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NATIONAL REPORT -- A new survey shows that Hispanics have a rosier outlook on their family's financial future compared to the general public. Specifically, the national survey revealed that eight in 10 Hispanics expect their family's financial situation to improve over the next four years vs. only 68 percent of the general public.
According to the study, which was conducted by New York Life Insurance Co. and Ipsos Public Affairs, the vast majority of respondents expressed confidence in the economy, their personal job security and their ability to retire.
"Today's story of Hispanic-Americans is one of growth, prosperity and influence," said Hector Vilchis, corporate vice president for New York Life Insurance Co. "The new year kicked off a momentous time for this important segment of the market. Hispanics are growing in population figures; in affluence and wealth creation; and in political influence. As they see the fruits of their labor ripen, they are feeling confident, and their optimism for the future is matching their growing influence in this country."
The survey 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 10 (60 percent) strongly agree and 24 percent relatively agree. Among respondents employed full time, 85 percent feel confident about their current job security. Respondents also expressed confidence in their ability to retire without inconveniences. Two-thirds of the Hispanic adults surveyed feel confident they will retire without drawbacks, compared to just half (52 percent) of the general population.
The telephone 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, almost half of Hispanic respondents (49 percent) agreed 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, the most frequently selected reason was "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 also cited lack of knowledge.
In addition, more than one third of Hispanic respondents (35 percent) said they needed more information on ways to do so, compared to only 15 percent of adults from the general population -- a 20 point gap. One third of Hispanics (31 percent) also said they have not thought about it.