83 percent of Latinos in the United States, whose preferred language is Spanish, agreed everyone should create a personal financial budget.
FORT LAUDERDALE, FL - June 22, 2021 - (LATINX NEWSWIRE) – Debt.com en Español surveyed more than 500 Hispanics residing in the United States (US) and Puerto Rico (PR) to find out their opinion on budgeting and personal financial planning.
The Spanish language survey revealed that 8 out of 10 respondents recognize the importance of creating a budget for managing personal finances. Overall, 83 percent answered that everyone should have a budget.
Despite acknowledging the importance of having a budget to gain control of their personal finances, only 55 percent of respondents said they have one,” said Guillermo Wolf, Debt.com’s marketing director.
The catalyst in 2020 for Spanish-preferred US Hispanics to start budgeting was COVID-19. Twenty-four percent of respondents claimed they started using a budget due to the pandemic crisis.
In contrast, 238 of respondents (78%) said they did not have a budget or were not planning to use one. The main reason cited was that they do not have enough income to use a budget.
Notably, 95 percent of people who said they have a budget, confirmed that it helped them to stay away from debt.
“This is proof that a budget is an excellent tool for keeping your personal finances in order,” Wolf stated.
Other insights from the survey:
- 50.23% of those who do not budget told Debt.com in Spanish that they have not been able to stay debt free.
- 52% of people who budget said they prefer to do it old school, meaning with pencil and paper.
- 27% of those surveyed said they save for rainy days and special events throughout the year.
For more details on the survey, click here [in Spanish].
About us: Debt.com en Español https://www.debt.com/es/ is a Spanish-language website dedicated to the Spanish-preferred audience in the US. In the portal, consumers can find tips and advice to get rid of credit card debt, student loan debt, tax debt, bankruptcy, credit repair "when life happens..." Debt.com works with certified providers and offers solutions for people to pay off debt faster and achieve a debt-free life.