Hispanics Optimistic About Their Families’ Financial Future
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"Today's story of Hispanic Americans is one of growth, prosperity and influence," said
The telephone survey, which was conducted in December, found that 84 percent of Hispanic adults surveyed expect their family's financial situation to improve in the next four years. More precisely, six in ten (60 percent) strongly agree and 24 percent relatively agree. Among respondents employed full time, over eight in ten (85 percent) feel confident about their current job security. Respondents also expressed confidence in their ability to retire without inconveniences. Two-thirds of Hispanic adults surveyed feel confident that they will retire without drawbacks, compared to just half (52 percent) from the general population.
The survey, conducted in English or Spanish (depending on the respondent's preference), also found that despite the confidence that respondents have in their financial futures, Hispanics expressed a greater desire for help with their long term planning than do adults from the general public. Almost half of Hispanic respondents (49 percent) agreed that they would like some help managing their finances more effectively, compared to just over a quarter of the general population (28 percent). When asked why they are not providing their family with financial protection, while the most frequently selected reason is "not having enough money to do so," mentioned by 40 percent of Hispanics and 31 percent of adults from the general public, large proportions of Hispanics refer to lack of knowledge for not doing so. Over one third of Hispanic respondents (35 percent) said they needed more information for ways to do so, compared to only 15 percent of adults from the general population – a 20 point gap. Additionally, one third of Hispanics (31 percent) also said they have not thought about it.
"There's a thirst for financial protection information among Hispanics," said Vilchis. "For those of us in the insurance and financial services industry, these numbers tell us that much work remains to be done when it comes to bringing much-needed information to the Hispanic community about the many resources that are available to them, so that they are better able to ensure a brighter financial future for their families. The good news is that
One of the many ways
This marks the second time that
"We must not lose sight of the bigger picture," added Vilchis. "As the largest minority group and the fastest-growing segment of the U.S. population commanding over
Other Survey Results
- Back in 2010, 36 percent of Hispanics reported that if something were to happen to the breadwinner in their family, taking an additional job would be the primary way to fund their family's future financial goals. However in 2012, a much smaller proportion (21 percent) report that their family would rely on an additional job to fund their future financial goals.
- Mentions of life insurance (25 percent vs. 29 percent, respectively) and retirement savings (20 percent and 23 percent, respectively) have increased slightly among Hispanic adults since 2010.
New York Lifesurvey also found that nine in 10 adults among both populations feel that it is important for their family to have a financial plan in place, including roughly seven in 10 who strongly agree.
- Among Hispanics, those most likely to feel this way include college graduates (97 percent vs. 88 percent without a college degree), those who prefer communicating in English (92 percent vs. 85 percent of those who prefer communicating in Spanish), and those who are married (90 percent vs. 84 percent of those who are not married).
- Hispanic adults are more likely than those from the general population to believe that children in their family are learning how to manage money responsibly (73 percent vs. 68 percent, respectively).
- Four in ten Hispanic respondents (41 percent) feel that families like theirs are usually able to pay for their children's college education, compared to almost half of general population respondents (47 percent).
- Those Hispanics most likely to agree with this statement include those who have a household income higher than
$75,000(64 percent) than those who have at least some college education (51 percent).
- Those who are more comfortable speaking Spanish (37 percent), who only attended high school or less (34 percent) and who are employed part-time (33 percent) or not at all (34 percent) are least likely to agree with this statement.
These are some of the findings of an Ipsos poll conducted from
A national survey of 1,003 adults from the general public was also conducted from
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Ipsos Public Affairs is a non-partisan, third party, survey-based research practice made up of seasoned professionals who conduct strategic research initiatives for American and international organizations, based not only on public opinion research, but elite stakeholder, corporate, and media opinion research. Ipsos has media partnerships with the most prestigious news organizations around the world. Ipsos Public Affairs is a member of the
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in
*Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine,
** Source: Third Party Ratings Reports as of 12/11/13.
***New York Life Investments is a service mark used by
1 Source: HispanaTelligence Report,
SOURCE New York Life Insurance Company