Definitive differences in approach to education, career, family
BOSTON- Sept 19, 2014 – /PRNewswire/ — Hispanics are fairly optimistic about their futures, believing they have the power to make their dreams a reality and that everyone has an equal opportunity to succeed. Northwestern Mutual’s Elements of Success Study reveals that Hispanics are financially motivated by the need to be prepared for the unexpected, so that their families will be protected.
The study suggests there are definitive differences in how Hispanics view their education, career and finances.
In terms of education, Hispanics appear to place greater emphasis than the general U.S. population on learning through doing. They are the most likely of all ethnic groups surveyed to indicate they have not yet achieved their career/job goals.
Being Debt Free
Like most Americans, Hispanics perceive being debt free to be the No. 1 component of financial success, and they are more likely than other Americans to value paying for their children’s college, having an emergency fund, and providing for their families in case of death as components of financial success. They are also more likely to manage long-term goals on their own; only 16 percent of Hispanics currently use a financial advisor, compared to 21 percent of the total U.S. population.
“Providing financial security to their families is an important long-term goal for Hispanics, but financial security rarely happens by accident,” said Chris Meece, director of multicultural markets at Northwestern Mutual. “Partnering with a financial advisor is often the best way for Americans to ensure they have the financial security to close the gap between dreams and reality for themselves and their families.”
According to the study:
Hispanics consider the major components of educational success to be gaining life skills to achieve goals, earning a college degree and being a lifelong learner. Compared to the general U.S. population, they are more likely to define educational success as taking advantage of extra-curricular activities to gain skills and getting the best grades.
Hispanic Americans index very high on service jobs, which may explain why they are far more likely to look at their employment as a job rather than a career and to define career success as doing the type of work they want to do. Hispanics place more emphasis on obtaining recognition from their boss and peers than does the general population.
- Financial Success
Only 15 percent of Hispanics believe they are either extremely or very successful financially. They are less likely than other Americans to do research on their own on the topic of financial planning, and are less likely to mention owning their own home and saving enough for a comfortable retirement as the definition of financial success.
Northwestern Mutual offers a number of tools designed specifically to help Hispanic clients and their families achieve financial security, including an informational microsite in English and Spanish (http://es.northwesternmutual.com/) and a variety of Spanish-language materials and videos on financial planning, available through Northwestern Mutual Financial Representatives.
Chris Meece, Director of Multicultural Markets
- “While Hispanics’ desire to protect their families for the future is an extremely admirable long-term goal, financial security rarely happens by accident.”
- “Working hand-in-hand with a trained financial advisor is the best way for all Americans to ensure they have the financial security to close the gap between dreams and reality for themselves and their families.”
- “Family enters heavily into Hispanics’ financial motivation: they are more likely than other Americans to mention paying for their children’s college, having an emergency fund, and providing for their families in case of death as components of financial success.”
About the Research
Northwestern Mutual sponsored an online study to examine a diverse group of U.S. adults’ perceptions of their personal, family, career and financial success. Independent research firm Harris Interactive, Inc., conducted the online survey in December 2013.
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for nearly 160 years. Our financial representatives build relationships with clients through a distinctive planning approach that integrates risk management with wealth accumulation, preservation and distribution. With more than $217 billion in assets, $26 billion in revenues and more than $1.5 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.2 million people who rely on us for insurance and investment solutions, including life, disability and long-term care insurance; annuities; trust services; mutual funds; and investment advisory products and services.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI, and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; Northwestern Long Term Care Insurance Company; and Russell Investments.