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New York : Why Hispanics are the group that feels hardest hit in their finances by the coronavirus pandemic

New York :

42% of Hispanics who have been able to save have reduced the amount during the pandemic or borrowed money.

Photo: ROBYN BECK / . / .

The Hispanics are the group that feels the hardest hit on their finances due to the coronavirus crisis according to a study by the Pew Research Center released this Friday.

Six out of nearly 10 Hispanic adults said they or someone they knew lost your job or saw your income cut during the coronavirus pandemic.

The Hispanic community in the United States is among the African Americans among those most affected by the health crisis because they have been more exposed to contagion and the jobs where they work have been the most affected by the crisis.

In May a survey of The Washington Post-Ipsos He warned that Hispanics were twice as likely as whites to lose their jobs amid layoffs caused by the pandemic.

The survey noted that the 20% of adults of Hispanic origin and 16% of African Americans reported having been laid off since the beginning of the pandemic in the United States compared to 11% of whites and 12% of workers of other races.

Related: At What Level Is Unemployment In The United States Today

Debts and worries

Due to the lack of resources and money, many workers have gone into debt and have postponed paying bills and essential expenses. The study notes that 4 out of 10 low-income adults live with the daily worry of how to pay their bills.

“Hispanics have had more financial difficulties than other groups due to job losses and the economic impact of the pandemic,” said Juliana Horowitz, a researcher at the Pew Center.

Related: How many people will stop receiving the third stimulus check with the new income eligibility limit?

Research reveals that 44% of adults think that at least it will take three years to rebuild the financial position they had in early 2020 and 42% of Hispanics who have been able to save, their amount has decreased since the start of the pandemic. In contrast, 26% of white adults have only reduced their savings because of the coronavirus.

While half of Americans plan to allocate money from the stimulus check to essential expenses in the case of African Americans and Hispanics, the proportion rises to six out of 10, says the research.

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