From Spectrem’s Ethnic Segmentation Series, Financial Attitudes and Concerns details the needs and worries Hispanic investors have. In some cases, the level of their concern is compared to that of the two other ethnic groups studied – African-Americans and Asians.
Family is strong within the Hispanic community, and 64 percent of Hispanic investors said one of their greatest personal concerns from a health standpoint was concern over a personal family catastrophe.
Hispanics report far greater concern over many issues related to their finances than the other ethnic investors. Chief among them is the 70 percent of Hispanics who report concern over maintaining their own financial position. Similarly, 66 percent report concern over the financial situation for their children and grandchildren, and 49 percent are concerned about financing the education of their grandchildren, more so than their concern over financing the education of their children (33 percent).
Hispanics are far more likely than the other ethnic investors to use a financial advisor to some extent. Sixty-eight percent say they use an advisor at some point in making investment decisions, and that includes 33 percent who consider themselves Advisor-Assisted (regularly consulting with a professional on all investment decisions) or Advisor-Dependent (relying on an advisor to make all of their investment choices).
There are areas of personal and financial concern where Hispanics are less involved than African-Americans or Asians. For instance, only 58 percent of Hispanics expect their financial situation to improve over the next 12 months. Only 23 percent say they wish they had taken more risk in investments prior to the financial crisis of 2008 (only 23 percent), and only 17 percent wish they had invested more in real estate prior to the crash.
Only 28 percent of Hispanics say “luck’’ had anything to do with their current wealth level. They are also less concerned about health than the two other ethnic segments, with only 59 percent expressing concern over their own health and 63 percent concerned about the health of their spouse.
For more information on Spectrem's Ethnic Segmentation series, click here