Growing up as a first-generation American, Jennifer Guerra was never taught how to manage her finances. “My parents would always say, ‘save, save, save, save,’ but I had to learn my own ways. My mom didn’t even have a bank account until two years ago when I finally convinced her,” said Guerra, who works as a licensed clinical social worker at a school in Panorama City.
The 31-year-old described her current financial situation as “stable” but said she has spent most of her adult life navigating credit card debt and learning how to budget. Guerra isn’t alone in this struggle. According to a new survey commissioned by Unidos US and loan company Oportun, a majority of Latinos are concerned about their income and are struggling to pay their monthly expenses.
For the poll, 1,200 Latinos in Arizona, California and Texas were asked about their use of bank accounts, their expenses, debts, savings and access to credit. The survey was conducted in English or Spanish, depending on the choice of the respondent, and is a follow-up to a similar questionnaire previously commissioned in 2022 . The survey found that 65% of low-income Latinos, categorized as those making $29,000 or less a year, and 66% of Latinos ages 25 to 39 are worried about paying next month’s rent or mortgage bill.
Even with a steady source of income, Guerra says she still lives with her parents because of the rising cost of living. She feels that no matter how good her credit might be or how much she sav.
