PNC Survey: Young Latinos Less Indebted than Others
Hispanic Millennials Cite Importance of Hard Work, Education, Experience
(Washington, D.C.) – A recent survey of young people by The PNC Financial Services Group finds that non-Hispanic millennials carry about $10,000 more debt than their Latino counterparts ($27,800 to $18,000). PNC attributes this to a variety of factors – notably that young Hispanics are more likely to live with their parents than other demographics. The survey also finds that like many in their twenties, few Latinos currently say they are working full-time in their preferred profession – just 21 percent are. But a majority identify hard work, education, and experience as the factors that lead to that elusive, preferred job.
Jorge A. Lima, Director of Policy, The LIBRE Initiative released the following statement:
"It's encouraging that Latinos in America are living in a way that keeps them from accumulating excess debt. Too many young Americans are at a disadvantage because they are so heavily in debt they find themselves deferring marriage, renting instead of owning, or giving up the chance for an advanced degree. In today's rough economy, it's more important than ever to save when and where possible. Whether by choice or not, many Latinos are finding ways to reduce debt and save, and it will serve them well.
Beyond this, it's important that the President work with Congress on a plan to unleash entrepreneurs and small businesses to create jobs and spark growth – a top priority for young people today. It is the best thing we can do to help young Americans find work, overcome debt challenges and pursue the American Dream as they see fit."