If someone asked me about my financial future I would probably say that I have everything under control. I save more than I spend. I keep the important plans in focus, like saving for my daughter’s college tuition. But do I really have a hold on my family’s financial future? After reading the findings of a recent survey done by MassMutual I had to think again and ask myself…
“Am I saving enough for my daughter’s college education.”
“Will I be able to live off of my savings?”
“Do I have the finances to cover a family emergency?”
Money isn’t easy to come by these days so every hard earned dollar has to go to good use. I believe that it is my duty as a mother and caretaker of my family to prepare us financially for the future. A car, saving for college tuition, miscellaneous expenses and of course an emergency. The results of a new study* released this month by Massachusetts Mutual Life Insurance Company (MassMutual) delves into those challenges we face as affluent Hispanic moms with household incomes greater than $100,000, who take an active role in our household finances in their own hands and the results were eye opening.
Like 41% of these Hispanic moms surveyed, I too, cut back on unnecessary expenses. Budgeting allows my family wiggle room to save up for that family vacation we take every year but I still feel I need to be doing more. Luckily, we’re not alone. There are professionals who are available to help me with financial planning.
Other findings from the survey include:
- These Hispanic moms seem to be the least satisfied with their current financial situations (19 percent, compared to 25 percent of Caucasian moms).
- These Hispanic moms are also the least confident in feeling like they’re doing a good job of preparing financially for their retirement (20 percent, compared to 24 percent of Caucasian moms).
- Thirty-two percent of these Hispanic moms, more than the general population, struggle between their desire to spend time with their children and the need to work.
Check out all the findings in the cool info-graphic below:
To better understand how I handle my finances, I took the short Mom Financial Personality Profile Survey and discovered the following:
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. 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.
To learn more about MassMutual’s survey on the Hispanic mom or for educational resources for children on money management, logon to massmutual.com/familyfinances. To find help with preparing for your families’ financial future, logon to MassMutual’s Spanish-language web page at massmutual.com/espanol. To find a bi-lingual MassMutual financial services professional to help you, logon to massmutual.com/locateanoffice and select “Spanish” as a language preference.
Disclosure: I wrote this post as part of my participation in a blog tour for Latina Mom Bloggers on behalf of MassMutual and received compensation to thank me for taking the time to participate. However, all opinions expressed are my own.
* Methodology: MassMutual’s State of the American Mom study was conducted by Forbes Consulting Group, LLC between May 2 and 11, 2012 via a 20-minute online questionnaire. The survey comprised 1,014 interviews with American women who are financially responsible for children under the age of 27. Interviews were conducted among mothers aged 25-65 with household incomes greater than $50,000. Respondents had to contribute at least 40% to decisions regarding financial matters in their household to qualify. Results were weighted to the 2010 US Census to be representative of American women in this age and income bracket. Results are presented for three generational groupings, which correspond to the following birth years: Generation Y (born 1980-1992), Generation X (born 1965-1979) and Boomers (born 1946-1964). The report is based on 83 Hispanic women with incomes of $100,000 and above. The margin of error for Hispanic mothers is 9.52% at a 95% confidence level.