Black, Latino youth less likely to financial help from folks

Markets Associated Press

FILE - In this April 24, 2001 file photo, a Bureau of Printing and Engraving employee checks one dollar bills at the plant in Washington. When the bills are due, more young blacks and Latinos feel like they can’t turn to Mommy, Daddy or even Grandma ... to help them out of financial trouble than whites or Asians, according to a new Associated Press poll. (AP Photo/Hillery Smith Garrison, File) (The Associated Press)

A new GenForward survey finds more young blacks and Latinos feel that they can't depend on family to help financially than do whites or Asians. That includes big-ticket items like college tuition as well as smaller expenses.

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More than half of millennials of all races and ethnicities think an unexpected bill of $1000 would cause them financial difficulty. Nearly two-thirds of whites and Asian-Americans say their families could help them cover that expense, compared to 46 percent of Hispanics and 42 percent of African-Americans.

An assist from parents or family gives some young Americans financial security, allowing them to attend college or purchase a home.

The Black Youth Project at the University of Chicago with The Associated Press-NORC Center for Public Affairs Research conducted the survey of young adults.