Hispanics optimistic about financial future; want help with long-term planning
Survey reveals confidence matches their growing influence
In a recent survey, 84 percent of Hispanics expect their family's financial situation to improve over the next four years, compared with only 68 percent of the general public who share that optimism.
These survey results are among the findings from a new national survey conducted by New York Life Insurance Company with the help of Ipsos Public Affairs, a market research company. In this study of Hispanics age 18 and older, the vast majority of respondents expressed confidence in the economy, in their personal job security, and in their ability to retire.
Specifically, the survey, conducted in December 2012, found that 84 percent of Hispanic adults expect their family's financial situation to improve in the next four years. Among respondents employed full time, 85 percent feel confident about their job security. Respondents also expressed confidence in their ability to retire comfortably. Two-thirds of Hispanic adults surveyed feel confident that they will retire without drawbacks, compared to just over half, 52 percent, of the general population. A new website in Spanish http://www.newyorklife.com/latino is available to help Hispanics begin to find solutions to their long-term financial needs.
The survey also found that despite their confidence in their financial futures, Hispanics expressed a greater desire for help with their long-term planning than do adults in the general public. Almost 50% of Hispanic respondents agreed that they would like some help managing their finances more effectively, compared with just over 25% of the general population. When asked why they are not providing their family with financial protection, over one third of Hispanic respondents said they needed more information for ways to do so, compared with only 15 percent of adults from the general population.
“The Hispanic population is not only growing at a tremendous rate, but so is its affluence and influence,” says Hector Vilchis, who runs the Hispanic Market Unit for New York Life. “They are not only the largest minority group and the fastest-growing segment of the U.S. population, but the community as a whole commands over $1 trillion in annual buying power.” Indeed, the Hispanic population increased 15.2 million, or 43%, between the 2000 and 2010 Census. Moreover, by 2020 Latinos are expected to comprise 195 of the U.S. labor force. Higher paying management and professional occupations are the fastest growing job categories for Hispanics, propelled by their increasing educational achievement. “As the fruits of their labor ripen, their confidence is growing, along with their optimism for the future,” notes Vilchis. “At the same time, they also feel they need more advice in regards to their finances. This is where financial professionals can step in to help.”
How can we help you?
New York Life has more than 1,700 financial professionals to begin conversations with Hispanic families and business owners about preserving and transferring wealth to the next generation. You can find a local agent who would be happy to help you uncover your needs at a no-cost and no-obligation meeting.
These are some of the findings of an Ipsos poll conducted from December 6, 2012 to December 19, 2012 with a nationally representative sample of 501 Hispanics aged 18 and older, interviewed by telephone via Ipsos' U.S. Hispanic Omnibus. With a sample of this size, the results are considered accurate within 5.2 percentage points, 19 times out of 20, of what they would have been had the entire adult population of Hispanics in the U.S. been polled. Respondents had the option to be interviewed in English or Spanish. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error. Survey data was weighted to ensure that the sample's composition reflects that of the actual U.S. population according to U.S. Census figures.
A national survey of 1,003 adults from the general public was also conducted from December 6, 2012 to December 11, 2012 via telephone using Ipsos' Telenation omnibus. A survey with an unweighted probability sample of this size and a 100 percent response rate would have an estimated margin of error of plus or minus 3.1 percentage points.