Hispanics Americans, even high earners, face retirement-readiness challenges compared to whites at comparable income levels.
Summary
While America faces a retirement challenge across the board, retirement readiness gaps are more pronounced for some groups than others. The research shows women, for example, retire with 30% less savings than men, and Black Americans have far fewer retirement assets than white Americans, as do Hispanics. This paper focuses on financial wellness and behaviors of a subset of the Hispanic American population: those who are “High Earners Not Rich Yet” (HENRYs).
Key Insights
- Hispanics’ personal finance knowledge and longevity literacy are generally lower than that of the overall U.S. adult population.
- Perhaps stemming from historical marginalization and negative experiences, the Hispanic community, including high earners, tends to distrust financial institutions.
- Nearly three quarters of high-earning Hispanics surveyed cite their lack of financial education as a major barrier to saving and investing.
