Hispanic Gen Z highlight greater gaps in financial education, see homeownership as success
According to Bank of America’s survey, 48% of Hispanic Gen Z were never offered a financial education class in school – more so than non-Hispanic Gen Z (37%).
That’s why this community is less likely to feel knowledgeable about building credit (56% vs. 63%), saving for retirement (34% vs. 40%) and filing taxes (28% vs. 45%).
Besides, they are more likely to cite lower-income (52% vs. 44%) and job stability (31% vs. 20%) among their top barriers to financial success.
Homeownership is especially important to this community. In fact, 39% define financial success as owning a home, compared to 26% of non-Hispanic Gen Z.
At the same time, Black/African American Gen Z more likely to be financially independent, cite starting a business in their definition of success.
Indeed, 59% of Gen Z in this community identify as mostly or fully financially independent – compared to 47% of non-Black/African American Gen Z.
They also cited greater knowledge of several financial topics, including filing taxes (59% vs. 39%), saving for retirement (44% vs. 37%) and purchasing a home (41% vs. 24%).
Meanwhile, 66% carry debt, and of those that use credit cards, 44% have accrued credit card debt – more than non-Black/African American Gen Z (51% and 21%, respectively) – and are nearly twice as likely to cite debt as a barrier to financial success (30% vs. 17%).
We’ve reported that Bank of America introduced a fraud prevention tool.