It’s no surprise to anyone that money plays a significant role in our society. From the basic staples like food, water and shelter to life enhancements like education and retirement, financial well-being is a critical element in all our lives.
For many Hispanics, however, there are numerous factors that jeopardize their long-term financial prospects.
When it comes to taxes, many Latinos face an uphill battle wrought with barriers such as language, fraud and misinformation. Building an accurate tax history is an important step toward establishing citizenship, building a financial plan and achieving long-term financial success.
Hispanics lacking financial knowledge are less likely to utilize the basics of banking such as checking and savings accounts. The University of Virginia’s Darden School of Business estimates that more than $53 billion belongs to “unbanked” Latino households. Lack of financial planning and security may affect their ability to access health care when needed, or to prepare for retirement.
Without standing on sound financial ground, Hispanics are creating roadblocks that hinder their ability to own a home, to receive funding for higher education, or to purchase a car or other big-ticket items they need.
Long-term financial success begins with the basics. With the Latino population projected to double by 2050 and their buying power expected to grow rapidly, we need to educate Hispanics on all facets of financial well-being to help position them to succeed.