A new report commissioned by the San Diego Foundation (SDF) reveals a significant income gap between Latinos and non-Latinos in San Diego County, among other disparities like wealth and education.
The report, developed in partnership with the San Diego Regional Policy & Innovation Center, aims to provide insight into the socio-economic disparities affecting the county's Latinos, which make up 35% of San Diego's population. According to Mark Stuart, President and CEO of SDF, it's also meant to provide policymakers the necessary insight into this particular demographic:
"The State of Latinos Report is an important tool for understanding how philanthropic investments can jumpstart economic mobility and generational wealth for San Diego's 1.14 million Latinos"
According to the findings, the average Latino San Diegan earns $39,000 or less annually, with an average income that is approximately $28,000 lower than their White, non-Latino counterparts. The report also surfaces key barriers Latinos face in building wealth and accessing economic opportunity, from the lack of affordable housing to challenges navigating resources and financial systems.
In the area of education, 24% of Latinos in San Diego hold a bachelor's degree, a higher percentage compared to neighboring counties like Los Angeles, San Bernardino, and Riverside. However, Latinos still trail behind other demographic groups in educational attainment. The report identified the financial burden of leaving paid work to pursue education as a significant barrier to higher education for many Latinos.
Another key finding is that the Latino population in the county is notably younger, with an average age of 33, compared to 42 for non-Latino residents. Additionally, while 70% of San Diego's Latino population was born in the U.S., and 53% of immigrants are U.S. citizens, they continue to face barriers in accessing resources and opportunities.
These barriers include language, cultural factors, and limited familiarity with available programs, which restrict access to critical services. Nonprofits serving the Latino community stressed the need for consistent funding, community spaces, and data to better serve their population.
The study concludes that investing in Latinos, will be critical to the region's long-term economic vitality and shared prosperity:
"This will require addressing systemic inequities, lifting up Latino leadership and voices, and providing the tailored resources and support Latinos need to overcome barriers and build intergenerational wealth. Flexible funding for Latino-serving nonprofits, convening and collaboration opportunities, and access to population-level data disaggregated by key characteristics will help strengthen the ecosystem of support for Latino economic mobility."
Researchers also called upon Latino-serving nonprofits to make space for regular convenings where they can share the ways they are serving the community. They also call on organizations to collaborate with each other to increase their capacity to support Latinos through their career development.
Lastly, the study recommends that policymakers address the community's banking and financial wellness needs as "the Latino community has a lack of trust in the banking system."
© 2024 Latin Times. All rights reserved. Do not reproduce without permission.
