Conflicting headlines today in two local new sources:
“Hispanic buying power hits $34B in Arizona.” This appears in the Phoenix Business Journal written by Lynn Ducey and details the influence of the Hispanic community in Arizona.
The second headline is from The Arizona Capitol Times: “Latinos face cultural, structural barriers in building wealth.” Written by Alyssa Newcomb, this article details the financial barriers and hardship of Latinos seeking to save and build wealth.
The first article touts how the Hispanic community is growing in influence among the business community:
“What this shows is that we not only matter, but we matter more every day,” said Hispanic Chamber Interim President and CEO, Gonzalo de la Melena.
The later article bemoans the difficulties Hispanics face in the financial services industry due to citizenship, culture and language barriers. Here’s a quote from that article:
According to a Filene Research Institute report by Barbara Robles, a former Arizona State University professor who is now a senior researcher for the Federal Reserve System, the gaps on a series of median financial indicators continues to widen as the population ages.
The sharp divide between the net worth of Latinos and the rest of the population creates a group that is poorly equipped to deal with emergencies or retirement. Robles’ report says that for every dollar of non-Hispanic white net worth, Latinos hold only 40 cents.