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Affluent Hispanic Moms Take Active Role in Household Finances, Study Finds
Tuesday, April 30, 2013 6:25 AM

The results of a 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 25 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, 41 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.

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.