According to the Pew Research Center, 2015 is projected to be the year that the ‘Millennial’ generation surpasses the Baby Boomers as the nation’s largest living generation. Twenty-one percent of Millennials in the US are Hispanic; two-thirds of which are U.S born and 40% are bilingual.
The Hispanic Millennial Project in their “Wave 3: Hispanics and Financial Services” points out a few key points about this group:
Finances & Savings
- 53% of Hispanic Millennials are pragmatic and not impulsive when it comes to spending
- Hispanic Millennials save a larger percentage of their income (25%) every month than other groups
- 53% said they are actively saving money and/or investing for their retirement
- And 58% believe that having debt of any kind is bad
Twenty-one percent of Hispanic Millennials said that they are planning on getting a mortgage in the future. While 24% plan on investing in life insurance, 20% in a retirement account and 16% in a saving account.
Among those who are not planning to get a mortgage:
- 46% said they cannot afford to buy a house right now
- 32% said they don’t have enough money saved for a down payment
Among those who are planning to get a mortgage:
- 58% said they are planning to get one within the next 3 years
- 21% said within the next 12 months
- 74% are currently saving for a down payment
But among the 21% who are interested in buying a house, 63% said they need to be educated on how much they will need to save.