News Column

Hispanic Confidence Growing in Family Finances

Nov. 2, 2012

Staff -- HispanicBusiness.com

Hispanic family shopping

Hispanics are more satisfied now with their personal finances and with the direction the country is going than they were in 2011, according to a new survey from the Pew Hispanic Center.

Hispanics are more satisfied now with their personal finances and with the direction the country is going than they were in 2011, according to a new survey from the Pew Hispanic Center.

More than half (51 percent) of Hispanics surveyed say they are satisfied with the nation's direction, a rise of 13 percent over 2011. That figure was 38 percent in 2001.

Just 31 percdent of the general public says they are satisfied with how things are going in the country today.

One-third of Hispanics surveyed report that their finances are "excellent" or at least "good." The figure for 2011 was just under one-quarter, at 24 percent. Nearly three-quarters (73 percent) say they expect their family finances to improve during the next 12 months. In 2011, just over two-thirds (67 percent) expressed a similar level of optimism.

Economic indicators have improved for Hispanics, according the the report. In the third quarter of this year, Hispanic unemployment stood at 9.9 percent, down from 11.2 percent in the third quarter of 2011. Hispanic unemployment reached 12.7 percent in the third quarter of 2009.

The U.S. Bureau of Labor Statistics put the Hispanic unemployment rate at 10 percent in October.

The overall unemployment rate stood at 7.9 percent on the eve of the presidential election, according to news reports.

However, wealth among Hispanic families declined by 58 percent between 2005 and 2010, according to the survey, a drop driven mainly by the bottom having fallen out of the housing market. Hispanic families' wealth didn't grow between 2010 and 2011, according to the Census Bureau.

On the other hand, the poverty rate among Hispanics declined to 25.3 percent in 2011, compared to 26.5 percent in 2010, according to the Pew survey.

The report is based on a nationally representative bilingual telephone survey of 1,765 Hispanic adults conducted from Sept. 7-Oct. 4, 2012; a Pew Hispanic Center analysis of the U.S. Census Bureau's Current Population Survey data; and poverty and household income data published by the federal government.

The report, "Latinos Express Growing Confidence in Personal Finances, Nation's Direction," was authored by Mark Hugo Lopez, associate director, and Seth Motel, research assistant.

The Pew Hispanic Center, a project of the Pew Research Center, is a nonpartisan, nonadvocacy research organization based in Washington, D.C., and is funded by The Pew Charitable Trusts.


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