New data from the BMO Real Financial Progress Index reveals that amidst rising costs, 80% of U.S. Latinos wonder how people around them can afford to raise a family.  Despite 81% of Latino parents with children under 18 at home agreeing that the cost of raising kids has “gotten out of control,” less than half (45%) believe having a child has negatively impacted their financial security.  Facing these daunting figures, 87% of Latino parents say everyday childcare costs negatively impact their ability to save for their child’s long-term future. Yet, despite the squeeze, they still manage to carve out an average of $1,681 annually to save for college. The data shows that 80% of U.S. Latino parents are concerned about financially providing the life they wish for their children – 7 points higher than the general U.S. parent population at 73%. And their worry for the future is comprehensive: 80% worry about their children’s health and safety, 81% about emotional wellbeing, and 81% about their children’s education, financial future and future career prospects.

BMO is dedicated to helping the Latino community navigate the complex costs of raising a family and supporting an extended family, such as providing customers with a BMO Financial Advisor where families can discuss their financial goals in English or Spanish. BMO also provides the BMO SmartProgress™ for budgeting, saving, and planning tools available in English and Spanish, or visit BMO’s Real Financial Progress Hub to study up with resources designed for the whole family. To learn more about how BMO helps U.S. Latino parents make real financial progress, visit https://www.bmo.com/goals. For the full financial report, visit usnewsroom.bmo.com

Photo Credit: BMO