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Sep 15, 2021

Question of the Day [Hispanic & Latinx Heritage Month]: What percent of Hispanic & Latinx respondents said they would use extra money (otherwise available to invest) to help a family member instead?

Hat tip to Yanely for highlighting this research report that was the source for the question.

 

Answer: 44%

Questions:

  • Within your own family, is there an expectation that the money you earn from a job would be used to help your family? Explain. 
  • What do you think are the factors that impact how any individual would answer this question?

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (2020 State of Hispanic Wealth Report): 

Family at the center of Latinx financial decision making

  • Larger families: The average size of a Latinx household is 33 percent larger than a non-Hispanic White household.
  • More likely to live in multigenerational households: 46 percent of Latinx HWP Survey respondents live in a multigenerational household, 77 percent more likely than non-Hispanic White households.
  • Helping out family members: 44 percent of the Latinx HWP Survey respondents reported that when extra money they could use to invest is accessible to them, they prefer to use it to help a family member. 

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For more questions of the day, be sure to check out the NGPF Question of the Day library with 500+ to choose from! 

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To learn more about Latinx/Hispanic Heritage Month (9/15 - 10/15) join Yanely for Virtual PD ON 9/29/21 - Personal Finance on Social Media: Highlighting Latinx Creators.

 

 

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About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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