Today, the state of the economy is shaping Hispanic young adults’ lives more than anything else. Just as they were entering or approaching adulthood, the global economy went sour, forcing them to behave differently than people of earlier generations as they started their adult lives. College was supposed to lead to dream jobs – but for many, work of any kind can be hard to come by. As we noted in last week’s blog, young Latinos have had it particularly hard: Hispanics 18 to 34 are 25% more likely to be unemployed than non-Hispanic whites, and one in seven Hispanics 18 to 24 is looking for a job but can’t find one.
Finding out how the poor economy has affected young Hispanics — and how their choices differ from earlier generations of Hispanics and non-Hispanic young adults as a result — was one of the goals of Tr3s’s latest research study, “Hispanic 18-34s Living the ‘Next Normal. ’” On April 30th, Nancy Tellet, Senior Vice President of Tr3s Research and Insights, will reveal key findings from this report at the AHAA 2013 Conference in Miami. The following are a few insights relating to young Hispanics and the economy that she will cover in her presentation – and that we’ll also be providing more detail on in future blog posts:
Young Hispanics are more risk-averse. Life choices, big and small, are subject to conscious and sub-conscious risk evaluation. They are carefully weighing the cost and benefits of everything from their living situations, marriage, and purchasing decisions of everyday and big-ticket items.
More are living with their parents – but not unhappily. Today, 45% of Hispanics 18 to 34 are still at Mom and Dad’s house – and many find happiness in the comfort and support of family relationships. Living at home well into their twenties and thirties is also causing them to reinterpret the meaning of “adulthood.”
Marriage can wait until they have more financial stability. Since marriage is a big risk both economically and emotionally, Hispanic young adults are not entering it lightly. Having enough money and meeting career goals first are important.
When shopping, they search long and hard for deals. Hispanic young adults are smart “recessionistas,” finding excitement in using high-tech resources to get the best prices. They’re not sacrificing good looks for practicality, however – they want style and a good price (especially Latinas, who are bigger “fashionistas” than non-Hispanic females). And as we reported last week, saving money is cool and ostentatious purchases are not — bling is for Xers and Boomers.
Source: Tr3s 2012 “Hispanic 18-34s Living the ‘Next Normal’”