Hispanics are Optimistic About their Families’ Financial Futures
But half say they would like some help managing their finances more effectively
Tuesday, February 26, 2013
New York, NY – 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.
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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. Almost half of Hispanic respondents (49 percent) agreed that they would like some help managing their finances more effectively, compared to just over a quarter of the general population (28 percent).
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When asked why they are not providing their family with additional financial protection, while the most frequently selected reason is “not having enough money to do so,” mentioned by 40 percent of Hispanics and 31 percent of adults from the general public, large proportions of Hispanics refer to lack of knowledge for not doing so. Over one third of Hispanic respondents (35 percent) said they needed more information for ways to do so, compared to only 15 percent of adults from the general population – a 20 percent gap. Additionally, one third of Hispanics (31 percent) also said they have not thought about it.
This marks the second time that Ipsos Public Affairs and New York Life conduct a national poll assessing how Hispanics perceive their family’s financial protection surrounding the current economic climate. In 2010, three quarters (77 percent) of Hispanic adults surveyed agreed the recession increased their desire to provide a financial safety net for their families. This number decreased to 68 percent in 2012 (nine percentage points), indicating that the sense of urgency may not be there as much as it was two years ago.
Other Survey Results
- Back in 2010, 36 percent of Hispanics reported that if something were to happen to the breadwinner in their family, taking an additional job would be the primary way to fund their family’s future financial goals. However in 2012, a much smaller proportion (21 percent) report that their family would rely on an additional job to fund their future financial goals.
- Mentions of life insurance (25 percent vs. 29 percent, respectively) and retirement savings (20 percent and 23 percent, respectively) have increased slightly among Hispanic adults since 2010.
- The survey also found that nine in 10 adults among both populations feel that it is important for their family to have a financial plan in place, including roughly seven in 10 who strongly agree.
- 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).
- Hispanic adults are more likely than those from the general population to believe that children in their family are learning how to manage money responsibly (73 percent vs. 68 percent, respectively).
- Four in ten Hispanic respondents (41 percent) feel that families like theirs are usually able to pay for their children’s college education, compared to almost half of general population respondents (47 percent).
- Those Hispanics most likely to agree with this statement include those who have a household income higher than $75,000 (64 percent) than those who have at least some college education (51 percent).
- Those who are more comfortable speaking Spanish (37 percent), who only attended high school or less (34 percent) and who are employed part-time (33 percent) or not at all (34 percent) are least likely to agree with this statement.
These are some of the findings of an Ipsos poll conducted from December 6 - 19, 2012 with a nationally representative sample of 501 Hispanics aged 18 and older, interviewed by telephone via Ipsos’ U.S. Hispanic Omnibus. With a sample of this size, the results are considered accurate within 4.4 percentage points, 19 times out of 20, of what they would have been had the entire adult population of Hispanics in the U.S. been polled. Respondents had the option to be interviewed in English or Spanish.
The results of the general population survey are based on an Ipsos poll conducted December 6 - 11, 2012. For the survey, a national sample of 1,003 adults aged 18 and older were interviewed by telephone via Ipsos’ TeleNation Omnibus. With a sample of this size, the results are considered accurate within 3.1 percentage points, 19 times out of 20, of what they would have been had the entire adult population in the U.S. been polled.
All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error. Data for both surveys were weighted to ensure that the sample's composition reflects that of the actual U.S. population according to U.S. Census figures.
For more information on this news release please contact:
Associate Vice President
Ipsos Public Affairs
About Ipsos Public Affairs
Ipsos Public Affairs is a non-partisan, objective, survey-based research practice made up of seasoned professionals. We conduct strategic research initiatives for a diverse number of American and international organizations, based not only on public opinion research, but elite stakeholder, corporate, and media opinion research.
Ipsos has media partnerships with the most prestigious news organizations around the world. In the U.S., UK and internationally, Ipsos Public Affairs is the media polling supplier to Reuters News, the world's leading source of intelligent information for businesses and professionals, and the Hispanic polling partner of Telemundo Communications Group, a division of NBC Universal providing Spanish-language content to U.S. Hispanics and audiences around the world.
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