Hispanic Americans rank retirement security as an important goal in their lives, at a 90 percent clip, but many lack a comprehensive plan for reaching that goal, not unlike the population at large. In fact, 64 percent of Hispanic Americans have put aside some savings for retirement, but two-thirds say they have no formal plan or the help of a financial advisor, according to a research report from Prudential Financial, “Hispanic Americans on the Road to Retirement.”
The good news is that those with a financial advisor were four times as likely to have a formal financial plan. The bad news? Only one-third reported having a financial advisor, despite 80 percent saying a successful retirement depends on careful planning.
“Financial services companies have a unique opportunity to address the growth trends and emerging affluence of the Hispanic market,” says Bernard Winograd, executive vice president, U.S. Businesses, Prudential.
Eighty-one percent of Hispanic American households earning $50,000 or more reported putting aside money for retirement, and 45 percent of that group has already saved $100,000. Prudential also reports that most survey participants said they would be willing to delay retirement if it meant gaining greater financial security.
For a full copy of the report, visit the Newsroom at www.prudential.com.