Latinx families have significantly less cash reserves to draw upon than white families: Total value of all transaction accounts, for Latinx and white families, by education, homeownership, and employment sector (mean values, 2016$)
|Less than college||$6,237||$20,289|
|College or more||$59,569||$96,930|
|Industry classifications 1||$4,937||$37,768|
|Industry classifications 2||$14,981||$54,633|
|Industry classifications 3||$25,885||$47,529|
Notes: White refers to non-Latinx whites; persons whose ethnicity is identified as Latinx may be of any race. Transaction accounts include checking or savings accounts, cash, prepaid cards, and directly held stocks, bonds, and mutual funds. Industry classifications 1 include mining, construction, and manufacturing. Industry classifications 2 include transportation, communications, utilities and sanitary services, wholesale trade, finance, insurance, and real estate. Industry classifications 3 include agriculture, retail trade, services, and public administration. Families are designated as Latinx or white based on the self-identification of the survey respondent; industry classifications are for head of household. Education is the education level of the head of household.
Source: EPI analysis of Federal Reserve 2016 Survey of Consumer Finances combined extract data accessed from the UC Berkeley Survey Documentation and Analysis website (FRB-SCF 2016). The 2016 survey is the most recent survey available.