Pew: Recession hits Hispanics harder than other groups

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    Hispanics were hit the hardest by the economic downturn, according to a study released by Pew Hispanic. (Photo by Shuttershock)

    The nation’s recession left many jobless, with mounting bills and pushed some into poverty.  Latinos have felt the pitfalls more than any other group.

    They saw their household wealth fall by 66 percent between 2005 to 2009, more than any other group. More Latinos upside down on their mortgages and have higher unemployment rates than other groups, according to a recently released survey by Pew Hispanic.

    Pew Hispanic’s reports that 54 percent of Hispanics say they’ve been hurt more than other groups by the economic downturn in the last four years.

    The survey measured how Hispanics’ view their personal finance, unemployment and home ownership. According to Pew:

    •  Only 24 percent of Latinos rate their personal finance as excellent or good, compared with 38 percent of the general public.
    • An estimated 59 percent of Latinos says someone in their household has been out of work and looking for a job in the past year, compared with 51 of the general public.
    • An estimated 28 percent of Latino homeowners say they owe more on their home than they could sell it for today, compared with just 14 percent of homeowners in the general public.

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