Hispanics Have Different Retirenent Priorities

A new survey conducted by Prudential Financial looked at the unique challenges facing Hispanic Americans when it comes to saving for retirement. In addition to having less access to employer-sponsored retirement plans and making lower contributions, Hispanics also have different priorities than the population as a whole.

15 percent of Hispanics say they prioritize caring for elderly relatives compared to 6 percent of the general population, and 31 percent prioritize funding education for children and grandchildren compared to 18 percent of others.

These differences in priorities can make retirement savings especially difficult for Hispanics, since they are more willing to spend their savings on the care of family members rather than retaining it for their own future use.

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