Reaching Out to Latinos: Firms factor in Hispanic culture in striving to hit the right note
Hispanics are the fastest-growing demographic group in the U.S. They’re also among the least likely to invest and keep money in 401(k)s and other retirement-savings accounts, recent reports show.
Sensing a business opportunity, several large financial-services companies are making a greater effort to engage Hispanic workers, believing they could become an important segment of the U.S. investor base.
But convincing this group to invest and keep money in 401(k)s and similar accounts could prove challenging, some academics and retirement experts say. Not only do many Latinos work in low-wage industries, but the idea of accumulating funds for one’s elder years doesn’t always mesh with a culture that emphasizes individuals taking care of one another.
Read the entire article at The Wall Street Journal.