Hispanic investors report feel comfortable financially, but many are concern about their ability to manage debt and save for retirement, according to a new Wells Fargo nationwide survey.
Roughly half of Hispanic investors surveyed (49%) report feeling comfortable financially (similar to 51% of the general population) and confident in their financial future (55% of Hispanics, similar to the general population, 52%). Fifty-seven percent of Hispanic investors also reported feeling secure in their current job situation, consistent with 55% of all US adults.
Hispanic investors are more optimistic about the political direction of the country, with 50% of those surveyed seeing the political direction improving, compared to 43% of all adults. Hispanic investors are also generally optimistic about the economic direction of the country and their local economy.
Half (51%) of those surveyed say the U.S. economy will improve in the next two years (similar to 47% of all U.S. adults), while only one in five (19%) expect the U.S. economy to decline (compared to 33% of all US adults). In addition, Hispanic investors are more likely to anticipate improvement in their local economy in the next two years (53% vs. 45% of the general population).
Despite financial confidence and optimistic outlook, debt remains a top concern for many Hispanics, as half (50%) report that they have more debt than they feel comfortable with, vs. 38% of the overall population. A quarter (25%) of Hispanics surveyed report concern about losing their home, compared to 12% for the overall population. And the majority of Hispanics (57%) report they are more focused on reducing debt than saving for retirement (similar to 53% of the general population).