Eight things we learned about college-educated Latinos and personal finances
More than half of college-educated Latinos (59 percent) reported having difficulties covering all expenses and paying bills in a typical month.
More than half of college-educated Latinos (59 percent) reported having difficulties covering all expenses and paying bills in a typical month, according to a survey published this week by TIAA-CREF, which revealed the following:
- One-fifth reported that their spending over the past year exceeded their income, and an additional one-third said it was about equal, leaving no income to save.
- One-half feel that they have too much debt.
- 50 percent of credit card holders engage in expensive credit card practices, like making the minimum payment only, making late payments, using cards for cash advance, or exceeding their credit line.
- 35 percent have used one or more high-cost borrowing methods in the last five years.
- Less than one-half (40 percent) of households have emergency or rainy day funds sufficient to cover expenses for three months.
- Almost four in 10 college-educated Latinos said that they probably or certainly could not come up with $2,000 within the next month in case of an unexpected economic need.
- College-educated Latinos are 20 percent less likely than whites to display a basic level of financial literacy and one-half as likely to demonstrate advanced financial literacy.
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