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Financial Planning > Behavioral Finance

Hispanic boomers especially hard hit by recession

By Danielle Andrus

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The recession forced everyone to adjust their lifestyles, but it has particularly affected Hispanic boomers, according to a recent survey from AARP.

Over 20 percent of survey respondents said they had lost a job in the last year. The loss of employer-sponsored health insurance has had a noticeable effect. One-third of respondents report more debt on their credit cards, and 35 percent said they had cut back on medications. Five percent were forced to file for bankruptcy and 11 percent had utilities turned off. Of those who hadn’t lost a job, 32 percent suffered a pay cut.

Hispanic boomers are working to protect their careers from further effects of the recession, the survey found. Forty-one percent have taken training courses either to improve their job skills, or to learn new skills. Nearly 70 percent say they plan to take training courses in the future. Eight percent have started their own business, and 22 percent say they have plans to do so in the future.

Despite these hardships, only 15 percent of respondents said they had consulted a financial planner for help. Hispanic boomers’ main source for financial information is their own family; one-quarter said they turn to family members for help with financial planning, followed by books and magazines at 22 percent.

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