More Than 70% of Hispanic Millennials Providing Financial Support to Family Members – With Many Increasing Their Support During the Pandemic
As Hispanic millennials continue to weather significant financial impacts from the pandemic, nearly three-quarters (72%) are also providing financial support to family – far more than non-Hispanic millennials (53%) – according to new research from Bank of America’s Better Money Habits. Additionally, nearly one-quarter (23%) increased or are increasing financial support for family due to the pandemic, including immediate and/or extended family.
The survey also revealed that nearly half of Hispanic millennials (45%) contributed less than $1,000 to savings or investments over the last year, and nearly one-quarter (23%) were not able to save at all. Despite these challenges, half (51%) of Hispanic millennials are optimistic about their financial outlook and many are taking positive steps toward a more financially secure future.
“Many Hispanic millennials are providing financial support to family and facing disproportionate impacts from drops in savings and other financial hardships, underscoring the need for guidance as they take proactive steps to rebuild financial security,” said Christine Channels, Head of Community Banking and Client Protection at Bank of America. “Through our Better Money Habits platform, we’re committed to arming individuals and families with the resources and guidance to help navigate challenging times, prepare for the future and reach their financial goals.”
Other key findings from this research include:
“Family has long played a powerful role in Hispanic millennials’ financial priorities and decisions, and the pandemic has only strengthened their commitment to the financial well-being of loved ones,” said Alberto Garofalo, Community Banking & Development executive at Bank of America. “Our research shows us that as Hispanic millennials take steps to rebuild their own financial security, they’re also strongly prioritizing financial support to family in the year ahead.”
As Hispanic millennials prioritize better money habits, they continue to seek advice and guidance as they look to take control of their finances and plan their financial futures. Bank of America’s Better Money Habits platform connects people at all life stages to relevant tools and resources that help build know-how about topics such as budgeting and saving, homeownership, reducing debt and retirement so people can learn and take action. To support Hispanic individuals and communities in reaching their financial goals, Better Money Habits also offers its full suite of easy-to-understand tools and resources in Spanish.
The study was conducted June 14 – 28, 2021 by Ipsos in English and Spanish and is based on nationally representative probability samples of 1,015 general population adults (age 18+), 515 Hispanic adults (age 18+) and 394 Hispanic Millennials (age 24-40). This survey was conducted using the Ipsos KnowledgePanel®, the largest and most well-established online probability-based panel that is representative of the adult US population. Panelists are scientifically recruited into this invitation-only panel via postal mailings to a random selection of residential addresses. To ensure that non-internet households are included, Ipsos provides access to a tablet and internet connection to those who need them. Because of this probability-based sampling approach, KnowledgePanel findings can be reported with a margin of sampling error and projected to the general population. The margin of sampling error for general population sample is +/- 3.2 percentage points at the 95% confidence level, while the margin of sampling error for the Hispanic Adult and Hispanic Millennials are +/- 4.6 and 5.9, respectively.
At Bank of America, we’re committed to helping people lead better financial lives by equipping them with the skills, knowledge and confidence to succeed. That’s why we created Better Money Habits, a financial education platform of tools and information that helps people make sense of their money and take action to improve. As a cornerstone of Better Money Habits, we offer free financial education content and tools that break down financial topics in a way that’s approachable and easy to understand. We continually look for ways to expand the reach of Better Money Habits and also offer Spanish language resources on the site.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Betty Riess, Bank of America