The results of a new study released by Massachusetts Mutual Life Insurance Company (MassMutual) suggests that affluent Hispanic moms, with household incomes greater than $100,000, are working to be financially responsible, while striving to flawlessly manage all the household responsibilities. Yet, like many, they’re concerned about the state of their families’ finances and at times don’t know where to turn for help.
A total of twenty-five percent of these Hispanic moms see themselves as savers and perceive their significant other as spenders, compared to the reverse perception. This is further evidenced by the fact that if these moms had $5,000 to spend on whatever they wanted, they said they would put almost one quarter ($1,100) towards savings. As savers, forty-one percent of these Hispanic moms have recently made a conscious effort to cut back on unnecessary expenses. As a contributing working mother, nearly a quarter of the affluent Hispanic moms generate supplemental income for their family or plan to start their own business.
Despite the steps these Hispanic moms have taken, the survey suggests that they’re worried about their finances and what the future may bring. Thirty-four percent of these Hispanic moms, more than the general population, feel that they should be doing more to save for the future, but right now are struggling to just get by. Additionally, nearly one out of every five of these moms wishes she were more in control of her finances.
“It’s clear that these Hispanic moms are playing a larger role as the financial decision maker of the household, and it’s promising also to see that they want to provide financial education to their children,” said Chris M. Mendoza, vice president, multicultural market development, MassMutual. “It can be overwhelming for any mother to balance work-life duties, but there are things moms can do to help alleviate the pressure, such as communicate often with their spouses about the finances, talk to a trusted professional, and seek out financial educational materials for the household.”
In beginning the discussions on finances, these mothers are starting to educate their kids on finances at 6.9 years old. The affluent Hispanic moms are also leading the way as nearly 9 out of 10 of these moms play an active role in educating their children about finances and also actively involve them in the family budgeting.
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.
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