{"id":26371,"date":"2022-10-12T09:30:21","date_gmt":"2022-10-12T13:30:21","guid":{"rendered":"https:\/\/www.afcpe.org\/?p=26371"},"modified":"2022-10-12T11:36:58","modified_gmt":"2022-10-12T15:36:58","slug":"research-wednesday-latinx-financial-literacy","status":"publish","type":"post","link":"https:\/\/www.afcpe.org\/news-and-publications\/blog\/research-wednesday-latinx-financial-literacy\/","title":{"rendered":"#ResearchWednesday: The Gap in Financial Literacy in the Latinx Community"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"26371\" class=\"elementor elementor-26371\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_eae_slider elementor-section elementor-top-section elementor-element elementor-element-7053299e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-eae-slider=\"37541\" data-id=\"7053299e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-563394d1\" data-eae-slider=\"80402\" data-id=\"563394d1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1b9b7243 elementor-widget elementor-widget-text-editor\" data-id=\"1b9b7243\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 style=\"text-align: left;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-medium wp-image-26372 alignleft\" src=\"https:\/\/www.afcpe.org\/wp-content\/uploads\/2022\/10\/10-300x200.jpg\" alt=\"Older Latinx woman and adult daughter\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.afcpe.org\/wp-content\/uploads\/2022\/10\/10-300x200.jpg 300w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2022\/10\/10-1024x683.jpg 1024w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2022\/10\/10-768x512.jpg 768w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2022\/10\/10.jpg 1080w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>Background<\/h2><p><span style=\"font-weight: 400;\">Migration is primarily an economic phenomenon and occurs in stages; first geographical which takes little time, and then cultural which may take decades; it\u2019s called assimilation. Assimilating the ways by which Americans manage their money has proven to be particularly difficult for Hispanics and contributes to the significant wealth gap observed between Whites and Hispanics.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Money attitudes are closely linked to the financial development of countries and affect our culture. Let\u2019s first consider the significant gap in understanding caused by the development of financial markets in Mexico, which influences a significant number in the Hispanic community in the U.S.<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Land titling lags by at least two centuries in the U.S.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">DJI had 25 companies in 1886 vs. BMV which had 23 companies in 1986<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">First-time emission of Treasury Bills was 1929 in the U.S. and 1978 in Mexico. 1963 vs. 2000 for Treasury Bonds.<\/span><\/li><\/ul><h2>The problem we want to solve<\/h2><p><span style=\"font-weight: 400;\">Translating educational content from English to Spanish, without considering the differences in the evolution of financial markets, is one important factor that explains why society has fallen short in servicing the financial needs of the Hispanic community. Many Latinos do not have the context to identify the benefits associated with long-term investments, do not have knowledge of asset classes, and certainly do not have trusted role models to ask questions about money. Many Latinos do not have the frame of reference to challenge financial products presented to them. It is easy to understand why Hispanics are targeted by predatory lenders.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Distrust in banks and financial institutions is another cultural bias that many Hispanic immigrants have yet to overcome. In our 2019 research on the Retirement Expectations of Mexican Immigrants, one of the parameters studied was related to personal savings. From 2016-2019 a 22% increase in the number of people saving was observed. The amount of savings also increased, with respondents having savings in excess of six months increasing from 27.6% in 2016 to 40% in 2019). <\/span><span style=\"font-weight: 400;\">\u00a0(<\/span><a href=\"https:\/\/hispanicwealth.com\/#sec-surveys\"><span style=\"font-weight: 400;\">https:\/\/hispanicwealth.com\/#sec-surveys<\/span><\/a><span style=\"font-weight: 400;\">). <\/span><span style=\"font-weight: 400;\">There was no indication that those savings were invested<\/span><span style=\"font-weight: 400;\">.<\/span><\/p><h2>What can we do?<\/h2><p><span style=\"font-weight: 400;\">Practitioners that want to provide financial literacy would benefit from considering the different circumstances of cultural influence. An example of how the author took into consideration the rural background of Hispanics vs. the urban background of most Americans can be observed in <a href=\"https:\/\/www.youtube.com\/watch?v=7DSGjZkB0q8&amp;t\">this video<\/a> about compound interest. <em>Note: video is in Spanish.\u00a0<\/em><\/span><\/p><p><b>Guest Contributor:<\/b> <a href=\"https:\/\/www.linkedin.com\/posts\/manuelcarvallo_reinvention-of-old-age-seeding-activity-6816169193235369984-CP6P\"><span style=\"font-weight: 400;\">Manuel Carvallo<\/span><\/a><span style=\"font-weight: 400;\"> is president of Hispanic Wealth LLC, a group of professionals focused on preparing Hispanics for retirement.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Background Migration is primarily an economic phenomenon and occurs in stages; first geographical which takes little time, and then cultural which may take decades; it\u2019s called assimilation. Assimilating the ways by which Americans manage their money has proven to be particularly difficult for Hispanics and contributes to the significant wealth gap observed between Whites and Hispanics.\u00a0 Money attitudes are closely [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":26372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[16],"tags":[],"class_list":["post-26371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-researchwednesday"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>#ResearchWednesday: Financial Literacy in the Latinx Community<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/research-wednesday-latinx-financial-literacy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"#ResearchWednesday: Financial Literacy in the Latinx Community\" \/>\n<meta property=\"og:description\" content=\"Background Migration is primarily an economic phenomenon and occurs in stages; first geographical which takes little time, and then cultural which may take decades; it\u2019s called assimilation. 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