Massachusetts Must Build Wealth For All

For decades, statistics have captured the growing role of Latinos in the strength and diversity of our Commonwealth. We are the driving force of the state’s population growth, playing a central role in the revitalization of countless communities across Massachusetts.  Yet those contributions are not reflected in economic success. Too many Latino families remain one emergency away from financial crisis, without the opportunity to turn years of hard work into lasting security. 

A new report from the Federal Reserve Bank of Boston provides perhaps the most robust evidence to date of wealth inequities in Massachusetts. The survey of over 5,000 families across the state finds that the median net wealth of Hispanic families in the Commonwealth is only $1,200. For Black families, it is $7,800. For white families, it is $549,200.

These are not income figures. Wealth is what remains after debts are subtracted from assets. Wealth provides an emergency fund, a down payment on a home, tuition, seed money for a business, or an inheritance that gives the next generation a stronger start.

For too many families, there is nothing to fall back on. The report states that more than 40 percent of Hispanic families in the state and nearly a third of Black families have zero or negative net wealth — their debts are equal to or larger than their assets. And about two-thirds of the respondents in both groups say they would not have the cash or equivalent to cover a $400 emergency expense today.

The report does not explore why these disparities exist. But at the Latino Equity Fund at the Boston Foundation, we see their impact every day. We meet families who work hard and still struggle to afford food, rent, health care, and transportation. We also meet people ready for a better job, a professional credential, a small business loan, or a first home, if only the pathway were within reach.

That is the tension at the center of our work. We must both help families meet their basic needs today and invest in the workforce development and wealth-building opportunities that can change tomorrow. One cannot wait for the other.

As the only Latino-dedicated community fund in Massachusetts, meeting these needs is a core element of our work. But our resources do not match the scale of the challenge. Philanthropy cannot solve this alone. We need to build cross-sector collaboration among corporations, philanthropy, state agencies, and nonprofit partners who understand that an investment in Latino families is an investment in the future of the Commonwealth. 

This is why I proposed the creation of the Massachusetts Latino Report Card at LEF’s most recent annual meeting. Over three years, this report will measure progress across key sectors such as healthcare, workforce development, education, and homeownership, and compare Massachusetts with national trends in Latino progress. We need to know not only where we stand, but whether our investments are improving the lives of Latino families. 

In partnership with the Gaston Institute at UMass Boston and other key allies, we will turn this research into a publicly accessible dashboard of Latino well-being, and a public policy agenda grounded in evidence and community experience. LEF will use its convening power to lift up community voices and bring together policymakers, funders, businesses, advocates, and civic leaders who are ready to turn these findings into action. 

The numbers are sobering, but they tell us where we are, not where we must remain. If we act with urgency, invest with intention, and move forward together, we can build a Commonwealth where all families do not simply work to survive, but have every opportunity to build wealth, achieve stability, and leave something lasting for the next generation. 

As Executive Director of the Latino Equity Fund at The Boston Foundation, Javier A. Juarez leads a bold mission to close opportunity gaps and advance economic and social justice for more than one million Latinos across Massachusetts through philanthropy. His leadership is grounded in resilience, community power, and a deep commitment to building a more equitable future for the Commonwealth.

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Julio Ricardo Varela edited and published this edition of The Latino Newsletter.

The Latino Equity Fund was a donor of The Latino Newsletter in 2025. More about The Latino Newsletter’s donor transparency policy here.

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