When it comes to personal finance, the Hispanic population has some unique characteristics which have distinguished their experience of the recession from that of other groups.
Overall, Hispanics are less connected to banks and credit cards than the general population. Thus, they haven’t been as affected in losses to their 401(k)s and investments, nor have they incurred as much credit card debt. However, the other side of being disconnected from banks is that Hispanics typically have less money saved for retirement, which has many elderly Hispanics anxious about their future.
A study by Synovate found that only 77% of Hispanics have bank accounts, compared to 98% of the general population. One theory is that Hispanics use banks less because they don’t trust them as much as the rest of the population. Many Hispanic immigrants come from countries where banks were unstable due to fluctuating economies, and that history leads them to rely on cash.