HISPANIC BUSINESS
Results for Types of Financial Services
The results also revealed that the knowledge and use varied with the type of financial service. Tables 1 and 2 pres- ent the differences in knowledge and use for family and businesses services. Table 1 indicates that respondents were knowledgeable about most financial services for their families. In addition, 56.6% were likely to use retirement planning, and 72.5% used life insur- ance. However, the usage rates for other types of financial services were lower than the reported knowledge levels. Table 2 shows that respondents had considerable knowledge of succession planning, business asset protection, and liability protection. However, ap- proximately 49% reported using li-
ability protection, but relatively few respondents used succession planning and business asset protection.
Discussion Our results challenge previous re-
search that argued Hispanics have lim- ited knowledge of financial planning. They also have important implications for training and marketing financial services. First, they imply that a sub- stantial number of Hispanic business owners have knowledge of financial services, but others may still training to enhance their knowledge levels. Second, the data suggest that even
though Hispanic business owners have knowledge of financial services, their usage rates may be lower than their knowledge levels. Thus, marketing ef- forts might be aimed at those services with low usage rates. Although there
may be a number of reasons that busi- ness owners are not using some types of services, there was a statistically sig- nificant correlation (r – .39) between revenue levels and usage rates. Thus, low revenue levels may be one reason they are not using financial services. Therefore, financial advisers may want to encourage those with low revenue levels to make small investments be- cause these types of investments pay off over time.
Sullivan, D. (2007). Minority entrepreneurs: More likely to try, but less likely to succeed?
References 1
The Academy of Management Perspectives, 78-79. 2
Avalos, A. & Peterson, J. (2009). Assessing financial literacy among Hispanics in the California Central Val-
Mass Mutual. (2009). The state of Houston Hispanic Business Owners’ fiscal fitness. Springfield, MA: Mass Mutual. Source: Dianna L. Stone is the associate editor of the Business Journal of Hispanic Research.
hispanicmpr.com
ley. Fresno: California State University at Fresno. 3
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