NEW YORK, Feb. 26, 2013 /PRNewswire/ -- Eight in 10 Hispanics expect their family's financial situation to improve over the next four years compared to only 68 percent of the general public. These results are among the findings from a new national survey conducted by New York Life Insurance Company and Ipsos Public Affairs, a leading global survey-based market research company. In a 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.
"Today's story of Hispanic Americans is one of growth, prosperity and influence," said Hector Vilchis, Corporate Vice President for New York Life Insurance Company. "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 telephone survey, which was conducted in December, 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 ten (60 percent) strongly agree and 24 percent relatively agree. Among respondents employed full time, over eight in ten (85 percent) feel confident about their current job security. Respondents also expressed confidence in their ability to retire without inconveniences. Two-thirds of Hispanic adults surveyed feel confident that they will retire without drawbacks, compared to just half (52 percent) from the general population.
The 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, Hispanics expressed a greater desire for help with their long term planning than do adults from the general public. Almost half of Hispanic respondents (49 percent) agreed that 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, while the most frequently selected reason is "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 refer to lack of knowledge for not doing so. Over one third of Hispanic respondents (35 percent) said they needed more information for ways to do so, compared to only 15 percent of adults from the general population - a 20 point gap. Additionally, one third of Hispanics (31 percent) also said they have not thought about it.
"There's a thirst for financial protection information among Hispanics," said Vilchis. "For those of us in the insurance and financial services industry, these numbers tell us that much work remains to be done when it comes to bringing much-needed information to the Hispanic community about the many resources that are available to them, so that they are better able to ensure a brighter financial future for their families. The good news is that New York Life is increasingly poised to address the financial preparedness needs of Hispanics."
One of the many ways New York Life is addressing these needs is via highly trained and educated financial professionals who are members of the Latino community and, as such, are able to connect effectively with the Hispanic consumer. In the last few years, New York Life has increased the number of financial professionals to over 1,700 Agents. These Agents are increasing their participation in community events and activities, while offering free financial reviews to help families and businesses define their financial goals and work towards meeting them. Agents in some of the largest Hispanic markets across the country will be scheduling days through the year where they will be offering free, no obligation sit-down meetings with individual families and business owners to discuss their financial protection needs. A new website in Spanish is scheduled to launch this spring.
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