A new study conducted in Puerto Rico reveals the financial challenges faced by residents due to the economic turmoil that has persisted since the Great Recession. The study, published in a report, indicates that many adults in the U.S. territory struggle financially despite having relatively lower levels of debt. Factors such as age, income, education level, and gender play a significant role in determining financial stability.
Key findings from the report show that almost half of Puerto Rican adults are financially fragile and lack confidence in handling unexpected expenses. Many struggle with managing daily expenses and have minimal wealth building and financial planning resources, such as emergency savings or investment accounts. The economic hardships faced by Puerto Ricans can be attributed to limited job opportunities, stagnant wages, and income disparities stemming from the Great Recession and subsequent financial crisis.
The report also highlights the impact of natural disasters, such as Hurricane Maria, earthquakes, and the COVID-19 pandemic, which have further exacerbated economic hardships in Puerto Rico. The study, conducted every three years by the FINRA Investor Education Foundation, aims to better understand how economic circumstances influence individual financial behaviors. This year marked the first time Puerto Rico was included in the survey, shedding light on the pressing financial challenges faced by residents in the U.S. territory.
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