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The Hispanic American Financial Experience - Prudential

2014 Prudential Research
The Hispanic American Financial Experience

Hispanic Americans’ Attitudes
Toward Retirement

Top 6 Reasons For Not Contributing
To Workplace-Related
Retirement Plans


1. Other Financial Priorities / Concerns

32%
Paying down debt
is a higher
priority
29%
My income
isn't high
enough
16%
I don't want to
tie up my money
in case I need it
before retirement

2. Less access to and use of workplace-based retirement plans

Workplace-based Retirement Plans
Demographic Access to a workplace-based retirement plan Of those with access to a workplace-based retirement plan, percentage who contributed
Suveyed Hispanics 72% 71%
General Population 83% 85%

3. Plan to work longer

Anticipated retirement age:

66 Hispanics
Surveyed
63 General
Population
Once retired, 73% of Hispanics surveyed plan to continue working at least part time.

4. Need greater awareness around income streams

56%
of Hispanics surveyed say they have a "very poor" or "poor" understanding of the U.S. Social Security System and U.S. workplace-based retirement plans.

Sources of Retirement Funding

Sources of Retirement Funding
Demographics Social Security Personal Savings Investments Workplace-based Retirement Plan Supplemental Income from Working During Retirement
Hispanics surveyed 62% 65% 51% 26%
General Population 65% 64% 63% 31%
29%
of non-retired Hispanics surveyed only plan to use one source to fund retirement.

5. Debt aversion may hinder asset building

62%
There's
no such
thing as
'good debt'.
49%
If I can't
pay cash
for an item,
I don't buy it
35%
I would wipe out
all my savings
before going
into debt.

6. Retirement Location Raises Questions

30%
of Hispanics surveyed
intend to spend their
retirement in another
country, either
part time
or full time.
10%
of Hispanics
surveyed indicate
an uncertainly
about what would
happen to their money
if they retire outside
the U.S.

The Prudential Insurance Company of America and its affiliates Newark, NJ

Prudential Financial, its affiliates, and their financial professionals do not render tax or legal advice. Please consult with your tax and legal advisors regarding your personal circumstances.

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