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Ensuring a Bright Future for Latino Families Amid Financial Pressures

As economic uncertainty looms across the United States, Latino families are focusing on long-term financial planning to secure a better future for their children. According to the BMO Real Financial Progress Index, nearly 88% of Latino families with children under 18 reported that parenting brings them immense joy and fulfillment. However, an equally concerning statistic reveals that 82% are worried about their ability to provide a better life for their families.

Challenges of Childcare Costs

A major hurdle for Latino parents is the escalating costs of childcare. 83% of Latino parents with children at home reported that everyday expenses such as daycare, extracurricular programs, and school supplies are substantial barriers to saving for their children's future—whether it’s saving for a home or contributing to college funds. This concern is particularly pronounced among Latino parents in states like Arizona (90%), Chicago (87%), and California (84%).

In total, 81% agreed that the costs of raising children have significantly increased. Among those who have not entirely ruled out having children, 62% expressed a desire to have more, but with severe financial reservations, especially in Chicago, where 73% shared this sentiment.

Importance of Support Systems

Financial assistance from family is crucial, with more than 53% of Latino parents indicating they plan to seek financial aid from parents or grandparents for significant expenses like housing and education in the coming year. This contrasts sharply with only 33% of the general American consumer population. Notably, 27% of families with children at home anticipate needing family help to cover childcare costs.

The Burden of Guilt

An emotional burden also weighs heavily on Latino families. A notable 83% feel guilt when they cannot afford something beneficial for their children, wishing to provide the best possible life for them. This pressure is felt most acutely in regions like Chicago (89%), California (88%), and Arizona (90%).

Maintaining a Positive Outlook

Despite these financial worries, Latino families are showing optimism about their financial futures for the coming year, with 83% indicating a positive outlook. They are also more likely to adopt financial planning strategies than families without children at home, with 60% having an annual budget and 54% possessing a written financial plan. Furthermore, Latino families are twice as likely to consult a professional financial advisor, with 48% doing so compared to 24% of non-parents.

As Lizzy Díaz-Ortiz, the Vice President of Hispanic/Latina Banking at BMO notes, "Latino families are making intentional sacrifices to create opportunities for their children's future, even in the face of economic challenges." BMO is committed to providing the tools, resources, and guidance needed for these families to achieve real financial progress.

Resources for Latino Families

To better assist Latino families in making crucial financial decisions, BMO offers culturally relevant guidance, bilingual mortgage tools, and personalized support through financial advisors. Their Real Financial Progress Hub offers resources in both English and Spanish, including budgeting tips, home-buying guides, and family-focused planning tools.

About BMO Real Financial Progress Index

Launched in February 2021, the BMO Real Financial Progress Index measures consumer perceptions of their personal finances and their progress. The index aims to spark conversation that helps consumers achieve their financial goals, addressing a subject that often induces anxiety.

Research Methodology: This study was conducted by Ipsos in the U.S. between June 10 and July 17, 2025, with a sample size of 2,500 adults, including 401 Latino respondents, reflecting the demographics of the U.S. population based on census parameters. The margin of error is +/- 2.4% for all U.S. adults and +/- 6% for Latino respondents.

Contact Information: For media inquiries, please reach out to Shawn Malayter at [[email protected]].