Hispanics Feel More Motivated When It Comes to Financial Planning, Says New Lincoln Financial Study
28 Settembre 2021 - 3:00PM
Business Wire
Yet, Most Hispanic Consumers Prioritize
Immediate Expenses Over Longer-Term Financial Goals, Prompting Tips
to Transform Aspirations into Action
New research from Lincoln Financial Group (NYSE: LNC) shows
Hispanics are the most likely demographic (26%) to say they feel
“motivated” when thinking about financial planning in the current
environment. According to the company’s monthly Consumer Sentiment
Tracker, the Hispanic population is also well-intentioned when it
comes to financial planning:
- Saving for emergencies is the top financial goal (39%)
- Planning for the future is important (78%)
- The COVID-19 crisis has them thinking differently about their
financial future (67%)
However, a gap exists when it comes to transforming these
aspirations into action. Nearly three quarters (73%) of Hispanic
consumers prioritize day-to-day expenses over planning for their
financial future with at least half concerned about how to pay
their mortgage or rent and their monthly bills. Additionally,
Hispanics have greater concerns than the total population about
supporting themselves and their families if they lose a job (61%
versus 50%) and paying off debt (58% versus 50%).
“Throughout the past year, we have championed research that
enables us to gain valuable insight into the specific financial
experiences and behaviors within our diverse communities,
especially given the impacts of COVID-19,” said Elena French,
senior vice president, head of Corporate Marketing, Communications
and Brand. “Our latest study shows Hispanics are engaged in
finances, but still face residual challenges from the pandemic.
This underscores the need to develop a holistic financial plan, one
that sets realistic goals and objectives to work toward from a
budgeting and saving perspective.”
When asked what financial actions they would like to take in the
next three months, about one-third of Hispanics expressed interest
in adding to emergency savings and putting together a plan to pay
down debt.
“While it’s encouraging that Hispanic consumers recognize the
value of strengthening their financial security, this is just an
important first step in a transformative journey,” said Linda
Corujo Ramsey, CRPC®, ChFC®, president of Linda Corujo Retirement
Center based in San Juan, Puerto Rico, and a registered
representative of Lincoln Financial Securities. “We want to ensure
Hispanics — and all Americans — have access to and are leveraging
the tools, knowledge and education that will enable definitive
progress when it comes to prioritizing retirement, protecting
families against the unexpected, and creating the lifestyle they
envision for the future.”
For that reason, Corujo Ramsey recommends several tips to help
Hispanic consumers create positive financial outcomes:
1. Set a Monthly Savings Goal. Evaluate your monthly
expenses against your monthly income, then commit to setting aside
a monthly amount with which you feel comfortable. It does not have
to be large. Many people consistently put off saving because they
want to start when they can set aside a certain dollar figure that
feels more substantial, but it is important to start now. In time,
you might be surprised by how much your initial amount will grow.
Also, take advantage of financial wellness solutions offered by
your employer to help assess and address any financial issues you
may be dealing with like credit card debt, student loans, and
saving for retirement, and tap into online calculators and others
tools too.
2. Prioritize Creating a Financial Plan. Feel empowered
to take the initiative to review your own financial situation and
do it frequently, especially by having conversations with your
loved ones. View a financial plan as a blank canvas where you are
the artist who creates the final painting – you are in charge of
your own future. Above all else, increase your emergency funds. It
might sound simple, but when times are challenging, it is so much
easier to have a financial cushion to fall back upon.
3. Meet with a Financial Professional. Consider meeting
with a financial professional who can provide personalized advice
that meets your individual needs. Take the time to find the right
professional— someone who will protect your finances and the future
of your loved ones. Additionally, openly discuss your budget and
financial goals with your advisor to create that holistic financial
plan. Think of this as a financial roadmap to reach your
destination more easily.
For more information, tools and resources, visit
www.lfg.com.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help
people take charge of their financial lives with confidence and
optimism. Today, more than 17 million customers trust our
retirement, insurance and wealth protection expertise to help
address their lifestyle, savings and income goals, and guard
against long-term care expenses. Headquartered in Radnor,
Pennsylvania, Lincoln Financial Group is the marketing name for
Lincoln National Corporation (NYSE:LNC) and its affiliates. The
company had $324 billion in end-of-period account values as of June
30, 2021. Lincoln Financial Group is a committed corporate citizen
included on major sustainability indices including the Dow Jones
Sustainability Index North America and FTSE4Good. Dedicated to
diversity and inclusion, we earned perfect 100 percent scores on
the Corporate Equality Index and the Disability Equality Index, and
rank among Forbes’ Best Large Employers and Best Employers for
Women, and Newsweek’s Most Responsible Companies. Learn more at:
www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn,
and Instagram. Sign up for email alerts at
http://newsroom.lfg.com.
LCN: 3748001-090721
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version on businesswire.com: https://www.businesswire.com/news/home/20210928005693/en/
Media: Holly Fair Lincoln
Financial Group 484-583-1632 Holly.fair@lfg.com
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