Like everyone else, U.S. Hispanics are feeling the effects of the recession. But they still have an unwavering sense of optimism.
According to a poll conducted by Univision and the AP about the economy, 45% of Hispanics have either lost a job themselves or had a relative who has lost a job. In addition, 45% said they are greatly worried about becoming unemployed.
Of those who have jobs, 70% of U.S. Hispanics work 40 hours a week or more. As a group, Hispanics also have a greater number of wage earners per household, which allows them to continue making more purchases per month.
(Yet, roughly a third still pay for their own health insurance.)
At the same time, U.S. Hispanics remain positive about the future. According to the survey, a majority of respondents said it has been easier for them to find jobs than it was for previous generations, and most said they believe it will be even easier for their own children to join the workforce.
Hispanics are also not as debt-burdened as the general population. Although half of Hispanics say they own their own home, more than half (51%) said they have never taken out a loan for a house or a condo, and 50% said they are not comfortable taking on large long-term debt. One of six said they send money to someone in another country nearly every month or more.
"Perhaps most striking about the survey results is the sense of resilient optimism in the face of economic challenges," Ceril Shagrin, executive vice president of audience measurement innovation and analytics for Univision, tells Marketing Daily via e-mail. "While all groups of Hispanics are much more optimistic than other groups in the U.S., foreign-born Hispanics are the most optimistic, which may be related to experiences in their countries of origin."