By Maria Ines Zamudo, For The Associated Press
CHICAGO (AP) — A poll says older Latinos are more likely than older whites or older blacks to say they’ve withdrawn or borrowed money from a retirement account.
The poll by the Associated Press-NORC Center for Public Affairs Research says about a third of older Latinos had tapped into their retirement savings, compared to about a quarter of whites and blacks.
Boston University sociology professor Ernest Gonzales says Latinos are using retirement accounts for emergencies since they don’t have other savings.
Gonzales said the problem goes beyond poor financial literacy and planning. Pay disparity plays a big role in their ability to save.
Only 1 in 3 native-born and immigrant Latinos has a retirement plan through their employers, in large measure because they often work in low-paying jobs that don’t provide them.
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