Although Hispanic Americans are saving for retirement, more than two-thirds do not use a financial adviser, a study by Prudential found.

Even Hispanic Americans with income over $50,000 typically do not have a professional advising relationship; only 35% report having a professional adviser, says the “Hispanic Americans on the Road to Retirement” report.

Those that do work with an adviser have a higher tendency to contribute to a retirement savings account (85% versus 54% of those without an adviser).

The number with advisers is lower in non-English-speaking households (12%) compared with English-speaking households (34%). Among Hispanic Americans that have an adviser, many choose a family member or friend (professional or nonprofessional). The study suggests that this could mean Hispanic Americans prefer fellow Hispanic Americans to advise them financially.

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