There's no sense in taking chances with finances. While we all know that, some folks have really taken the lesson to heart.
According to a survey from Massachusetts Mutual Life Insurance Co., Hispanics are more prudent about their own financial future than the rest of the U.S. population.
While a surprisingly large 65 percent of the general population says it leaves its financial well-being up to chance, fewer Hispanics do (61 percent). That shows itself in a variety of ways.
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First, Hispanics look for financial information more often than the overall population, both in general (84 percent vs. 75 percent) and from financial institutions (48 percent vs. 44 percent).
Even when they aren't asking "experts" for information on personal finance and retirement planning, Hispanics are still more likely to ask for help from family members (37 percent vs. 27 percent), friends (26 percent vs. 19 percent) and significant others (24 percent vs. 18 percent).
Then they take fewer risks. For example, they're almost twice as likely as the general population (51 percent vs. 27 percent) to research and plan their education, and are more likely to have set aside enough "rainy day" funds for emergencies (35 percent vs. 31 percent).
And when it comes to retirement, not only do they do the research and plan out all the details (42 percent vs. 32 percent), they're more likely to work at their retirement plan until they believe it's perfect (38 percent vs. 24 percent).
"This newest research is in line with our ongoing State of the American Family Study; it shows that Hispanics are invested in their future," said Chris Mendoza, vice president, multicultural market development at MassMutual. "They recognize the many facets of financial security — valuing planning and research more than the general population."
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