Hispanics are the future of the United States, and that’s no overstatement. The number of U.S. Latinos is set to more than double by 2060 — from more than 57 million currently to 119 million. This powerful demographic trend manifests itself already as economic power. Undoubtedly, the United States will benefit from the robust vitality provided by second, third and fourth generations of Latino families striving to achieve the American dream. These households’ efforts already fuel $1.3 trillion in purchasing power — if it were a stand-alone country, it would rank as the 14th largest economy in the world.
The key factor driving that growth? Youth. Latinos represent the nation’s youngest major racial/ethnic group, with a median age of 28. This abundance of young adults stands to give the United States a competitive advantage in the global economy for decades to come, fueling job growth and paying the taxes we need to continue to fund the growth of our nation.
{mosads}In order for our country to leverage and benefit from this powerful economic engine, we need to assign resources and focus our attention on existing opportunities to help maximize the personal and professional potential of Latinos, in particular the areas they care about the most: education, health and financial well-being.
Although more and more Hispanics are going to college, according to the U.S. Census Bureau, Hispanics are significantly underrepresented in science, technology, engineering and mathematics (STEM)
employment, which as one of the fastest-growing sectors is forecasted to provide 2.8 million job openings in the next two years. When these positions become available, 81 percent of them will require at least an associate’s degree, representing a sizable growth opportunity for college-educated Hispanics.
On the health front, on average Hispanics spend $29 billion annually toward consumer healthcare, which is two times the rate of non-Hispanics. Despite this high level of expenditure, only half of Hispanics visit a medical provider during the year. Given Latinos’ high rates of cancer, obesity, heart disease and diabetes, this is an opportunity to truly make a difference by providing information to help bridge this gap.
And in terms of financial literacy, in spite of their purchasing power growing faster than that of the general population as a whole, Hispanic households can certainly be more involved and actively participate in our banking system.
Turning around these statistics is no easy feat. For starters, it involves shifting cultural mindsets. But addressing these challenges today is crucial to increasing opportunity and well-being in the Hispanic population and to the future of our country overall, as it will continue to be the driving force of demographic growth in the U.S.
That’s why at NBCUniversal Telemundo Enterprises we recently launched an innovative community initiative, El Poder en Ti (The Power Within), focused on bringing awareness to three key areas: education, health and financial literacy.
The overall goal of this comprehensive multiplatform campaign is to help empower U.S. Hispanics to become their own change agents in securing success for themselves and their families. While the power to create a better life comes from within, knowledge forms the kernel of that power.
Through our news and entertainment programming and popular on-air personalities on Telemundo Network, our local stations, cable network NBC Universo and digital platforms, and by working closely with a host of expert community partners, we will provide information, resources and grassroots events on a wide variety of educational, health and financial topics.
We believe the time to act is now. Latinos are rapidly evolving into the consumers of tomorrow, the workforce of the future, the prospective leaders who will shape every sphere of this nation’s economic, political and cultural life, as well as its place on the world stage. It behooves us all to champion the success of the Hispanic community because it will ultimately be the success of our nation.
Conde is chairman of NBCUniversal Telemundo Enterprises and NBCUniversal International Group.