SILVER SPRING, Md. — A National Foundation for Credit Counseling/MSN Money 2008 Financial Literacy Survey finds that when it comes to serving Latinos, there is still much work to be done.
The survey finds that often the basic building blocks to financial security is lacking.
According to the survey some 79% or roughly 18.8 million Latino adults, report that they have never received professional advice about financial issues and that 28% admit to struggling to pay their bills each month. In addition, for most households, housing costs are the single largest monthly expense, with roughly 1.7 million Latinos reporting that they either paid their mortgage late or totally missed a payment in the last 12 months.
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The survey also reveals that roughly 5 million Latinos admit to having no idea what they spend their money on and 37% have nothing saved for retirement.
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