'I get really anxious money-wise because I don’t know whether things are going to shut down again.” Hispanic millennials are more likely to say they didn’t have enough savings to withstand the pandemic, a Bank of America study found.
Ellie R., 24, of Los Angeles, was brimming with hope for the future when she graduated from college in 2019. She landed a job at a financial startup and hoped to apply to law school — but in March 2020, the pandemic derailed her plan to take the exam.
Ellie’s parents have since gone back to work on altered schedules, with her mother concerned about job security and her father stretched thin due to an understaffed team. Ellie has been able to start saving small amounts and is gearing up again to apply to law school, but worries about “repeating the cycle” if there is another wave of COVID-19 shutdowns.
Hispanic millennials are more likely than their non-Hispanic counterparts to say they didn’t have enough savings to withstand the impacts of the pandemic and to report that the pandemic had affected their ability to save , according to the survey. Meanwhile, about seven in 10 Hispanic millennials provide financial support to family members, compared to 53% of non-Hispanic millennials, the study found. Nearly a quarter say they’ve increased or are increasing their financial support for family due to COVID-19, with Hispanic millennials twice as likely to feel a sense of financial responsibility for their loved ones.
Tracking with national trends that show the pandemic-era caregiving burden has fallen disproportionately to women. Hispanic millennial women are more likely than their male counterparts to shoulder some kind of caregiving responsibility, the survey also found — and much more likely to be juggling work alongside child care .
— Ellie R. Ellie added that first-generation Latino Americans often feel a burden to be the “savior” of their family: “the one who first goes to college, gets the first corporate job, first everything.”
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