Moneda Moves (69): In 2020, ~40% of Latinos did not have broadband internet access at home
Top of the morning to you, mi gente. And to new friends of Moneda Moves in the last few weeks, welcome! We deliver highlights about Latinos, money and our role in the American economy weekly. You'll find them often in the body in the newsletter and as of 2020, via our shiny, brand new podcast by the same name. If you haven't yet, you can listen on Spotify, Apple and Anchor. We just completed our first 10 episodes and are taking a mini hiatus to bring you a fresh second season -- no to lo quieres perder.😉
Us vibing to a new Moneda Moves episode in a few weeks...
And now, what we're here for every week: Onto the weekly 4-1-1 on all things Latinos x money.
I want to lead with a story that hits close to home. If you remember studying the digital divide in school, you know that it's the gulf between folks who have access to computers and the internet and those who do not. While we may have learned about this early on and later perhaps stories about organizations and non-profits supplying students abroad with resources needed to get online, I can't stress this enough: The digital divide continues to be an issue for our poorest people and people of color here in the United States today, 2020. Case in point is the latest story from CBS News and Maria Elena Salinas about the hardships low-income Latinos have faced during the pandemic, in particular when it comes to having access to the Internet.
Prior to COVID-19 striking the US, the Pew Research Center found that 57% of Hispanic adults said they own a desktop or laptop compared to 82% of White people. And if that's not jarring to you, then know that about a fourth of Hispanics surveyed said they had "smartphone-only" access to the Internet. The acceleration of the pandemic did no good for these numbers as the people without access at home surged during this time, surely in part due to loss of jobs and Latinos and Black people being among the hardest hit by the crisis. SOMOS reported that 40% of Latinos no longer had broadband internet access at home. This is critical for people searching for opportunities, jobs, but also students in their formative years, especially as we see education continue from home. Read the full piece here.
A few headlines to keep on your radar.
Without Wi-Fi, low-income Latino students resorted to doing homework in parking lots to access public hotspots | CBS News
This Latino Family Is Recovering From Coronavirus. But Can Their Small Business Survive? | NBC Latino: Lack of access to relief funds is hitting the Latino community hard. NBC Latino tells the story of a family's catering business and how Latino small business are among the most vulnerable. Per a recent survey, if access to capital doesn't improve in six months, nearly half of all Black and Latino-owned businesses that are still open will close down without knowing if they'll be able to reopen.
My Mom Told Me Not to Save for Retirement. I’m Glad I Didn’t Listen | NextAdvisor: This is written by personal finance content creator and friend Jully-Alma Taveras, speaking on retirement -- a crucial topic for the Latino community. Did you know 4 out of 5 Hispanic households have less than $10,000 in retirement savings? She talks about her journey to getting started and saving for retirement.
Jully-Alma Taveras | Investing Latina
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Con poder✊🏽,
Lyanne
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