Fort Lauderdale, FL – October 8, 2024 [Noticias Newswire] – The Hispanic community in the United States continues to be an expanding force, not only in terms of demographics but also in economic influence. With an estimated population of 65.2 million as of July 2023, Hispanics represent more than 19% of the U.S. population, according to the U.S. Census Bureau. This growth has significantly contributed to the country’s economic landscape, with purchasing power reaching $2.1 trillion in 2021, according to the Selig Center for Economic Growth.
Breaking Socioeconomic Barriers
As the Hispanic population continues to grow, its impact on key areas, such as homeownership, has also made a notable mark. According to the National Association of Realtors, Hispanics have reached a homeownership rate of 51.1%, second only to the Asian community at 63.3%. However, economic challenges, such as the wage gap, persist. On average, Hispanics earn 73 cents for every dollar earned by non-Hispanic white workers, reflecting one of the largest wage disparities among major ethnic and racial groups in the U.S.
The average monthly salary for a Hispanic worker is $3,448, according to the U.S. Bureau of Labor Statistics, limiting many from saving and investing. Additionally, many Hispanics are employed in sectors where opportunities for professional growth are limited, exacerbating economic inequality.
Financial Education: A Challenge to Overcome
The lack of access to financial education resources in Spanish is a significant obstacle for many Hispanics in the U.S. A study by the Pew Research Center reveals that only 29% of Hispanics in the country have received formal financial education. This lack of knowledge places them at a disadvantage when making investment and savings decisions, which can lead to increased credit card debt or loans.
Without a proper understanding of credit and interest rates, many Hispanics face financial challenges that worsen their economic situation. Consolidated Credit is committed to closing this gap by offering Spanish-language educational resources that provide the Hispanic community with the necessary tools to make informed financial decisions and build a stronger financial future.
The Growing Economic Power of Hispanics in the U.S.
Key Data During Hispanic Heritage Month
This infographic data was sourced from the Bureau of Labor Statistics, Pew Research Center, U.S. Department of Health and Human Services, and the U.S. Census Bureau.
The Hispanic community in the United States has shown remarkable growth both demographically and economically, positioning itself as a fundamental pillar of the country’s economy. Despite advances in homeownership and purchasing power, significant challenges remain, such as the wage gap and limited access to financial education. Nevertheless, Hispanics continue to break barriers, not only in the workforce but also in their ability to integrate and thrive in a society that still faces difficulties in closing inequality gaps. With a growing presence and increasing influence, the future of Hispanics in the United States is full of opportunities, as long as efforts to eliminate the obstacles that still affect their economic and social well-being continue.
About Consolidated Credit
Consolidated Credit is one of the leading credit counseling agencies in the United States. Since 1993, it has helped over 10 million people find relief from debt and improve their financial well-being. We offer personalized solutions to help consumers get out of debt responsibly, providing financial education and counseling to the Hispanic community.
For more information, visit www.consolidatedcredit.org/es.
Press Contact:
Jill Randolph
Jrandolph@mediamgmtgroup.com