Survey finds increased financial preparedness among Hispanics

The top reasons why Hispanics feel more optimistic about their financial future this year than they did three years ago include getting a new job (40 percent) receiving a promotion or raise (34 percent) or gaining money on investments (18 percent). The report all also attributes Hispanics’ increased financial optimism to perceived preparedness: Most Hispanics say they have a plan to “bounce back” from financial challenges (85 percent).

The report also cites as evidence of Hispanics’ ability to weather financial crises these findings:

• Almost half (45 percent) of Hispanics indicate they’d lean on their savings accounts in moments of need.

• Only 18 percent have taken out a loan from a bank.

• Only 13 percent have taken money out of a life insurance policy or retirement fund, when faced with a financial challenge.

• Few would first cut contributions to a 401k or retirement savings (12 percent), if an unexpected financial challenge arose.

When faced with financial challenges, Hispanics are most likely to forgo:

• Taking out-of-town vacations (60 percent)

• Buying lunch out (56 percent)

• Eliminating the purchase of premium foods/beverages (43 percent)

On building a resilient financial plan for the future:

• More than half (54 percent) of Hispanics put money into a savings account to bounce back from financial challenges.

• 53 percent learned from their mistakes as they went along.