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The wealth gap between Latinos and white non-Hispanics is being driven not only by income, but by a lack of savings, per a report from the financial firm Morningstar.

Why it matters: Having less in savings can leave Latinos in a pinch when they retire, since many already have lower wages and less access to services like health care and caregiving.

By the numbers: 69% of U.S. Latinos have no retirement plans through their employers, such as 401(K)s, and only 8% have savings from an alternate private investment plan.

  • Overall, Hispanic households are 17% less likely than non-Hispanic households to have a retirement plan.
  • And the rate of savings, either through retirement accounts or investments in real estate, approaches 2%, five percentage points less than the rate of white non-Hispanics.

Between the lines: Latinos also tend to support family members, either from the same household or from abroad, rather than saving for themselves much more than white non-Hispanics, according to a survey.

  • Almost half of Hispanic respondents, both those with an annual income of $35,000 or less and those who earned $75,000 or more, said helping loved ones was a priority. Only 37% and 33% of white non-Hispanics in the same income brackets said the same.
  • That means the lack of retirement savings can be cyclical: Older generations keep moving what money they have to their peers or the younger members, who have no family examples of how to save, so lack the knowledge to do so.

What they’re saying: “The problem is not that there’s a lack of information, rather there’s an abundance of information that can be intimidating,” James Cotto, financial advisor for Morgan Stanley, tells Axios Latino.

  • He added one solution for Latinos to improve their financial condition is to create an individualized budget and seek out a financial coach that can find their best savings options.
  • “They should also consider budgeting for 3-6 months of emergency savings to prepare for unexpected financial challenges,” says Cotto.

Go deeper

Tracking the pandemic's unequal impact

Expand chart
Data: Morning Consult/Axios; Chart: Will Chase/Axios

The pandemic was bound to hit the most economically vulnerable among us the hardest. New polling data from Morning Consult, out this morning, shows the degree to which those difficulties were more concentrated among people of color.

Catch up quick: The Morning Consult/Axios Inequality Index has tracked the economic experience of adults in three wage groups since May 2020. We began publishing the findings in May of this year, and six months in, we’re slicing the data a little differently — and looking at inequality between ethnicities.

Updated 4 hours ago - Politics & Policy

Prosecutors charge parents of Michigan school shooting suspect

Photo: Scott Olson/Getty Images

The parents of a 15-year-old accused of killing four students and wounding seven other people at a Michigan high school have been charged with four counts of involuntary manslaughter, according to court documents.

The latest: Lawyers for James and Jennifer Crumbley told the Detroit News they are "returning to the area to be arraigned," after law enforcement officials announced a search for the Crumbleys had been initiated.

Updated 8 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Coronavirus variant surveillance varies widely by state — Omicron cases confirmed in 5 U.S. states America probably won't lead the effort to understand Omicron.
  2. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate — Omicron travel bans are sign of what's to come.
  4. World: WHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming — Germany approves new restrictions for unvaccinated people.
  5. Variant tracker: Where different strains are spreading.