The results highlight that the Hispanic community continues to have a harder time achieving financial stability in today’s economy.
FORT LAUDERDALE, Florida., August 25, 2022 /PRNewswire/ — Online shopping may have offered consumers a lifeline during the pandemic, but for members of the Hispanic community, that lifeline could make it harder to survive afloat. That’s according to a new consumer shopping survey by Consolidated Credit. The organization, whose mission is to help families solve financial crises through education, surveyed 840 consumers in English and Spanish to ask about their online shopping habits.
The results show that most consumers (64%) started shopping more online as a result of the pandemic, and most who started shopping more (52%) n haven’t slowed down. However, when asked if shopping online makes it harder to budget, 56% of Hispanic respondents said yes, compared to just 40% of the general population.
Spanish speakers also report greater difficulty paying for online purchases. Across all ethnic groups, 78% of shoppers who use credit cards to make online purchases pay them back in the first billing cycle. Yet for Spanish speakers, 57% say they can’t pay the fees as quickly. The Hispanic community is also more likely to use Buy Now Pay Later (BNPL) services. Less than half (46%) of the general population used BNPL, compared to 71% of Spanish speakers.
“Shopping online can be convenient, but if you’re living paycheck to paycheck, it’s almost certain to be harder to stick to a budget and avoid debt issues,” says Consolidated Credit’s Director of Education. April Lewis-Parks. “That’s what we see in these results. We know that the Hispanic community has been hit harder by the pandemic and these results confirm that as a community they may be having a harder time achieving financial stability in today’s economy.
Lewis-Parks encourages everyone to budget aggressively to anticipate rising costs, and for those with credit card balances, now is the time to get help.
“Credit card bills are draining revenue needed to cover day-to-day costs in the face of record inflation,” Lewis-Parks continues, “Consumers struggling to make ends meet need to reach out for help. non-profit organizations like Consolidated Credit can help.
Consolidated Credit offers free budget and debt advice in English and Spanish, as well as a range of free resources in both languages. The organization works closely with local governments and nonprofit organizations to reach underserved communities. Consumers facing financial difficulties can call 1-888-899-3492 for free financial advice.
About: Over 29 years, Consolidated Credit has helped more than 10.2 million people overcome debt and financial challenges. Their mission is to support families United States end financial crises and solve money management problems through education and counselling.
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