Latina Financial Experts to Follow on Social
6 Latina Financial Experts You Should Be Following Right Now
Financial conversations aren't necessarily easy to approach and can feel intimidating. Between investing (in an IRA, Roth IRA, or 401K — even stocks and properties) and creating passive income streams to pay down debt and accrue wealth, money-management tips can overwhelm even the savviest spender. However, for certain communities, the hesitancy that comes with diving headfirst into financial literacy is warranted.
There's a number of reports showcasing wage and income disparities among Latinxs, which are tightly connected to systemic issues like gender-based discrimination, racism, and xenophobia, to name a few. According to the Federal Deposit Insurance Corporation, 30 percent of low-income Latinx households are unbanked, meaning they don't have access to a traditional bank account. Around 30 percent are underbanked, which means they have a bank account but use alternatives such as check cashers or payday lenders. These obstacles prevent them from obtaining financial stability, let alone building generational wealth.
Meanwhile, Latinas earn $0.57 for every dollar paid to white, non-Hispanic men, according to the National Women's Law Center. The wage gap translates to a shocking loss of $1,156,440 over a 40-year career. While the gaps impacting the community will take an overhaul of the system, there's a growing number of Latina financial educators who are determined to authentically share their financial hiccups and show the community step by step how to overcome generational financial trauma and generate wealth. Here, we're sharing six wealth-building experts to follow.
