(Springfield, MA) – As the Hispanic population continues to grow, so does their need for financial education. Forty-two percent of Hispanic participants in Massachusetts Mutual Life Insurance Company’s (MassMutual’s) State of the American Family Study* indicated that they are actively seeking ways to educate themselves on finances. A recent report from the Government Accountability Office indicates that the need may be of even greater importance, because “a lack of proficiency in English can create significant barriers to financial literacy and to conducting everyday financial affairs.”**
Over the past several years, MassMutual has engaged in market research to better understand the unique financial needs of multicultural groups in the United States. One of the consistent findings has been the need for clear and understandable financial information from a trustworthy source. To help Latinos learn more about basic protection products that can help them set a strong foundation for their financial future, MassMutual has produced a series of three simple in-language videos available in Spanish or English.
The short and easy-to-understand videos explain the basics of annuity, disability income insurance and life insurance products for Hispanic persons who are trying to educate themselves about their finances. “MassMutual’s study showed that more than 4-in-10 Hispanics wish they had been taught more about money by their parents,” said Chris Mendoza, vice president of Multicultural Market Development at MassMutual.
“The currently struggling economy makes it imperative that all Hispanics have the information they need to plan for their and their families’ secure future,” he added. “Our hope is that they’ll then meet with a knowledgeable financial professional who can sit with them and answer any remaining questions or address any concerns they may have to help protect the ones they love.”
For additional in-language information on planning for your and your families’ financial future, logon to massmutual.com/espanol.
*This research was conducted by Forbes Consulting group for MassMutual and involved a 20-minute online questionnaire administered to a total of 1,143 respondents of which 212 were Hispanic from January 4 - January 20, 2011. The sample included parents, ages 30-64, with household incomes of $100,000 or more, with slightly different requirements for ethnic minorities: $75,000 if Hispanic age 35-64 and own home or currently own/interested in owning life insurance in next six months. All respondents contributed to financial decision making in their household and were financially responsible for at least one child. Data was weighted to age, gender, ethnicity, region and same-sex married/partner couples. The margin of error is plus or minus 3%.
**Factors Affecting the Financial Literacy of Individuals with Limited English Proficiency, U.S. Government Accountability Office, May 21, 2010.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.