Hispanic investors have a long way to go to close the wealth gap between them and non-Hispanic white Americans. But their investing knowledge is on the rise.
Additionally, while Latino and Hispanic families have seen their wealth grow by an average of 7% each year over roughly the same time period, according to the Fed's latestHispanic households of any race have a median net worth of around $31,700, compared with $187,300 among white, non-Hispanic households, theThe gap between Hispanic and non-Hispanic wealth won't close overnight.
Plus, a rise in resources like social media educators and educational initiatives from banks and firms like J.P. Morgan have helped increase financial literacy in historically underserved communities, she says.The idea of generational wealth is about more than just passing down assets, but knowledge too. Navarro, who is Hispanic herself, says in her experience, investing in the stock market was always seen as a huge risk.
Since that's not the case for many Hispanic and Latino folks, financial institutions and advisors need to "know how to approach this community, how to talk to this community, what type of products you need to serve this community because they are different — not all investors are the same," Navarro says.Compared with men, women investors are more likely to report investing to help support their families. This is even more true for Latina and Black women investors, the survey found.
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