Minneapolis, MN–(HISPANIC PR WIRE)–March 14, 2005–A study conducted by Roper Public Affairs on behalf of Allianz Life Insurance of North America found that U.S. Hispanics between the ages of 45 and 64 with a household income of at least $45,000 are likely to say they are financially successful (74 percent). As a group, they are more likely to feel in control of their finances than they believe their parents once felt, and are particularly likely to save more than their parents did. However, they also worry more than the general public about paying for their children’s education.
The Roper study identifies similarities and differences on how upper-income Hispanics, Asian Americans, and African Americans — as well as the general American population — think and feel about a number of issues surrounding financial planning such as definitions of personal and financial success, competence regarding financial planning and trust in financial institutions. Overall, the study finds that Americans of all ethnic backgrounds believe success is self made and see happiness as an essential component.
Over half of respondents say they feel “completely” or “mostly in control” over their financial situation with Hispanics feeling more in control than their parents did by greater than 10 percentage-point margins. In spite of their sense of financial control, respondents believe they are as likely as their parents to need financial advice. The exception is Hispanics, who are more likely to believe their parents versus themselves are unsure of what they are doing with regard to financial matters.
When it comes to their own financial planning, about one in three Hispanics say they need help making financial decisions. Furthermore, Hispanics are more likely than the general public to say a better understanding of how to invest their money would make them feel more in control of their finances. When seeking financial advice, no single resource is identified by Hispanics. When asked about life insurance companies, Hispanics are most likely to describe them as “confusing”.
Hispanics’ overall confidence regarding their financial status while at the same time feeling they need assistance making financial decisions is of particular interest to Allianz Life. The long-time provider of insurance and wealth management products and services worldwide has designated 2005 as the year they will direct focused efforts towards increasing Hispanics’ understanding of life insurance and other long-term financial planning, such as saving money for their children’s education.
Hispanics in particular consider pursuit of financial education to be of vast importance. The Roper study found that when compared to the general public, Hispanics are more likely to say that “educate yourself” rather than “stay out of debt” is the one piece of advice they would pass on to the next generation. Understanding the value Hispanics place on being informed when it comes to financial matters is considered by Allianz Life to be a key driver when speaking to this audience.
“Allianz Life is forging a new relationship with Hispanic consumers looking to ensure their financial future,” said Baron Carr, Allianz Life vice president, multicultural marketing. “We are expanding our vision to providing necessary financial education to the country’s Hispanic community.”
About Allianz Life(R)
Allianz Life Insurance Company of North America [Allianz Life(R)] is a leading provider of fixed and variable annuities, life policies, and long term care products in the U.S. Allianz Life is also a major provider of health excess of loss services and offers the LifeTracSM Network. Allianz Life is one of the primary companies of the Allianz Group – the 11th largest corporation in the world (Fortune, July 2004). Allianz Group is represented with 700 subsidiaries in over 70 countries around the globe, and employs 180,000 people worldwide. Founded in 1896, Allianz Life is based in Minneapolis, Minnesota.