Hispanics are more invested in their financial future compared to the general population, with 61% leaving the well-being of their finances up to chance, versus 65% of the general population. The survey from Massachusetts Mutual Life Insurance Company revealed that 42% of Hispanics are likely to carefully research and plan every detail of their retirement, and 38% are likely to work at their retirement plan until they believe it is perfect.
“It shows that Hispanics are invested in their future,” says Chris Mendoza, vice president, multicultural market development at MassMutual. “They recognize the many facets of financial security – value planning and research – more than the general population. They are closing the gap, but still need knowledgeable guidance to help ensure financial stability and informed decision-making.”
Results revealed 82% of Hispanics are likely to seek financial information, compared to 75% of the general population, and 48% are likely to seek that information from financial institutions, compared to 44% of the general population.
Additionally, Hispanics are less likely to take risks in retirement, education, and emergency situations. Hispanics are almost twice as likely (51%) than the general population (27%) to carefully research and plan every detail of their education. They are also more likely to have sufficient “rainy day” funds, 35% compared to 31%.
The research was conducted through two surveys. One survey included 1,010 American adults age 18 or older and the other included 1,006 American adults age 18 or older, including a Hispanic oversample of 603 adults.