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Hispanics and financial planning

Hispanics positive about long-term future

Posted on 2/28/13 8:05:00 AM

A national survey recently revealed Hispanics are optimistic about their families' financial security in the future, despite the uncertainty that has been in the market the past several years.

The survey was conducted by New York Life Insurance Company and Ipsos Public Affairs, which is a leading global survey-based market research company. Eight out of every 10 Hispanics reported that their family's financial condition is expected to improve over the next four years as opposed to 68 percent of all Americans.

"Today's story of Hispanic Americans is one of growth, prosperity and influence," said Hector Vilchis, corporate vice president for New York Life Insurance Company. "The New Year kicked off a momentous time for this important segment of the market. Hispanics are growing in population figures; in affluence and wealth creation; and in political influence."

Vilchis added that as Hispanics see results from their hard work, they are feeling more confident that they will have a growing influence on America.

Hispanic adults are also more likely than the general population to believe that the children in their families are picking up good habits to manage money responsibly in the future, with 73 percent saying this as opposed to 68 percent in the general population.

"We must not lose sight of the bigger picture," Vilchis said. "As the largest minority group and the fastest-growing segment of the U.S. population commanding over $1 trillion in annual buying power, Hispanics cannot afford to be in the dark when it comes to being financially prepared. The future of wealth creation, preservation and transfer is bound to be global, multicultural and diverse as Hispanics continue to grow their influence and generate wealth."

Tips to prepare for your future
David Gardener, financial expert, recently spoke with the and gave tips that young adults should start when they get their first job to make sure they have a successful financial future.

One of the most important tips is to not bypass insurance, such as auto and health coverage. Thinking long-term should be the goal to make sure your family is taken care of if something happens to you, and to ensure you are prepared for any unexpected circumstances that may arise in the future.

Americans who are placing a percentage of their income into a basic savings account might also be better prepared for unexpected circumstances. Consumers could also look into investing in a 401(k) account to prepare for their future or any expenses that may come up.