Across all ethnic and racial groups, education is expected to unequivocally boost income and wealth, and "protect" against the pitfalls of economic and financial blows. However, the wealth of Hispanics and Blacks isn't protected by education.
Financial readiness is paramount, and soon-to-be and new parents must be prepared for the sleepless nights, round-the-clock feedings and the stress that comes with caring for a newborn, particularly finances. Healthcare costs for normal and complicated births can range between $32,000 up to more than $50,000. That's pricey, and that's before the child even leaves the hospital.
Two-thirds of millennials said they wished they were better prepared before experiencing a financially-traumatic major life event. Beyond addressing stressors, the survey shined a light on Hispanic millennials' preparedness for major life events, such as buying a home.
The Hispanic customer base is “on the margins of the banking system” and they are often left dissatisfied when seeking financial services from financial institutions.
