1 in 4 Latinos Say They Don't Know Much or Anything at All About Personal Finances, Study Finds

Slightly over 4 in 10 Latino adults report knowing a great deal or a fair amount about personal finances, considerably less than Whites, Blacks and Asians, according to a survey by the Pew Research Center. The study underscores disparities in financial literacy and provides insight into potential reforms when it comes to education.

Among Latinos, a significant share (27%) say they know little or nothing about managing personal finances, a figure that substantially exceeds the shares for Asian (17%), Black (14%), and White adults (8%).

Income plays a big role in the survey's findings as individuals in lower-income households are more likely to report limited knowledge, with 22% of all Americans in this group expressing minimal confidence, compared to 9% in middle-income households and 4% in upper-income households.

Confidence in specific financial skills also varies widely in the study. While 75% of Americans overall are confident in their ability to locate a credit report, fewer Latinos express similar confidence in creating budgets, paying off debt, or saving money.

A smaller share of Latinos (36%) say they have learned about personal finances through media sources such as news and books, a rate higher than that of White adults (19%) but lower than Asian (45%) and comparable to Black adults (34%).

Educational exposure to financial literacy is another area of disparity. Only 19% of U.S. adults overall say they learned about personal finances in K-12 schools. However, Latinos (29%) and other lower-income groups are more likely to cite schools as a source of financial education than those with middle (18%) or upper incomes (10%), revealing a possible opportunity for policymakers on the educational front.

Calls for expanded financial education in schools have gained traction in recent years as a potential solution to address disparities. Proponents argue that equipping younger generations with financial skills early can help mitigate gaps that persist across income, racial, and age lines.

Despite these gaps, 49% of all U.S. adults knowledgeable about personal finances attribute much of their understanding to family and friends. This source of learning spans all demographic groups and remains the most common across the board.