There are big reasons to celebrate Hispanic Heritage, an increasingly indispensable powerhouse to the stability of the entire country.
In less than 10 years, the Latinx labor force in the U.S. has grown to become an economic powerhouse that rivals the economic power of entire countries, such as India, France, and Italy. That fact, combined with the most recent Census data, shows that the Hispanic community in the U.S. is the driving force of substantial population and economic growth for the ongoing development of the country.
This Hispanic Heritage Month—which runs September 15 through October 15—we highlight the contribution of the Latinx community in the United States and their monumental importance to the present and future of America.
The Latinx population in the U.S. continues to grow
In August, the United States Census released the population data collected from the 2020 Census. It found that the general population of the country increased by 7.4%. But more than half of that growth came from the Latino population in the United States.
Every 10 years, the Census Bureau conducts a massive survey to update the demographic and population data of the country’s inhabitants. The data revealed in each Census helps to paint a clearer picture of our country. For example, that information is used to determine and redistribute electoral districts to better represent the general population in elections.
There are now 62.1 million Latinx citizens in the United States. That’s 18.7% of the total population. In 2000, the Hispanic population in the country was almost half that amount, with only 35.7 million inhabitants.
Hispanic population growth will continue for decades to come
The Latinx population is expected to grow 29% by 2030, while the Anglo population could decrease by 6%, according to L’Attitude, an organization focused on highlighting the economic potential of the Hispanic community in the United States. By the year 2060, the Census estimates that Hispanics in the United States will reach 111.2 million inhabitants or almost 30% of the population.
The Hispanic population will be a more representative sector of the general population of the United States with each passing year, and in some places, even the majority.
In California, Hispanics became the new majority thanks to the constant growth of this demographic, which grew from 37.6% to 39.4% of the population. At the same time, the sector of inhabitants who identified as white (40.1% in 2010) decreased to 34.7% in the most recent Census.
Latinos in the United States: 8th Largest Economy in the World
The rapid growth of the Hispanic population in the United States is even more impressive economically. If the Hispanic community in the United States were a country, its gross domestic product (GDP) would rank eighth in the world, even richer than Italy, Brazil, and South Korea.
Hispanics accounted for 82% of the growth in participation in the United States workforce during the years 2010-2017, according to CNBC, even though this group represents less than 20% of the general population.
In just eight years from 2010-2018, the economic output of the Latinx community in the United States increased by $900 billion, which globally represents the third fastest growing GDP. By 2025, the gross domestic product of the Hispanic population in the US is expected to become #5 in the world, according to L’Attitude.
The pandemic hit Hispanics harder
Despite being a major driver of economic development, the pandemic created more financial challenges for the Hispanic community in the United States than any other ethnic group.
A Pew Research Center study found that 6 in 10 people who identify as Hispanic experienced at least one financial hardship since the start of the pandemic. The Hispanic community was hit hard by unemployment, which led to hardships from not being able to pay rent to household food insecurity. Unemployment also led to a rapid loss in health insurance. In households that suffered a loss of income or unemployment, nearly 80% of Hispanics faced financial difficulties like these.
Consolidated Credit identified this disadvantage for Latinos in the United States in the early months of the pandemic. A particularly difficult year for the Hispanic sector led to more debt to pay in 2021, despite 8 in 10 Hispanics being optimistic about their financial outlook this year, according to a survey by Consolidated Credit en español.
Consolidated Credit is proud to assist the Latinx community
Building financial literacy that promotes financial stability in the Latinx community is vital to America’s economic growth. But the Hispanic sector is often at a financial disadvantage compared to other population sectors, despite being the most powerful driver of economic development in the country.
Consolidated Credit is here to help people in the Hispanic community with financial crises and help solve money management problems through education, motivation, and professional counseling.
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