A new report generated by Congressional Hispanic Caucus (CHC) and the congressional Joint Economic Committee (JEC) examines Hispanic American wealth disparities.
The analysis probes circumstances threatening economic security and opportunities among Hispanic Americans and their families.
“The report by the Joint Economic Committee (JEC), under Chair Don Beyer’s leadership, sheds light on the wealth disparities that Hispanic Americans face when it comes to several key metrics of financial security, from access to homeownership to saving for retirement,” U.S. Rep. Raul Ruiz (D-CA), CHC chair, said. “Throughout the pandemic, Hispanic families have courageously stepped up and risked their lives as essential workers on the frontlines to keep us safe, healthy, and fed. Yet, due to the disparities outlined in the JEC’s report, Hispanic Americans’ economic security continues to be at stake.”
Per the report, Hispanic families hold 2 percent of the nation’s total wealth, while the median net worth of white families is more than five times greater than that of Hispanic families.
The research found that one in four Hispanic families have a retirement account, and Hispanic families are also overburdened by student debt – 10 years after college entry, the typical Hispanic four-year degree borrower owes nearly 80 percent of the amount initially borrowed. Additionally, less than half of Hispanic families own homes compared to almost 75 percent of white families.
“As Hispanic Heritage Month comes to a close, we continue to recognize and honor the vital contributions of Hispanic Americans to the U.S. economy,” JEC Chairman Rep. Don Beyer (D-VA) said. “This is also a time to recognize the barriers to financial security and economic opportunity that stand in the way for Hispanic families. We have a historic opportunity to address the structural barriers to wealth building for Hispanic Americans.”