Photo: Latinos and Finances
Eight in ten Hispanics expect their family’s financial situation to improve over the next four years compared to only 68 percent of the general public, according to a new Ipsos Public Affairs telephone poll of 501 Hispanic adults and 1,003 adults from the general public, conducted on behalf of New York Life.
The majority of Hispanics age 18 and older expressed confidence in the economy; in their personal job security; and in their ability to retire.
The telephone survey found that 84 percent of Hispanic adults surveyed expect their family’s financial situation to improve in the next four years. More precisely, six in ten (60 percent) strongly agree and 24 percent somewhat agree. Among respondents employed full time, over eight in ten (85 percent) feel confident about their job security. Respondents also expressed confidence in their ability to retire comfortably. Two-thirds of Hispanic adults surveyed feel confident that they will retire without drawbacks, compared to just half (52 percent) from the general population.
The survey, conducted in English or Spanish (depending on the respondent’s preference), also found that despite respondent’s confidence in their financial futures, Hispanics expressed a greater desire for help with their long term planning than do adults from the general public.
Among Hispanics, those most likely to feel this way include college graduates (97 percent vs. 88 percent without a college degree), those who prefer communicating in English (92 percent vs. 85 percent of those who prefer communicating in Spanish), and those who are married (90 percent vs. 84 percent of those who are not married).