U.S. Real Financial Progress Index: Latino families aim to secure their children’s futures amid rising financial pressures
As economic uncertainty continues, Latino families are stepping up with determination to protect their children’s futures. The latest BMO Real Financial Progress Index highlights how parents are balancing rising costs with proactive planning and cultural values to build a better tomorrow.
Nearly nine in ten Latino parents (88%) with a child under 18 living in the household say that parenthood brings unmatched joy and fulfillment, yet 82% worry about their ability to provide for their children’s future.
“Latino families are making intentional sacrifices to create opportunities for their children’s futures as they face financial challenges, but the good news is parents are proactively taking financial planning steps that will help them reach their goals.”
– Lizzy Diaz-Ortiz
Vice-President of Hispanic/Latino Banking, BMO
Childcare costs remain a significant barrier
Everyday expenses are stretching families thin:
- 83% of U.S. Latino parents with children in the home say everyday childcare costs such as daycare, after-school programs and school supplies make it harder to save for their children’s futures.
- 81% of Latino parents with children in the home agree the cost of raising children has increased substantially.
Family support still matters
Intergenerational help remains essential when it comes to finances in Latino families:
- 53% of Latino parents with children in the home expect to receive or ask for financial support from parents or grandparents in the next year for expenses like housing, education or general bills, compared to 45% of U.S. consumers overall.
- More than one in four (27%) Latino parents with children at home anticipate needing family help specifically with childcare costs.
Pride, pressure and progress
- 83% of Latino parents with children in the home agree they feel guilty when they cannot afford something that would benefit their children, because they want to give them the best life. Still, 83% of Latino parents remain optimistic about their financial future over the next year. Many are also taking action with 60% having set yearly budgets and 54% having written financial plans. Latino parents are twice as likely to hire a financial advisor compared to those without children at home (48% vs. 24%).
How BMO is helping Latino families across the U.S.
BMO is committed to supporting Latino families with bilingual resources, Spanish-speaking specialists and culturally relevant financial tools, including:
- A Spanish-language mortgage application (online and in-branch).
- Financial literacy guides, customer service and mortgage support in Spanish.
