GBLN Money Matters in Bridgeport CT
Why is the Greater Bridgeport Latino Network organizing the Money Matters Expo, and aiming it at the Hispanic community?
GBLN's leaders felt a sense of urgency to provide this information to our community because almost six out of 10 college-educated Hispanics surveyed found it hard to cover expenses and save for the future.
"Latinos, sometime more so than other groups, are impacted by real-world economic and societal pressures, but we have to learn to overcome them," says Carolyn Gonzalez, GBLN president. "There are some things that we can do now to put ourselves and our families in a better position in the future. This expo will expose some of the tools available to do just that.”
The free expo brings together various financial experts to discuss important topics, including what a first-time homebuyer needs to know, and saving for retirement — no matter what your age.
Latinos, sometime more so than other groups, are impacted by real-world economic and societal pressures. There are some things that we can do today to put ourselves and our families in a better financial position. This expo will expose some of the tools available to do just that.
"The Money Matters Expo is being offered by GBLN because finances is a big deal in everyone's life," said Eileen Lopez-Cordone, a GBLN founding board member. "There are many ways to invest and prepare for the future, from college savings for your young ones to understanding the importance of having a living/last will. This expo can help answer your financial questions."
The TIAA Institute and the Global Financial Literacy Excellence Center surveyed over 1,500 college-educated Hispanics. The study found just 12 percent of college-educated Latinos demonstrated advanced financial knowledge and only 32 percent displayed basic financial literacy, rates lower than other groups.
The report analyzed Latinos' assets and liabilities as well as planning behavior.
About 59 percent of college-educated Hispanics face significant financial insecurity as they find it hard to pay bills and cover basic expenses, while 30 percent of this group is confident they would have enough savings in an emergency.
As for financial vulnerability, about 48 percent of those surveyed say they have too much debt. Fifty percent surveyed have engaged in expensive credit card behavior, 35 percent used high-cost borrowing methods and 56 percent have not considered how much to save for retirement.