Intuit TurboTax Survey Reveals 43% of Latino Millennials & Gen Z Reported that Having a Higher Education Means a Better Futur...
31 March 2021 - 11:00PM
Business Wire
Commissioned by TurboTax in support of the
#LeadingConEducación program, the survey also examined respondents’
confidence in their financial decision-making
TurboTax, from Intuit Inc. (Nasdaq: INTU), unveiled the findings
of a recent survey where Latino consumers were asked to rate their
own financial goals across a wide range of categories including,
education, saving and investing. Survey results reinforced the
direct correlation between the desire to achieve a higher-level
education with ensuring their families are better positioned for a
brighter and more successful future. The survey is in support of
the recently launched Intuit TurboTax initiative
#LeadingConEducación, which empowers the next generation of Latino
students to take control of their finances and provides monetary
support to achieve their education goals in the form of grants and
scholarships in partnership with the Hispanic Heritage
Foundation.
The new study indicated a gap between the respondents’ education
level and their desire to achieve a higher level of education:
- 82% of respondents surveyed graduated from high school, but
only 37% from college.
When it came to advanced degrees, respondents showed a high
interest in completing their education (based on total sample):
- 41% desired to complete a master's degree, and nearly a third
(33%) said the same about a Ph.D.
“The findings of this survey reinforced the interest and the
need for underrepresented communities to have access to higher
education to improve their career readiness and build a stronger
financial foundation” said David Zasada, Intuit Vice President
Corporate Responsibility. “We want to make sure education is
accessible to more consumers so they can achieve their maximum
potential.”
When asked what college education meant to them, betterment of
their families was highly ranked:
- 79% of respondents confirmed that if they had a college
education, they would have an opportunity to help their
families
- 43% selected "hope for a better future for me and my
family,"
- 36% chose the ability to "help support my family"
“We have the opportunity to help communities in need prosper
through educational programs that will allow them to achieve a
higher education,” said Alejandra Molinari, Lead of TurboTax Latino
Communications. “At Intuit TurboTax we are proud to support hard
working Latino students through our #LeadingConEducación
scholarship program to position themselves for success when it
comes to managing personal finances starting with their own
taxes.”
Other key findings from the study include the following:
- When asked which type of monetary resources they would like
more of, funding their education surfaced as the top option with
over 4 in 10 (43%) identifying higher education as a top need
- 43% of Latinx respondents reported that college is a level of
education they would like to achieve
- 3 in 10 had begun planning and started setting a long-term
financial goal to pay for their higher education
- Over 6 in 10 U.S. Latinos believe they are experts at saving
money — but less than half think they are similarly adept at
investing, according to the research
- Funding a savings account (46%), buying a home (45%) and paying
off debt (38%) were the most common long-term financial goals for
which respondents had already started planning
- Finance websites (32%) and financial advisors (33%) were top
sources of information among this demographic. And over a quarter
of respondents (26%) were most likely to seek info on the best
financial management options for them via finance apps.
- Over 7 in 10 respondents stated that achieving “financial
freedom” is “very” or “extremely” important to them. When asked to
describe what the concept of “financial freedom” meant to them,
respondents’ answers included themes of independence and future
security. “The ability to support yourself financially and not
worry unnecessarily about money,” wrote one respondent. For
another, a different goal emerged: the opportunity to “...be able
to help family and friends when they need or as often as I
can.”
Conducted by OnePoll, the survey sampled 2,000 Americans between
the ages of 18 and 34 who identify as Hispanic or
Latino/Latinx.
To learn more about Intuit TurboTax’s corporate responsibility
program and how to apply for an educational grant you can visit the
#LeadingConEducación page.
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version on businesswire.com: https://www.businesswire.com/news/home/20210331005306/en/
Media Contacts:
Alejandra Molinari Alejandra_Molinari@intuit.com
Andy Checo TurboTax@havasformulatin.com
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