Saving for my #HispanicDream

I wrote this post as part of my participation in a blog tour for Latina Mom Bloggers on behalf of Mass Mutual and received compensation to thank me for taking the time to participate. However, all opinions expressed are my own. 

Finances are something that everyone thinks about and at times have struggles with especially in this economy; myself included. Since I was little I was taught to work hard at everything I do. Desde los diez años sabía cómo equilibrar una chequera y pagar facturas por mi cuenta, mi madre me enseñó desde muy temprano cómo ahorrar dinero y pagar facturas. My mother felt like it was important that my brother and I knew how important it was to take care of our finances correctly.

 I already started planning now for my future family, but I must admit it is hard at times. Planning for your financial future can be very daunting task  and can cause so much frustration. So when I heard about the study MassMutual Financial group did on Financial Planning and Education for Hispanics, Me quedé muy sorprendido cuando muchos otros latinos también están en necesidad de algún tipo de asistencia en la planificación de su futuro homes. According to the results, there is a disconnect in between what Latinos say we want, and what we actually do. 

Here are what the findings showed: 

 Massachusetts Mutual Life Insurance Company conducted their third biennial State of the American Family Study. This study offers a snapshot of Americans’ views on finances. The following three points stand out to me:

• Paying off debt. More than half (57 percent) of Hispanics prioritize paying off their mortgage as a top financial priority and nearly half (46 percent) prioritize getting out of credit card debt – significantly greater than the general population.
• Focusing on a college education. Nearly half (49 percent) of Hispanics claim that paying for their children’s college education is something they insist on doing, yet only 31 percent rank savings/investing in their children’s college education as a top priority.
• Educating children about finances. Close to half (47 percent) of Hispanics are actively involved in educating children about finances and 79 percent recognize it is important in order to ensure their success in the future. Perhaps this emphasis is because 36 percent of adults wish their own parents had taught them more about money.

 

• Pagar deudas. Más de la mitad (57 por ciento) de los hispanos tienen como prioridad el pago de la hipoteca como una prioridad financiera máxima y casi la mitad (46 porciento) dan prioridad a salir de la deuda de tarjetas de crédito – significativamente mayor que la población general. A pesar de estos esfuerzos iniciales más altos de lo normal para lograr la seguridad financiera, medidas adicionales parecen faltar. Casi la mitad (43 porciento) considera que la inversión y planificación financiera debe ser una mayor prioridad para ellos, y sólo el 28 porciento se sienten seguros en seleccionar opciones de inversión para cumplir con sus metas.
• Centrándose en la educación universitaria. Casi la mitad (49 porciento) de los hispanos afirman que pagar la educación universitaria de sus hijos es algo que ellos insisten en hacer, sin embargo, sólo el 31 porciento resalta que tienen como prioridad tener un ahorro / inversión para la educación universitaria de sus hijos.
• Educar a los niños acerca de las finanzas. Cerca de la mitad (47 porciento) de los hispanos participan activamente en la educación de los niños acerca de las finanzas y el 79 porciento reconocen que es importante con el fin de asegurar su éxito en el futuro. Tal vez este énfasis es porque el 36 porciento de los adultos les hubiera gustado que sus propios padres les hubieran enseñado más sobre el dinero.

 

I find that is very important to plan for your future no matter who you are.  Most Latinos have dreams about securing their financial futures but they don’t necessarily know how to align their financial decisions with their long-term financial goals. It can be a task to do but with the right help and guidance it can he achieved. 

The Study of the State of the American Family this year clearly shows that Hispanics continue to struggle with other financial priorities, like the rest of the American families. Hispanic Americans are very concerned to improve their financial prospects and are actively seeking ways to educate themselves, which is very good sign. ”  

For more information on the State of the American Family study of MassMutual or educational resources on money management, visit:  Para obtener más información sobre el estudio Estado de la Familia Americana de MassMutual o para recursos educativos para los niños en la administración del dinero, visita:

• MassMutual Website (Spanish): www.massmutual.com/espanol

• MassMutual State of the American Family Website: www.massmutual.com/soaf

• MassMutual on Facebook: https://www.facebook.com/massmutual

• MassMutual on Twitter: https://twitter.com/massmutual