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Latinos consider that the "American dream" is at risk, according to a survey

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  • Wed, 08/22/2018 - 13:12
Sueño americano
  • Holanews

The Latino community in the US at present, must face numerous social challenges, in addition to financial instability, so one in four Latinos believe that the "American dream" may be disappearing, according to a report released today.

In spite of the advances and the economic growth of the country, the Hispanics obtain the lowest income per family unit, in comparison with the general population, with an estimated patrimonial level of 107.801 dollars.

The State Study of the American Family, prepared by the insurance company MassMutual, reflects that 81% of those interviewed want to have a security fund to "avoid living making ends meet", although only 21% have saved up at least six months to cover the monthly expenses.

In relation to this, 76% recognize that to minimize economic risks they need to consolidate their income through a stable job or "stop being a financial burden" for the family (74%).

"With their strong family and cultural values, Latino families handle multiple financial priorities, such as the role of caring for their aging parents in the future," says MassMutual Latin Market Director David Hufnagel.

Among the preferences of people who want to fulfill their "American dream" are buying a house, paying off credit debts or studying a university career, so the vast majority often spend their resources on these options.

63% have a mortgage, with an average debt of $ 181,292; 64% must pay an average of 9,652 dollars for their credit cards; and 27% request a credit of more than 30,000 dollars to support the student debt.

Faced with this situation, 65% of respondents consider it important to develop a comprehensive financial plan that, in the words of David Hufnagel, will help to alleviate the "concern" and give the confidence necessary to establish the "American dream".

The study was conducted from 3,235 interviews with US households under the age of 26 for which they are financially responsible, of which 562 were identified as Latinos with family incomes equal to or greater than $ 50,000.

Source-EFE

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