Hispanic Heritage Month survey reveals hidden role of family and community in financial success
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Originally Posted On: https://quickbooks.intuit.com/r/small-business-data/hispanic-heritage-month-survey-2022/
To celebrate Hispanic Heritage Month, Intuit commissioned a survey of 1,500 Latino and Hispanic business owners, employees, and self-employed people to get a pulse on their financial well-being. With a hypothesis of “unidos we grow,” the survey explores the contributions families and communities make to people’s success. Let’s dive into the key findings.
Nine out of ten are achieving financial goals
On the face of it, the fact that 91% of the survey respondents are achieving some or all of their financial goals is great news. But at the same time, three in five (62%) need more help to fully achieve these goals. Notable challenges include inflation and retirement planning, as we discover below, and women report greater barriers than men.
Inflation is now a barrier to financial success
Two-thirds (66%) of those who are struggling to achieve their financial goals blame inflation, making it the number-one barrier to financial success. Half (50%) say the cost of buying or renting a home is a problem.
Most cannot save for retirement
While the majority (60%) report financial stability, the remaining 40% say times are tough right now. More than nine out of ten (93%) are not currently able to plan for the future—such as saving for retirement. Again, women are more likely than men to report financial difficulties.
One in four say their finances have deteriorated this year
Almost one in four (24%) are currently in a worse financial situation than they were last year. On a brighter note, more than half (57%) say their finances have improved, with 18% saying they’re “significantly better.” But a year ago, many people were still feeling the economic effects of the pandemic.
Small businesses are built on family and community support
Despite the challenges evident in the survey data, more than nine out of ten small business owners (96%) report that they are achieving some or all of their financial and business goals. Of these, 95% say their family contributed to their business success. The same proportion recognize the contributions of their local community.
Entrepreneurial success starts at home
Hispanic and Latino business owners start their businesses, on average, when they are just 26 years old. That’s two years earlier than other business owners, according to the survey data. Again the family impact is clear: nine out of ten say someone in their family inspired or encouraged them to make the leap and go it alone.
Strong businesses need a strong workplace culture
Almost all of the respondents who currently work for growing small businesses with strong workplace cultures (98%) say you can’t have one without the other. They believe businesses are more likely to grow when their employees share the same vision and values.
Businesses still need word-of-mouth referrals
The value of a good network is as important today as it’s ever been. Almost all Latino/Hispanic business owners (up to 98%) rely on word-of-mouth referrals to find new customers or hire new employees. And employees agree: more than two-thirds (67%) found their current job through someone they know in their community.
Career growth is nurtured by families and communities
As we’ve seen, networks can help employees as much as their employers. Almost all of the Latino/Hispanic workers who are achieving their career goals (95%) say their family contributed to this success. Three-quarters (75%) say their community contributed.
Almost everyone will pay it forward when they can
There is much to celebrate in these survey results. Perhaps none less than the fact that despite the financial challenges that many people face, almost all (96%) will offer financial support to people in their family, when they are able to, if it’s needed. Similarly, 83% will offer financial support to people in their community.
Economic and cultural impact
The overwhelming majority of the survey respondents agree that Latino/Hispanic communities make an important contribution to the US economy and culture. Recognizing these contributions and achievements is one of the primary goals of Hispanic Heritage Month, which starts today (September 15): the anniversary of independence for Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.
“We celebrate Hispanic Heritage Month to recognize the achievements and contributions of Hispanic American champions who have inspired others to achieve success.” Read more.
Intuit commissioned an online survey in August 2022 of 3,000 business owners, employees, and self-employed people throughout the US, all aged 18+. Half of the respondents are Hispanic or Latino (1,249 Hispanic and 251 Latino), the other half are not Hispanic or Latino (1,111 white, 218 Black, 75 Asian, 20 Arab, 28 Multiracial, 48 other/unknown). This report focuses on the data provided by Hispanic and Latino respondents. Small businesses are defined as having less than 100 employees. Census data weightings were used to ensure the responses are representative as possible. Percentages have been rounded to the nearest decimal place, so some charts or statistics shown here may not add up to 100% but 99% or 101% instead. Responses were collected in an online survey using Pollfish audience pools and partner networks with double opt-ins, random device engagement sampling, and post-stratification to ensure accurate targeting and results. Respondents received remuneration.