National Hispanic American Heritage Month extends from September 15 to October 15 and as part of this month of recognition, we ask ourselves to improve business: What are the unique challenges facing Latin-American employees today? How can we learn about these challenges and address them as part of our ongoing efforts to promote diversity, equity and inclusion in their improvement?
It turns out that not only Latin-Americans but also the largest ethnic group in the United States have unrealistically low retirement savings, but they also have unequal amounts. Access For savings. Gender and age also play a factor role.
Committed to creating a financial wellness program for employers that helps all employees, understands interdisciplinary issues and how Latinox employees have unique needs and challenges. In this article, we’ll cover three important lessons that can help inform your wellness program and build support for Latinox staff during and after this national Hispanic American Heritage.
Latinx employee savings log behind white employees
According to a 2018 report by Unidos US and the National Institute of Retirement Security, “four out of five Latino families have less than 10,000 10,000 in retirement savings, compared to one in two White families.”
And when comparing similar white and Latino families in other ways, the researchers also found that “69% of working Latinos do not own any assets in their retirement accounts compared to the White% White family.”
While Latino families are saving for retirement, they are saving significantly less money than their white counterparts. That said, small Latinxs are interested in saving. For example, according to the Hispanic Wealth Project, they own 25% more investment property than non-Hispanic white families.
Encourage Latinox employees to continue to diversify their investments and separate their other assets as well as retirement savings বিশেষ especially if you offer an employer-sponsored match that can help them reach their goals faster.
Access to employer-sponsored retirement plans is also an issue
For Latin-Americans, access to retirement-sponsored retirement plans is “significantly” lower than for white workers. Overall, about 1% of Latino workers participate in retirement plans, while 5% of White workers.
But, to put it more in context, when Latinos have access and the ability to participate in a plan, “they show a slightly higher adoption rate than other races and ethnic groups.”
In other words, when a retirement plan is offered, Latinos are more likely to benefit, but they are significantly less. There is That access in the first place.
For example, Latin-Americans, especially young people, feel pressured to provide social security nets to their families and loved ones. They are 77% more likely to be in a multi-generational family than non-Hispanic white families, and when surveyed, half agreed that now helping friends and family members is more important than saving their own retirement.
It is important to provide a comprehensive financial wellness solution that helps Latinox workers meet unique needs, including plans to retire their loved ones or invest in additional real estate for their growing family.
Older women are unequally affected
Latin More than one in five Latin women over the age of 5 live in poverty. And without income from work, this population will not be able to meet the cost of basic living.
Separately, black and Latin women are an unequal partner of domestic workers, with Latino women accounting for more than 29% of domestic workers, compared to only 17% of all other workers. Only 19% of domestic workers receive health or retirement benefits, compared to 49% of other workers.
Kovid-1 has exacerbated this disparity. According to the United Nations, domestic workers were particularly at risk for the economic impact of the global Covid-119, which led to an epidemic of Latinox survey respondents covering %% (compared to 422% of non-Hispanic whites) covering their savings.
Consider how issues such as your employee population and epidemics can affect them and their family members. Offer financial planning services and remind them that it is never too late to start with their savings, debt repayment or other financial goals.