Latinos have become considerably more upbeat about their personal finances and optimistic about their financial future since the Great Recession, according to newly released results from a national survey of Latino adults. The survey also shows that Latinos have pulled even with the general U.S. population in their views of their personal finances and continue to outpace them on optimism about the future. However, community economic indicators show limited progress since the Great Recession.
Four-in-ten Latinos say their personal finances are in “excellent” or “good” shape, a 17 percentage point increase since 2008, when only 23% made a similarly positive assessment of their finances (the Great Recession began in December 2007). 1 By contrast, the share of all Americans who have a similarly positive view of their finances remained essentially flat during the same seven-year period (41% in 2008 vs. 43% in 2015).
The survey also shows that Hispanics are more upbeat in their financial expectations for the upcoming year than they were in 2008. About eight-in-ten Hispanic adults (81%) say they expect their family’s financial situation to improve in the next year, up from 67% who said the same in 2008. By comparison, the U.S. public is not as upbeat – 61% say they expect their family’s financial situation to improve, up from 56% who said this in 2008.
Latino adults also see upward mobility in their children’s futures. Fully 72% say they expect their children will be better off financially than they themselves are now. 2
These findings emerge from the 2015 National Survey of Latinos, a nationally representative bilingual telephone survey of 1,500 adults conducted on both landline and cellular telephones. It was fielded from Oct. 21 to Nov. 30, 2015, and has a margin of error of plus or minus 3.3 percentage points at the 95% confidence level.
The nation’s Latino population is its largest minority group, numbering 55.3 million in 2014. They are also one of its fastest-growing groups – the U.S. Latino population grew 57% between 2000 and 2014. With this fast demographic growth has come a growing impact on the nation’s economy. Between 2009 and 2013, Latinos accounted for 43.4% of total jobs growth, with U.S.-born Latinos driving……..
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