I wrote this post as part of my participation in a blog tour for Latina Mom Bloggers on behalf of MassMutual and received compensation to thank me for taking the time to participate. However, all opinions expressed are my own.
MassMutal Financial Group recently did a study regarding Financial Planning and Education for Hispanics. After reading the survey, I had to agree with their findings. There is a large disconnect between what we, as Latinos, say and what we do when it comes to financial planning.
Hispanics in general define the “American Dream” as achieving financial security so that our families can get ahead. We define this as paying off our mortgage, getting out of credit card debt, paying kids college and preparing for retirement. Yet when it comes to the steps needed to achieve these goals, we either are not sure how to go about it or don’t know where to go for assistance. In fact, the survey shows that although 79% of Hispanics recognize the importance of educating children about finances in order to ensure their success in the future, only 47% are actively involved in educating their children.
When it comes to college educations, nearly half of Hispanics claim that paying for their children’s college education is something they insist on doing, yet only 31 percent rank savings/investing in their children’s college education as a top priority.
Hispanics are better at getting rid of credit card debt than the rest of the general population. The “MassMutal State of the American Family Study” on Hispanic Families reveals that nearly 46% prioritize getting out of credit card debt. However, despite these higher-than-average initial efforts, we as Hispanics do not take the additional steps to achieve financial security.
You are probably wondering why we at ZayZay.Com feel the need to share this survey with you. The truth of the matter is that we are also working hard at attaining our “American Dream”. We recently employed a CPA to implement a financial plan. The days of living paycheck to paycheck have to be a thing of the past. It is time to plan for the future. Through our financial planner, we have consolidated our bills, cut down expenses, created an emergency fund and are investing in our futures by creating a retirement fund.
Just as Vice President of MassMutal, Chris Mendoza, is “working harder to inform Hispanics about the resources available” so should we as Latinos “ayudarnos uno al otro”. Please share this post with friends and family and start your own dialogue on financial security.
For more information on this issue or to learn how to better you financial situation please visit: www.massmutual.com/ or go to the MassMutual State of the American Family Website: www.massmutual.com/soaf
By Ninnette Aquino