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).
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).