Lately I’ve been thinking more and more about money. My thoughts were running deeper than the usual bills, student loans, and food to alcohol ratio, but into my longterm savings, and how other people handle their money.
Growing up, I never really learned much about money management. Like many other students with Mexican immigrant parents, my parents didn’t have the mental bandwidth to plan and save for the future because food needed to be on the table today. If we did need to save, our form of saving came in tandas, a peer to peer type of savings system, which allowed us to save larger sums without interest.
I’m 23 years old, a first-generation college graduate, and an example in my Hispanic community. I catch myself asking the same questions many Hispanic millennials ask themselves: I graduated college, why am I still struggling with money and when is it going to stop? I’ve been talking to ambitious people that grew up like myself and have found that I’m not alone. We feel really left behind compared the other young professionals when it comes to financial knowledge and planning.
Hispanics are the largest and youngest minority group in the United States and 37% of Latinos in between 16-25 are the U.S.-born children of immigrants. Hispanic millennials are in an interesting position. We’re ambitious and more educated than ever before, but we’re still struggling to catch up with money. In the upcoming months, I’ll look at the financial behavior within my generation with my sight on the following assumptions:
- Hispanic Millennials have trouble saving and investing
- Hispanics Millennials want to save
- Hispanic Millennials want to invest
- Hispanic Millennials need a different way to invest and save with us in mind
With these assumptions, I hope to address the financial gap in a digital way. This is my first post in what I hope is a series of reflections and behavior research that will ultimately help provide a solution to the gap with Hispanics and money in America.