Most Latinos Confident About Personal Finances: Report

Woman looks in her wallet for credit cards
Woman looks in her wallet for credit cards she wants to melt over a hot plate as she tries to dig herself out of credit card.Joe Raedle / Getty Images

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By Brian Latimer

Although Latinos were hit exceptionally hard by the 2007 Great Recession, a new survey finds Latinos, including Millennials, are increasingly more optimistic about their personal finances, more so than non-Latino Americans.

According to a report by Pew Hispanic, 90 percent of Hispanics younger than 30 years old believe their financial situations will only improve over the next year. The same applies to Hispanics ages 30 to 49 and 50 to 64.

About 81 percent of Latinos are optimistic about their finances, which is a 14 percent jump from 2008. Since 2012, however, the general U.S. public’s confidence in their finances and the economy has fallen from about 66 percent to 61 percent — 20 points less than Latinos.

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“Looking ahead, optimism about their family’s future economic prospects has risen faster among Latinos than in the population as a whole,” the report says.

About 59 percent of Latinos 65 and older believe their personal finances, and their family’s economic stability, will improve over the next year.

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