Supporting the family financially and leaving a legacy for other generations remains the most important motivation for Latino economic growth in the United States, according to a survey released this week by research firm Ipsos in partnership with Merrill Lynch Wealth Management.
They surveyed a sample of 512 affluent Latino families from 2019 and found that 68% of respondents prioritize family welfare over other interests.
The study noted that “35% of affluent Hispanics/Latinos list providing for their family as one of their top personal motivators. While it is not the top priority for most, religion (22% vs 17% GP) and culture (19% vs 12% GP) are also more likely to play a prominent role in many Hispanic/Latinos’ lives.”
According to the data, “since 2015, affluent Black/African American, LGBTQ+ and Hispanic/Latino communities have grown by 65%, 76% and 81% respectively, while the affluent general population has grown by 53%.”
These numbers are attracting the attention of the financial sector, which is increasingly focusing on the U.S. Latino population—estimated to represent up to 30% of the country by 2060.
For Latina women, motivation includes family, but also the desire for independence. They are almost 30% more likely than Latino men to list the desire to achieve financial independence as their top motivator. However, these motivations get challenged when they find that they do not have the same opportunities for economic growth as other population groups.
“Discrimination has meant that to reach the same levels of success as others requires much greater effort. In fact, 46% of affluent Hispanics/Latinos feel that they’ve had to work harder than others to succeed and more than a quarter feel their advancement opportunities have been limited by their ethnicity. As a result, many affluent Hispanic/Latinos want to support others in building wealth, overcoming inequality, and providing opportunities to their community,” the survey noted.
The challenge for individuals in the Latino community is to balance supporting others while working for themselves, as well as paying for the household bills.
One of the biggest takeaways from the study is that Latinos aspire to have better financial role models and education in order to navigate their way to financial success. It also highlights that Latinos. see economic growth as a community advancement.
As the study noted, “19% of affluent Hispanics/Latinos say they look up to a friend or member of their community as a role model for managing finances compared to 14% of the affluent general population.”
Juanita Ramos Ardila is a Colombian journalist who has written for El Tiempo and ColPrensa. An M.A. Journalism candidate at CUNY’s Newmark Graduate School of Journalism, Juanita is also Latino Rebels’ 2021 Summer Correspondent. Twitter: @JuanitaRamosA.