NU Online News Service, June 13, 1:22 p.m. – Hispanic Americans are much more likely than the general population to put family first when making important financial planning and investing decisions, according to a new survey by Market Facts Inc., Arlington Heights, Ill.
Eighty-seven percent of the 400 Hispanic adults surveyed agreed that their “most important financial goal is to make sure they leave something for their family,” Market Facts says.
Only 38% of 1,641 participants from the general population put a similar emphasis on passing wealth on to their families.
Hispanics also put a higher priority on saving for their children’s college education, with 82% naming saving for higher education a primary financial goal, compared with 42% of the general population.
Although Hispanics were concerned about building financial legacies for their families, survey results show they were less likely to use investment products or professional advisors.
Among Hispanics, savings accounts were the most popular vehicle for saving for retirement.
The survey was commissioned by State Farm Insurance Companies, Bloomington, Ill.
Market Facts surveyed the Hispanic participants in early May.
NFO Research Inc., Greenwich, Conn., surveyed the general population in late 2001.