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Latinas and the Financial Power Shift

According to a recent report published by Nielsen, Latinas have rapidly positioned themselves as

prominent contributors to the educational, economic, and cultural wellbeing of American Society and consumer marketplace”.

The report mentioned that Latinas are outpacing Latino males in their educational pursuits and career development and for first time exceeded non-Hispanic females in college enrollment.

A record seven in ten (73 percent) Hispanic high school female graduates are enrolling in college. This is how the number compares to other groups:

  • 11 percentage points ahead of Hispanic males (61 percent)
  • 1 percentage point higher than non-Hispanic females (72 percent)

Latinas in households making $75,000 or more also increased by 5 percent over the past 10 years, showing gains regardless of the recession. Over the past ten years, household income for Latinas 18 years of age and older has also risen out of the lowest income category and is holding position in other income groups among blue and pink collar segments:

Latina Power

With this advanced income and education, a Latina’s ability to invest in long term assets has increased. As we mentioned in previous blogs 3 in 4, Hispanics agree that buying a home is the best long-term investment. This also applies to the Latina segment of the population as they are more likely than the overall female population to buy a home for the first time.

However, There is One Concern

Though the report revealed many positives surrounding the Latina market, one revelation from the study really caught my attention. Here is the quote directly from the report:

While twenty-first century Latinas are advancing their consumption of major assets, we cannot fail to note the Latina segment resists banked financial products and lives in a primary cash market.”

When I read this, one of KCM’s mantras came to my head:

“We need to educate them; not with a heart of a salesman, but with the heart of a teacher.”

Many Latinas need our help in understanding the benefits of building a financial history if they want to be able to reach the American Dream of buying a home.

Are you doing your part?

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