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Financial Planning > Behavioral Finance

Many Hispanic Workers Support Parents

By Staff Writer

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NU Online News Service, April 8, 2004, 5:47 p.m. EDT – Hispanic employees may need extra help with planning for elder care, according to survey results released by MetLife Inc., New York.[@@]

When researchers from NFO World Group Inc., Greenwich, Conn., surveyed 116 full-time Hispanic employees through the Web in September 2003 for MetLife Inc., New York, they found that 34% of the Hispanic employees were supporting financially dependent parents. Only 5% of all non-Hispanic U.S. workers were supporting their parents.

Only 29% of non-Hispanic workers were worrying about having enough money to care for elderly parents, and 75% had done some financial planning, MetLife says.

Meanwhile, 51% of Hispanic workers were worrying about having enough money to care for elderly parents, and only 63% had done any financial planning. Only 4% of the Hispanic workers interviewed had completed a formal financial plan.

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