Study underscores Latinos’ love of family today could spell financial trouble for retirement years

By LatinaLista

LatinaLista — If there’s one stereotype about Latinos that doesn’t offend, it’s how being family-focused describes the majority of Latinos. Whether it’s sending money back home to families left behind in Central and South America or making room for elderly parents to live under the same roof with their children and grandchildren or paying for college for our children and nietos, the common belief is family comes first.

Unfortunately, putting family first today means either postponing retirement or living on a lot less in the future.

The 2014 “Hispanic American Financial Experience” study by Prudential underscores that while Latinos may act selflessly in caring and helping family members, it can be a foolhardy exercise if thought isn’t given to our own financial future.

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