Hispanic Americans and Retirement: Understanding the Rules of the Wealth Game to Plan for a Secure Financial Future
Jan 27, 2014 EST
"Hispanic American Financial Experience" Study Reveals a More Conservative Approach to Financial Planning and Lack of Access to Information
According to the Hispanic American Financial Experience Study, only 53% of Hispanics say that saving for retirement is an important financial priority compared to 62% of the general population - instead placing higher priority on funding near-term goals such as education for children or grandchildren, saving to purchase a home, and contributing to help elderly family members.
While retirement planning is challenging for anyone, the study shows that Hispanics face distinct barriers, including a lack of access to information and a low understanding of the financial system. Fewer than half report having a good understanding of Social Security, employer-sponsored retirement plans, or the stock market. Anna Escobedo Cabral, former United States Treasurer and Alexandra Galindez, Vice President, Prudential Financial, talk about the report, understanding the rules of the wealth game and how to create long term financial security.
