Posts Tagged ‘savings’

Hispanic Confidence Growing in Family Finances

Tuesday, November 6th, 2012

(Hispanic Business) Hispanics are more satisfied now with their personal finances and with the direction the country is going than they were in 2011, according to a new survey from the Pew Hispanic Center.

Hispanics are more satisfied now with their personal finances and with the direction the country is going than they were in 2011, according to a new survey from thePew Hispanic Center.

More than half (51 percent) of Hispanics surveyed say they are satisfied with the nation's direction, a rise of 13 percent over 2011. That figure was 38 percent in 2001. 

Just 31 percdent of the general public says they are satisfied with how things are going in the country today.

One-third of Hispanics surveyed report that their finances are "excellent" or at least "good." The figure for 2011 was just under one-quarter, at 24 percent. Nearly three-quarters (73 percent) say they expect their family finances to improve during the next 12 months. In 2011, just over two-thirds (67 percent) expressed a similar level of optimism.

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How Ethnicity Affects Retirement Savings

Thursday, February 9th, 2012

(US News) Ethnicity is a growing area of interest for banks, largely because they want to understand their customers better.

[50 Ways to Improve Your Finances in 2012]

By 2050, says Fred Makonnen, vice president of multicultural sales at ING, African Americans, Hispanics, and Asian Americans will make up the majority of the U.S. population, compared with just over one-third now. “We need to have, as an industry, products that can speak directly to these consumers. We’re seeing time and time again there is a significant gap between various ethnic groups … and the reasons tend to be embedded in cultural differences,” he says.

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African American Workers: False Expectations About Retirement Saving

Thursday, December 1st, 2011

(The Black Man) I am an African American financial advisor. However, African Americans and people of color have been a very small part of my wealth management business—so small, in fact, that the phenomenon spurred me to discover if what I have experienced holds true across the country. I have come into contact with very educated and successful African American businesspeople, but the one consistent factor is that many of them lag behind in their saving and investing experiences.

What is more disturbing is that African American and Hispanic workers are just as likely as American workers to feel confident about their retirement security, even though their savings and preparations lag behind, according to findings of the Minority Retirement Confidence Survey (MRCS). While some differences in retirement preparation can be attributed to differences in income distribution, other findings show that minorities are less prepared  even when comparisons are made among workers with similar levels of household income.

 

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