Latino spending power up but savings depleted, report finds

By the numbers: Latinos' spending power had 6% compounded annual growth in the last decade, compared to 3% for the non-Latino U.S. population, per the report, titled "The Economic State of Latinos in the US: Determined to Thrive."

• Latinos’ net wealth has increased over the past decade at a 9% rate, compared to 4% for non-Latino white Americans. This is narrowing, but not closing, the overall wealth gap between the two groups, the report states.

Yes, but: Almost half of Latinos have little to no retirement savings and find it difficult to access financial products such as bank accounts, according to the report.

• Latino savings have been depleted since the pandemic, with almost half having little or no retirement savings.
• Only 23% of Latinos are considered financially healthy in 2022 compared to 35% of non-Latino white Americans.

What they're saying: "Latinos have also been more heavily impacted by COVID-19 and inflation than other populations, and this has exposed their vulnerabilities," the authors wrote in the report.

• Those vulnerabilities include a lack of representation on Fortune 500 boards and in C-suite positions.
• The authors recommend more investment in Latino entrepreneurs and say that more access to capital would contribute an additional $2.3 trillion in revenue to the economy and create more than 6 million jobs.

Subscribe to Axios Latino to get vital news about Latinos and Latin America, delivered to your inbox on Tuesdays and Thursdays.