A short YouTube talk by Louis Barajas during Hispanic Heritage Month advocating for Latino economic empowerment by focusing on savings and investments rather than just consumer spending. He cites McKinsey figures showing Latino buying power growth but emphasizes worrying retirement/savings gaps that require action to build long-term wealth.
Questions this video answers
$2.6 trillion
Latino savers have only a fifth of the median wealth of non-Latino white counterparts
Almost half of all Latinos
23% of Latinos were considered financially healthy in 2022, compared to 35% of non-Latino whites.
Chapters
Foreign.
Welcome. It's now Hispanic Heritage Month and I want to bring you some numbers that I think will work on empowering the Latino economy in the United States over the next several years. But we got to focus on the right numbers. So over the last 30 years I've been going to all these conferences, Latino conferences throughout the country, and they always talk about the Latino spending power. And in fact, I want to read to you a number that McKinsey and company put out not that long ago and they said that Latino buying power is projected to reach $2.6 trillion by 2025. The population's growth in buying power from 2020 will be nearly 50% more than that of white households, which hold the largest share of the market. Now, being in the, in the financial planning industry for the longest time, I've learned a valuable lesson and that the golden rule, right, it's not the biblical golden rule that we hear about that treat others how like you would want to be treated, it's that he who holds the gold rules. And so Latinos are not there yet. And we should focus on another more important number that we never, rarely ever hear about in these conferences. I will share with you again. McKinsey & Co. Puts out these numbers. Latino savers have only a fifth of the medium wealth of their non Latino white counterparts and their savings have been depleted. Today, almost half of all Latinos have little or no retirement savings. Only 23% of Latinos are considered financially healthy in 2022, compared to 35% of the non Latino whites. Those numbers are the ones that matter. The savings, the investing Latinos putting money into the retirement plans, being less dependent on the government best, being less dependent on other family members. Once we focus on and talk about those numbers, then we'll make a change in the US Economy. So again, save more, invest more, get other Latinos to do the same and will be a big impact of powerhouse in the United States coming in the future.
