May 4, 2015
5/4: Newfound Money: What Would You Do? Latino Americans Emphasize Home Ownership
If given $100,000 to spend or invest, with no strings attached, saving for long-term expenses such as retirement or college, 25%, buying a home or paying off a mortgage, 24%, and paying down their debt, 22%, top the list of ways Americans would spend or invest their newfound funds. Among Latinos, buying a home or paying a mortgage, 32%, is the top way they would invest their newly acquired cash. Saving for long-term expenses, paying off debt, and starting a business, follow.
When it comes to cell phone usage, American and Latino cell phone owners, alike, use a smartphone. Among Americans, the iPhone, 35%, edges android phones, 31%. Latinos, however, are slightly more likely to use androids, 34%, than the iPhone, 29%.
Only 30% of American smartphone owners, including 26% of Latinos, use their phone mostly to talk. Most employ their smartphone for other purposes. 20% of smartphone owners, overall, report they use their phone primarily to text. 14% use it mostly to connect via social media, 12% send email, and 11% surf the Internet.
While smartphone use among Latinos reflects Americans’ habits, overall, Latinos are more likely than Americans to use their smartphone mostly to listen to music, 14%, and are less likely to use it primarily to send email, 7%.
- If given $100,000 to spend or invest, Americans would save for long-term expenses like retirement or college, 25%, buy a home or pay off their mortgage, 24%, or pay off their debt, 22%. 11% of residents would invest in the stock market while 10% would start a business. Five percent would use the money toward non-necessities like vacations, entertainment, and gifts.
- A plurality of Latinos, 32%, cites buying a home or paying down a mortgage. 21% would save for long-term expenses while 19% would pay off debt. 16% of Latinos would start a business including 26% of Latino men. Eight percent would invest in the stock market, and 3% would use the funds on non-necessities.
- 74% of American cell phone owners, including 76% Latinos, use a smartphone.
- Among Americans, the iPhone, 35%, and android phones, 31%, are the leading smartphones. The Blackberry, 1%, and a Windows phone, 1%, are little used. Six percent have a smartphone but are unsure which kind, and 25% of U.S. cell phone owners say they do not have a smartphone.
- 34% ofLatino cell phone users have an android phone while 29% own an iPhone. Only 1% owns a Blackberry, and the same proportion, 1%, has a Windows phone. 11% have a smartphone but are unsure what type it is, and 24% of Latino cell phone owners do not have a smartphone.
- Just three in ten American smartphone owners, including 26% of Latinos, say the primary use of their phone is to talk. 20% of smartphone owners, overall, say they mostly text with their phone, and 14% turn to social media on their smartphones. Email is the key function for 12% while 11% surf the Internet. Other activities include listening to music, 6%, playing games, 3%, taking and sending pictures, 1%, and watching videos, 1%.