Many Hispanic American consumers are feeling nervous about the future.
Researchers at Prudential Financial Inc., Newark, N.J., explore those consumers’ atittudes about retirement finances in a summary of results from a survey of Hispanic U.S. workers ages 25 to 64 in households with annual incomes of at least $35,000.
About 88% of the survey participants ranked securing adequate health coverage as a top financial goal.
But 80% listed not outliving savings as a top goal, and 76% listed having enough money to achieve their desired lifestyle in retirement as a top goal.
Only 56% of the participants said they are very confident they can secure adequate health insurance, and just 50% said they are very confident that they will make their savings last through retirement.
About 52% said they feel very confident about their ability to maintain their desired lifestyle in retirement.
About 40% said they want to have a “comfortable but not indulgent” retirement lifestyle, and 40% said they simply want to be able to pay their bills and stay independent.
But 66% of the participants said they have no professional financial advisors.
Only 64% the participants said they have set aside savings for retirement.
When the researchers surveyed Hispanic Americans who have contributed to a non-workplace retirement account, they found that 48% reported using an investment advisor, 15% reported using an insurance agent, and 31% reported using a bank or credit union representative.
About 37% of the participants, and 54% of the participants ages 55 to 64, said they have set aside $100,000 or more for retirement.