Other key findings from this research include:

Gaps in savings and emergency funding, and job instability pose serious challenges. Before the pandemic, 40 percent of Hispanic millennials did not have an emergency fund (vs. 34 percent of non-Hispanic millennials) and 27 percent didn't have enough saved to weather the impact of the pandemic (vs. 17 percent).
Seventy-two percent said the pandemic affected their ability to save, more so than non-Hispanic millennials (59 percent).
Today, 38 percent still find it difficult to save (vs. 29 percent of non-Hispanic millennials); one-quarter (24 percent) are living paycheck-to-paycheck; and 13 percent are having trouble paying rent/mortgage or other essential expenses.
As job insecurity remains a pressing challenge, the survey found that one in five Hispanic millennials are still unemployed.
Twenty-six percent said reduced income is a top barrier to achieving their financial goals, followed by being unable to save (25 percent) and job instability (19 percent).
Compounding these challenges, half of Hispanic millennials do not have a financial role model or anyone to turn to for financial advice, which is notably more than non-Hispanic millennials (39 percent).

"Family has long played a powerful role in Hispanic millennials' financial priorities and decisions, and the pandemic has only strengthened their commitment to the financial well-being of loved ones," said Alberto Garofalo, community banking and development executive at Bank of America. "Our research shows us that as Hispanic millennials take steps to rebuild their own financial security, they're also strongly prioritizing financial support to family in the year ahead."

Instant Insights /

Hispanic millennials taking on financial support of immediate, extended family

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