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Most US Hispanic Millennials acknowledge that they are better off financially than their parents were at their age because they have less debt and are more keen on habits to boost their credit. As a result they tend to be more optimistic about their future than non-Hispanics.* Stemming from a number of factors, US Hispanic Millennials also have more disposable income than all other Millennials.


Education costsHispanic Millennials have $10,000 less debt than all other Millennial groups.* An important factor is that most American Gen-Y Latinos live at home with their parents during college and even some time after, to save money. It is common in their culture to not consider this as a step back in financial independence but as a financial support that others do not have the chance to experience. They receive financial backing from their parents which eases any finance related stress. Not only do they rely on their parents financially in their twenty’s but they consult with them before making most major decisions in their lives. In fact, it is the parents that have instilled into them the values and importance of budgeting so that Hispanic Millennials are more likely to know their credit score and to maintain a good one.* This cultural influence that family plays in the lives of these young Hispanics is something other Millennials do not count on.


Beautiful Happy Hispanic Woman WIth Shopping BagsThere are certain tendencies of the Hispanic culture that determine their approach to financial decisions.  In general, US Hispanic Millennials earn less annually than other Millennials but they get richer at a faster pace. In the last decade, 89% of Hispanic Millennial led households had an income between $50,000-$100,000.* Their employment gains are attributed to high levels of part-time employment, 23%, compared to 18% of non-Hispanics giving them a 56% increase since 2008 for Hispanic Millennials.*** A common tendency the American Gen-Y Latinos have is that they shop less in stores but spend more money annually than other Millennial groups and they tend to purchase more valuable items such as clothes and kitchenware. Looking at the overall picture their shopping expenses are $2 less per outing on average than non-Hispanic Millennials and they prefer to shop at retail stores such as Macy’s or Dillard’s.**** Hispanic Millennials consider financial independence as being able to pay all of their bills and obtain a full-time employment in the profession of their preference but only 41% of Hispanics in their twenties have achieved this. The number one goal for American Hispanic Millennials is to obtain a successful career and they believe that three characteristics will help them achieve their dream job; diligence, education and experience.*****

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*Forbes, “Debt Free, Smartphone Savvy, Big Spenders: Hispanic Millennials are Retails Holy Grail”, 2013
**Nielsen, “Understanding Latino Diversity: New Insights Into Three Important Hispanic Segments”, August, 2013
***, “Hispanic Millennials & the Economy: Hit Hard, But Still Optimistic”, June 20, 2012, by Jose Tillan
****, “Hispanic Millennials: The Next Gold Mine”,
*****, “Hispanic Millennials Are More Optimistic, Carry Less Debt Than Other Millennials”, September, 2013