New TIAA Institute Report Examines Personal Finances of Hispanic Population
NEW YORK, May 18, 2015 – Addressing the personal finance challenges of college-educated Hispanics will help to improve their financial future, according to “Hispanic Personal Finances: Financial Literacy and Decision-making Among College-Educated Hispanics,” released today by the TIAA-CREF Institute and the Global Financial Literacy Excellence Center at the George Washington University School of Business.
"The Hispanic population is growing rapidly and projected to surpass a quarter of the nation’s population by 2050. It is crucial that we understand the challenges Hispanic families face financially as their share of and impact on the economy increase,” said Stephanie Bell-Rose, senior managing director and head of the TIAA Institute. “This report will serve as an excellent resource for financial institutions, community serving organizations and governmental agencies that seek to best serve this community.”
The report examines the personal finances of college-educated Hispanics through a systematic analysis of their assets, liabilities, planning behavior, financial fragility and financial literacy. Key findings from the report include financial literacy rates that are lower than other populations and difficulties in covering expenses and paying bills in a typical month.
“This study's findings sound a disturbing alarm around financial stability and retirement preparedness among college-educated Hispanics, who often find themselves lacking the tools they need to prepare for their later years,” said Eva Dominguez, Executive Director of the Latinos for a Secure Retirement coalition. “Without critical financial literacy skills, college-educated Hispanics are ill-equipped to make sound economic decisions that will shape the future and security of their families.”
A summary of the research and full survey results can be downloaded here.
About the TIAA Institute
The TIAA Institute helps advance the ways individuals and institutions plan for financial security and organizational effectiveness. The Institute conducts in-depth research, provides access to a network of thought leaders and enables those it serves to anticipate trends, plan future strategies and maximize opportunities for success.
About the Global Financial Literacy Excellence Center
Founded in 2011 by Professor Annamaria Lusardi at the George Washington University School of Business, the Global Financial Literacy Excellence Center (GFLEC) has positioned itself to be the world’s leading center for financial literacy research and policy. Through rigorous scholarship and research, wide-reaching education, and global policy and services, the Center works with partners in Washington, D.C., throughout the United States, and across the globe to raise the level of financial knowledge among the general population.
TIAA (www.tiaa.org) is a national financial services organization with $866 billion in assets under management (as of 3/31/2015) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
TIAA-CREF Institute is a division of Teachers Insurance and Annuity Association of America (TIAA), New York, NY. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.