One in three Hispanics has no money saved for emergencies

Latina women have been affected economically.

Photo: Pedro F. Frisneda / El Diario

Latinas have suffered financial losses “Huge” Y “Disproportionate” due to the coronavirus pandemic and this has deepened the inequalities that already existed before the covid-19said today the Hispanic group UnidosUS.

“The job and income losses experienced by Hispanic women were worsened by the previous government’s failures in handling the pandemic and relief efforts that excluded too many essential immigrant workers.”said the president of UnidosUS, Janet Murguía.

The group, which describes itself as the largest Hispanic civil rights organization in the country, released a report examining the impact on Hispanic women of the financial crisis due to the coronavirus pandemic.

The report is based on telephone or online interviews with 2,184 adults, 1,195 of whom were Hispanic women, conducted between February 11 and 25. 76% of these women have US citizenship and 63% live in households where all people are US citizens.

Before the pandemic, 42% of those surveyed had a full-time job, 12% had part-time employment, and 39% were unemployed.

The report showed that currently 34% have full-time employment, 14% have part-time employment and unemployment affects 42% of these women.

Since the beginning of the pandemic, according to the respondents, income decreased “a lot” in 17% of their households, “somewhat” in 22% and has remained roughly the same level in 36% of their groups. relatives.

For the nearly 30 million Latinas living in the United States, the path to full financial recovery will be much more difficult due to structural inequalities dating back to before the pandemic, the report noted.

These inequalities include the lower wages paid to women, and the scarcity of benefits such as paid sick leave or compensation for overtime.

In addition, the home ownership index is lower among women and they have more family responsibilities such as caring for children and the elderly, which “It contributes to the huge wealth gap that Latinas experience.”

“Latinas have seen much larger drops in full-time employment and savings compared to white women,” held the report. “A third of Hispanic women say they have no money saved for emergencies, and another 19% say they have less than $ 500 in savings.”

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