely have an effect on the overall U.S. economy.

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