NAHREP and the Hispanic Wealth Project, Inc. are finalizing a report on the state of Hispanic wealth in America. The report will be built around an in-depth survey on family wealth taken by several hundred Latino families that includes how their financial position has been impacted by COVID-19. So, what are we hoping to learn from the study? Among other things, I hope to better understand what forms Latino families are holding their assets today, what they tend to do with extra money, how they have rallied together to deal with the devastations of COVID-19, and how immigrant families may differ from U.S.-born households.
A 2013 Pew study indicated that Hispanic families lost two-thirds of their median household wealth during the great recession. In fact, it was that study that inspired us to create the Hispanic Wealth Project and establish a goal to triple Latino household wealth within ten years. I am also anxious to see if Latino families are better prepared for a recession this time around. There is no perfect Spanish language translation for the word wealth, which says quite a bit about the cultural relationship that Latinos have with money. The subject of household wealth is central to the NAHREP mission statement and has galvanized our membership more than anything ever has. We have work to do, but I hope to learn how much progress has been made – and more importantly, how much America’s prosperity is tied to Latino prosperity. The report will be released during the NAHREP at L’ATTITUDE convention in September.