The Latino community has historically faced obstacles to building wealth. Latinos make up an estimated 17% of the country’s population but hold only 2% of its wealth. By 2014, the wealth of White households was 10 times that of Latino families—a gap that is predicted to grow.
Today Latinos continue to face challenges that impede their ability to build wealth, including underemployment, lack of retirement options, high student debt, lack of access to affordable mortgage credit, language barriers, and legal status. This leaves families vulnerable to alternative financial options that are often more costly than traditional services, and sometimes even predatory, such as payday loans.
What we are doing
We develop programs with select NCLR Affiliates that combine financial education, coaching, and access to safe financial products to empower Latino families to make informed economic decisions. This complements our work to promote financial regulations that protect Latinos as they seek to increase and maintain wealth.