This time Latinos in the United States plan to increase their spending during the holiday time, according to statistics compiled by the BMO Real Financial Progress Index.

The average cost of living for Latino families in the US will be$ 2,700 by the end of 2025, up 30 % from the previous year's$ 2,050, which is an increase of 30 %.

Regarding this, Lizzy Diaz-Ortiz, Vice President of Hispanic/Latino Banking at BMO, said," Family activities are fundamental to Latino holiday customs, but rising prices are forcing many people to reevaluate their plans. "

Inflation continued to rise this year, keeping food, goods, and services prices higher, which led some households to lower their discretionary spending. costs.

Diaz-Ortiz remarked in this context that "our study data serves as a reminder of the financial pressure that Latino consumers are already facing. Planning intentionally and making adjustments to family budgets can help save the things that matter most without affecting their economic development.

But, Latinos are managing their finances to make the most frequent purchases and take part in the holiday weekend's activities, including. 51 % of respondents said they believe these are much more important than saving. According to the research, Latinos plan to spend an average of$ 210 on travel while spending about$ 260 on home decoration. Go is an expense that, if not carefully planned and expenses are not managed, can quickly destroy the home budget, said Diaz-Ortiz.

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