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Life Health > Life Insurance

New York Life: Most Latinos foresee improvement in finances

By Warren S. Hersch

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Eight in 10 Hispanics expect their family’s financial situation to improve over the next four years compared to only 68 percent of the general public, new research shows.

These results are among the findings from a new national survey conducted by New York Life Insurance Company and Ipsos Public Affairs, a global survey-based market research company. Based on telephone interviews with Hispanics ages 18 and older, the survey assesses how Hispanics perceive their family’s financial protection surrounding the current economic climate.

More than eight in ten (84 percent) of Hispanic adults surveyed expect their family’s financial situation to improve in the next four years. More precisely, six in ten (60 percent) strongly agree and 24 percent relatively agree.

Among respondents employed full time, over eight in ten (85 percent) also are confident about their current job security. Respondents also express confidence in their ability to retire without inconveniences.

Two-thirds of Hispanic adults surveyed are confident they will retire without drawbacks, compared to just half (52 percent) from the general population.

The Hispanics polled also express a greater desire for help with their long term planning than do adults from the general public. Almost half of Hispanic respondents (49 percent) agree they would like some help managing their finances more effectively. This compares to just over a quarter of the general population (28 percent).

When asked why they are not providing their family with financial protection, while the most frequently selected reason is “not having enough money to do so,” mentioned by 40 percent of Hispanics and 31 percent of adults from the general public, large proportions of Hispanics refer to lack of knowledge for not doing so.

Over one third of Hispanic respondents (35 percent) say they need more information for ways to do so, compared to only 15 percent of adults from the general population, a 20-point gap. Additionally, one third of Hispanics (31 percent) also say they have not thought about it.

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