72% of Latino households have experienced “serious financial problems” in their homes during the coronavirus pandemic, a higher percentage than other groups, a national survey released Wednesday showed.
The survey, “The Impact of the Coronavirus on Households by Race/Ethnicity,” conducted by National Public Radio (NPR) in conjunction with the Robert Wood Johnson Foundation and the T.H. Chan School of Public Health at Harvard, found that Latinos experienced the highest percentage of serious financial problems caused by COVID-19.
By comparison, 60% of African Americans, 37% of Asians, and 36% of non-Hispanic whites say they have experienced serious financial problems in their homes because of the pandemic.
Correlatively, these financial difficulties of Latinos have impacted on essential issues such as daily food, purchases of supplies, and payment for housing or health insurance, among others.
32% of Latino families faced serious difficulties paying rent or mortgage payments, compared to African Americans (28%), non-Hispanic whites (15%), and Asians (13%).
Latino households were also the most affected with serious child care problems (66%), more than African Americans (59%), non-Hispanic Whites (57%), and Asians (27%).
On the other hand, 63% of Latinos reported the loss of a family income due to either reduced hours or wages, or temporary suspensions or permanent lack of jobs, since the beginning of the COVID-19 pandemic last March.
“When it comes to employment, more than 6 out of 10 Latino households reported that an adult member of the household lost a job, was suspended, or suffered a reduction in wages or hours since the beginning of the coronavirus outbreak,” the report noted.
The emergency has consumed available savings -few in many cases in Latino families- creating a serious lack of resources to sustain daily life.
“These results show that racial/ethnic minority households may have limited financial resources to cope with the long-term health and economic effects of the pandemic,” the report noted.
Thus, 46% of these Latino households reported using most or all of their available savings and 25% said they were having “serious problems” paying the cost of medical services for an outbreak of VICD-19.
Similarly, 20% of Latino households reported that someone in the family was unable to get health care for a serious problem when they needed it during the pandemic.
As a result of being unable to afford health care, 47% of these Latino households reported negative health consequences.
The survey was conducted between July 1 and August 3 among 3,454 adults in English or Spanish and has a margin of error of 3.3%.