Friday, September 18, 2020

Financial Happiness Eludes Latino Millennials according to Financial Education Millennial Survey

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TD Bank conducted a Financial Education Millennial Survey that found an overwhelming number of Latinos are capable of managing their finances but financial happiness or satisfaction eludes them in the face of significant and often unpredictable financial stressors.

The survey, which polled participants on their banking behaviors and preferences, found that sixty percent Latino millennials feel financially unprepared to tackle major life events such as going to college, or moving to a new state. Nandita Bakhshi, head of Consumer Bank for TD Bank said, “major life events such as getting married or starting a new job require solid understanding of personal finance, and if millennials are tell us they aren’t prepared for this, we need to help find solutions.”

Only 17 percent of Latino millennials are likely to turn to a bank for financial information or advice, according to the survey. Latinos are more likely to turn to family and friends for guidance but TD bank experts believe it is important for millennials to reach out to banks and other reputable financial institutions for resources and tools to enhance their financial literacy.

Nandita acknowledged that a majority of millennials, including Latinos, do no seek out vital financial advice because of a perceived time deficit and a general unawareness about these resources. Yet she urged Latino millennials to be “proactive in finding education that fits their needs so they can be more prepared for the events they will experience throughout their lives.”

Latin Post