Family and financial priorities of the Hispanic/Latino community

Each year, Hispanic Heritage Month is observed from September 15 to October 15. It is a time to celebrate the histories, cultures and diversity of the Hispanic/Latino community. With that in mind, we are sharing insights into the financial goals and aspirations of the Hispanic/Latino community. This is the second part of “Diverse Viewpoints,” a three‑part research series introduced last month. The research explores the financial experiences of the Black/African American, Hispanic/Latino and LGBTQ+ communities with a focus on three major themes: Identity, work and money, and legacy.

Through in‑depth surveys and one‑on‑one conversations, the research revealed many nuanced perspectives and experiences that shape financial concerns and priorities. For example, Hispanics/Latinos cite a significant responsibility to take care of extended family members, yet affluent Hispanics/Latinos are 25% more likely than the affluent general population to say supporting family causes financial stress.

And, when it comes to financial goals, Hispanics/Latinos are four times more likely to say their most important goal is to provide financial assistance to aging parents. Balancing long‑term goals and short‑term needs is an important consideration for this community.

Key takeaways

Visit the website to download the comprehensive Hispanic/Latino report and watch a video roundtable where participants from this community have generously shared insights about their lives and financial experiences.

Share these stories with your colleagues and employee networks.

Talk with your Bank of America representative about how we can help you engage your diverse workforce and create more inclusive experiences.