Latinos Need Retirement and Financial Planning Assistance

Financial Planning

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By Javier Simon

More than half (71%) of middle-income Hispanics feel they are behind on preparing for retirement as opposed to 63% of the general population, according to a recent study commissioned by Massachusetts Mutual Life Insurance Company. However, the survey also found that 63% of Latinos wish their employers would provide a greater degree of education on saving for retirement.

The Mass Mutual Hispanic Middle America Financial Security Study also shed some light on the types of financial services Hispanics are seeking from their employers. About 79% want financial planning services, 70% want Social Security counseling, 68% want budgeting assistance, and 54% want tuition reimbursement. Each of these options was preferred by a larger percentage of Latinos than people among the general population, the study found.

Hispanics may also be more welcoming of professional financial advice. The study revealed that while 49% of the general population said it’s inappropriate for their employers to be involved in their personal finances, this sentiment was shared among only 38% of Hispanics. Moreover, 53% of Hispanics said they felt financial companies wanted to help people like them.

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