Saving Money Is Cultural

I came across an interesting article in the Milwaukee Journal Sentinel that claims that for Latino and African-American minorities, lack of saving is a cultural issue:

The notion of a planned retirement is relatively new for African-Americans and Hispanics who grew up expecting to help pay for the needs of extended family – particularly older relatives – with the assumption that they, in turn, would be taken care of in their own old age. Those of us who have achieved a middle class living want to buy houses and enjoy our status. All of this, plus the generally lower wages that minorities earn, mean that saving for retirement tends to be overshadowed by immediate responsibilities

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[Continue Reading at SavingAdvice.com]

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2 Responses to Saving Money Is Cultural

  1. ~Dawn says:

    Agree with you, it IS education. Small families don’t have any more money than large ones.
    It is determination to keep yourself debt free and not waste your money, how small or large an amount you make.

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