About half of Latinos either lost a job or had their wages cut during the pandemic, according. Now, AARP is offering a free new program – called “Let’s Talk Dinero” – designed to help Latinos get back on their feet.
Adriana Mendoz – associate director for advocacy and community engagement for AARP California – said many Latinos are just getting by, so retirement planning can take a back seat to other priorities.
“Underrepresented communities like Latinos and Blacks and some Asian groups,” said Mendoz, “they’re just not at par with their white counterparts in terms of retirement savings, pension plans, 401(k)s, and this sort.”
Let’s Talk Dinero offers monthly online events on retirement, caregiving, entrepreneurship and managing finances. People can get more information on ‘aarp.org/letstalkdinero‘.
Mendoza said the website has multiple easy-to use tools that help with student loan repayment, connect you with an advisor, calculate what you can expect to get from Social Security, or find how much to invest in a 401(k).
“We have a tool that’s called ‘The Money Map’ that basically helps you develop a budget plan for unexpected expenses, manage debt and build savings plans,” said Mendoz.
Statistics from MRI-Simmons show that the Latino community is largely underserved by the banking sector.
Seventy-one percent of Latinos age 35 or older use a banking service, 34% have a non-interest checking account, 22% use overdraft protection, 18% have interest-bearing checking accounts, and 8% use Certificates of Deposit.