Hispanic consumers want financial advice. Are you prepared to give it to them?
According to a new study by New York Life, the economic crisis has made Hispanics across the country more motivated to protect their finances and become better educated about financial planning. In fact, 77 percent of Hispanic adults surveyed agreed the recession increased their desire to provide a financial safety net for their families.
Unfortunately, despite their desire to be educated, many Hispanics have a hard time actually acquiring information. Almost half the respondents (47 percent) agreed that a lack of information about financial protection planning was an obstacle to providing financial protection to their families. The second most prevalent hurdle, according to 39 percent of respondents, was believing financial protection is unaffordable and that they didn’t have enough money – a common barrier in the average population as well. This is a misconception that insurance agents fight every day, and now, it seems, there’s a new battlefield to fight it on.