BUSINESS & FINANCE Economy Prompts Hispanics to Adopt New Attitude About Financial Protection for Their Families
Financial Protection Planning Is a Top Hispanic Need
T
he nation’s economic woes have been a wakeup call for U.S. His-
panics about their family financial protection planning and is motivating them to want more financial security for their loved ones. In a study of His- panics age 18 and older, respondents said the economic crisis has made them more inclined to provide finan- cial protection for their family. “Hispanics are facing a paradigm
shift,” said Juan Roberto Job, corporate vice president and Hispanic Market manager for New York Life Insurance Company. “This growing segment of the population is re-thinking the way they view financial protection and what it means to be financially pre- pared. Certainly the financial crisis has propelled this change in think- ing, especially when considering that Latinos have been hardest hit by the recession.” The telephone survey, which was conducted in February and March, found that three quarters (77 percent) of Hispanic adults surveyed agreed the recession increased their desire to provide a financial safety net for their families. More precisely, four in ten (42 percent) strongly agree and 35 percent somewhat agree. Those most likely to agree reported an income of over $50,000 (87 percent), and at least some college education (87 percent). The survey, conducted in English
and Spanish, also found that despite growing awareness, lack of knowl- edge is a barrier for Hispanics to be financially prepared. 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 preva- lent hurdle, according to 39 percent of respondents, was believing financial
76 HISPANIC NETWORK MAGAZINE
“The 2010 U.S. Census is expected to find that Hispanics number more than 50 million in this country, an increase of 42 percent since the last Census in 2000,”
protection is unaffordable and that they didn’t have enough money. His- panics surveyed reported that other reasons for not providing additional financial protection were not think- ing about it (30 percent), not trusting others with such financial matters (20 percent), and just not getting around to it (20 percent). One in five (21 per- cent) believe that they do not need it. “The 2010 U.S. Census is expected
to find that Hispanics number more than 50 million in this country, an increase of 42 percent since the last Census in 2000,” said Mr. Job. “As the largest minority group and the fastest- growing segment of the U.S. popula- tion commanding nearly $1 trillion in annual buying power, Hispanics can no longer afford to be in the dark when it comes to being financially prepared. Fortunately, as a top-rated company in financial strength, New York Life has solutions to the concerns cited by Hispanics in this poll, and stands ready to be a prime resource to meet their current and future needs.” Aside from aggressively increasing
the number of financial professionals hired and trained to serve the grow- ing Hispanic community, New York Life is currently producing culturally relevant information, in-language for agents and clients. Last year, New York Life hired a record number of Hispanic Market agents and seeks to exceed that number in 2010. Thanks to the enhanced support available, New York Life agents are increasing their participation in community events
Celebrating 18 Years of Diversity
and activities, while offering free fi- nancial needs reviews to help His- panic families and businesses define their financial protection goals and possibilities. “The implications of this poll for
the insurance and financial industry are that we all need to do a better job of educating the fast-growing Hispanic community about the many resources that are available to them so that they are better able to ensure a brighter fi- nancial future for their families,” said Mr. Job. “In order to meet the stated needs of Hispanics, we must be as sensitive to their cultural nuances as we are to the details of their financial protection planning. New York Life’s Hispanic Market agents are well-pre- pared to do just that.” Mr. Job, son of Mexican immigrant
parents and author of a book about Hispanics succeeding in the corporate world, also added, “As the old saying goes, ‘Most people don’t plan to fail, they fail to plan.’ This poll indicates that Hispanics are more motivated to ensure financial security for their families and to do so they must set their goals and then implement a plan with a trained finance professional. We encourage Hispanics everywhere to contact their local New York Life agent to get started.”
Other Survey Results n The New York Life survey
reveals those Hispanics who are Spanish dominant (54 percent) are
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