Hispanics Less Likely to Leave their Financial Future up to Chance, According to New MassMutual Survey
Hispanics take fewer risks in planning for retirement, education, and emergency security
Springfield, MA, Jan 11 2014 A new survey from Massachusetts Mutual Life Insurance Company (MassMutual) found that compared to the rest of the population, Hispanics are working harder to secure their financial futures. In every way measured in this research, Hispanics are more invested in their own financial future than the general population. The study found that 65 percent of the general population reported that they leave their financial well-being up to chance. U.S. Hispanics, however, leave less to chance (61 percent). The research seeks to shed light on how prepared U.S. Hispanics are for their financial future vs. all Americans, and how likely they are to “take a chance” with planning for their retirement, education, and emergency security.
“This newest research is in line with our ongoing State of the American Family Study; it shows that Hispanics are invested in their future,” said Chris Mendoza, Vice President, Multicultural Market Development at MassMutual. “They recognize the many facets of financial security valuing 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.”
Hispanics are more likely to have sought financial information overall (82 percent vs. 75 percent) and from financial institutions (48 percent vs. 44 percent) more than the general population. They also are more likely to seek out information on personal finance and retirement planning than the general population, turning to family (37 percent vs. 27 percent), friends (26 percent vs. 19 percent), and significant others (24 percent vs. 18 percent) for information.
In retirement, education, and emergency security, they take fewer risks. Hispanics are almost twice as likely (51 percent) than the general population (27 percent) to carefully research and plan every detail of their education and are more likely to have sufficient “rainy day” funds (35 percent vs. 31 percent). Additionally, they are more likely to carefully research and plan every detail of their retirement (42 percent vs. 32 percent) and are more likely to work at their retirement plan until they believe it’s perfect (38 percent vs. 24 percent).
MassMutual offers various educational programs, such as the FutureSmart Challenge, the Career Pathways programs, Junior Achievement, LifeBridgeSM Free Life Insurance Program and MassMutual Scholars Program, which provide education and resources to children and families across the U.S. “Financial education is a big priority for us, and we are committed to contributing to the personal and financial well-being of our communities,” said Chris Mendoza.
To learn more about preparing for your financial future, visit massmutual.com/planningtools or in Spanish at massmutual.com/espanol. Locate a financial professional near you at massmutual.com/secure/locateanoffice.
This research was conducted by KRC Research on behalf of MassMutual through two separate online surveys. The first was conducted from October 27-29, 2014, among 1,010 American adults age 18 or older. The second was conducted from November 6-18, 2014, among 1,006 American adults age 18 or older, including a Hispanic oversample of 603 adults. The “Total” data shown in this topline has been weighted to be representative of the demographics of the United States per the 2010 US Census. The Hispanic oversample banners include Hispanics from both surveys (N=719 in total).
Founded in 1851, MassMutual is a leading mutuallife insurance companythat is run for the benefit of its members and participating policyowners. The company has a long history offinancial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. Withwhole life insuranceas its foundation, MassMutual provides products to help meet the financial needs of clients, such aslife insurance,disability income insurance,long term care insurance,retirement/401(k) plan services, andannuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, MemberFINRAandSIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.