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New survey finds many Latinos are worried about finances

A new survey by UnidosUS and BSP Research surveyed 1,200 Latinos in three states, including California, asking about their economic security.

SAN DIEGO — A new survey released Tuesday by UnidosUS and BSP Research found many Latinos have financial concerns. 1,200 Latinos in California, Texas and Arizona were asked about topics such as their bank accounts, housing costs and savings. 

"The Latino experience of the economy is different than the overall macro economy and that’s because where you stand often depends on where you sit," Gary Segura with BSP Research said.

The survey said the 62 million Latinos in the United States make up $3.2 trillion in economic output. 

“Latinos are making very important economic contributions, they are powerful economic engine of the country, however all this output doesn’t mean Latinos are thriving,” Santiago Sueiro with UnidosUS said.

The biggest economic worries of respondents included day-to-day expenses going up, the high cost of housing and not making enough money. More than half of respondents were concerned about being able to pay the next month's rent or mortgage.

Student loans is another area affecting Latinos' finances. For respondents with a four-year degree and student loans, more than 40% owe more than $30,000. It also found borrowing and not getting a degree is fairly common. 26% of respondents with student loans who did not get a degree owe at least $15,000 in student loans. 

Another concern addressed in the survey was medical care. Over the past year, 27% of Latinos surveyed didn't get dental services because of the cost. Another 21% skipped doctor appointments and 13% didn't get mental health care. 

Other main concerns addressed in the survey were a high number of overdraft and credit card late fees compared to other groups. Another concern in the survey is the number of people turning to risky income sources such as borrowing money from friends and family and low retirement savings and emergency funds. 

UnidosUS and BSP Research hoped the data collected would lead policymakers to make changes. 

"More needs to be done also to promote things like the child tax credit, to make sure wages continue to increase, that housing costs continue to come down, that inflation continues to come down so Latinos can build their savings back up, pay down their debts and feel more financially secure," Sueiro said.

On the positive side, the survey found unemployment is at a near historic low for Latinos and real wages are rising faster than inflation.

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