The Latinx community is experiencing disproportionately high unemployment rates due to COVID-19, impacting their ability to reach their retirement goals. According to the Bureau of Labor Statistics, the unemployment rate among this demographic is 10.3%, compared to 7% unemployment among caucasian workers.
While Latinx employees experienced difficulties in saving for retirement well before the pandemic, exclusion from the labor market has made retirement increasingly unattainable. Additionally, recent data from Prudential found that 21% of the working Latinx Americans saw their household income cut in half as a result of the coronavirus pandemic, compared to 17% of the general population.
