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Old 05-26-2015
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Default 59% of college-educated Latinos have trouble meeting monthly expenses, report says

http://www.latimes.com/business/la-f...518-story.html

59% of college-educated Latinos have trouble meeting monthly expenses, report says

A majority of Latinos say they have trouble covering monthly expenses, and almost 40% say they would have trouble finding $2,000 in an emergency, a new study said.

Despite attaining higher education levels in recent decades, many Latinos find themselves in a "fragile financial state," according to the study released Monday by the TIAA-CREF Institute, the research arm of the New York investment giant.

The report draws on data from the vast 2012 National Financial Capability Study, a national survey of 25,000 American adults, and examines in detail the personal finances of 1,553 respondents who described themselves as Hispanic and reported at least some college education.

"[W]hile growing in economic importance, Hispanics are set apart from the general U.S. population by gaps in wealth and income, as well as less integration with traditional financial institutions, differences that were only exacerbated by the 2008-2009 recession," the report said. "Such disparities affect even college-educated Hispanics, a growing sub-group."

The study, done in collaboration with Global Financial Literacy Excellence Center at George Washington University, adds to a growing body of research on the troubled state of Latino finances, including among the college educated, in the wake of the financial crisis of 2008. Among all U.S. ethnic groups, Latinos were the hardest hit by the crisis and subsequent Great Recession, researchers have found.

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FOR THE RECORD:
Latino wealth survey: In the May 19 Business section, an article about a study of Latino financial issues referred to the Global Financial Literacy Center. The name is Global Financial Literacy Excellence Center. —
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Earlier research cited by the TIAA-CREF study shows that from 2005 to 2009, Latino household wealth fell 66%, compared with 53% for African American and 16% for white households.

Unemployment among Latinos doubled from 2007 to 2011, and the poverty rate rose six percentage points from 2006 to 2010, both increasing faster than any other ethnic group, the study said.

The TIAA-CREF survey found that 59% of respondents said they have trouble covering monthly expenses.

It also found that more than half of respondents said they were unable to save at all, and 20% said they spent more than their income over the past year. One third of respondents said they spent as much as their income.

Homeownership among Latino households trails the broader population, with only 53% reporting owning a home compared to 71% for whites, according to the survey.

Illustrating both a cause and symptom of Latino financial difficulties, half of the respondents reported engaging in expensive credit-card practices that can run up interest charges and fees, including paying the minimum monthly balance only, using a card for a cash advance or incurring a late fee.
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Old 05-26-2015
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Default Re: 59% of college-educated Latinos have trouble meeting monthly expenses, report say

Good read!
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Old 05-27-2015
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Default Re: 59% of college-educated Latinos have trouble meeting monthly expenses, report say

i wonder when it comes to bullshit majors, if latinos lead in pursuing those more than other groups? cause that could explain the incredible high amount of struggling college educated latinos.

Last edited by SJ; 05-27-2015 at 06:35 AM.
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Old 05-27-2015
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Default Re: 59% of college-educated Latinos have trouble meeting monthly expenses, report say

I'd say it has more to do with financial foundation and financial education.
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Old 05-27-2015
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Default Re: 59% of college-educated Latinos have trouble meeting monthly expenses, report say

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i wonder when it comes to bullshit majors, if latinos lead in pursuing those more than other groups? cause that could explain the incredible high amount of struggling college educated latinos.
What are the bullshit majors?
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Old 05-27-2015
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Default Re: 59% of college-educated Latinos have trouble meeting monthly expenses, report say

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What are the bullshit majors?
He means English, philosophy, art, graphic design.
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Old 05-28-2015
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Default Re: 59% of college-educated Latinos have trouble meeting monthly expenses, report say

what tec said lots of other examples but those seem to be the main ones. add communications to that list.

i don't mind if my kid has a bullshit major, but he better double major in something that is worthwhile and that's going to get him/her a job that is worth the crazy amount of money and time he/she is spending.

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I'd say it has more to do with financial foundation and financial education.
I don't know what any of that means.

you are in college to learn and establish a good career. People shouldn't be there to bullshit around and then wonder why the fuck they are struggling financially after they leave.
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Old 05-28-2015
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Default Re: 59% of college-educated Latinos have trouble meeting monthly expenses, report say

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what tec said lots of other examples but those seem to be the main ones. add communications to that list.

i don't mind if my kid has a bullshit major, but he better double major in something that is worthwhile and that's going to get him/her a job that is worth the crazy amount of money and time he/she is spending.


I don't know what any of that means.

you are in college to learn and establish a good career. People shouldn't be there to bullshit around and then wonder why the fuck they are struggling financially after they leave.
I say a good career is one where you do something you enjoy and has meaning for that person. I'd also say college is for learning how to think critically. And most upwardly mobile beaners are missing the boat by thinking college is a path to being a baller and increasing their spending power at retail stores. Its strange how people will go broke trying to portray an image of wealth and success. Thats what I see as the problem.
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Last edited by KoolArrow; 05-28-2015 at 09:53 AM.
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Old 05-28-2015
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Default Re: 59% of college-educated Latinos have trouble meeting monthly expenses, report say

If memory serves me correctly, questionnaires that include the option of "some college education" usually also list options to choose whether you've graduated with a degree from a 2 or 4 year school... graduate school... etc...

I'm thinking that many of the respondents who chose "at least some college education"... in reality just have a diploma and took some college classes, but "some college education" sounds better than just a HS diploma. So this whole study could really just be talking about people that don't finish their college education as opposed to those who are truly "college educated".

It'd be a bit more useful to know the exact level of education attained or completed.

Last edited by CaliPac; 05-28-2015 at 10:41 AM.
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Old 05-28-2015
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Default Re: 59% of college-educated Latinos have trouble meeting monthly expenses, report say

I just meant, "Latinos" who go to college are less likely to have old wealth handed down to them, and are also more likely to have parents who aren't educated themselves and pass down a financial example that hardly consists of being smart with your money and investing instead of just saving and then spending it all in Mexico every December.
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