Tip of the Week: Minorities and Retirement (6/5/00)

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	Minorities and Retirement Financial Tip of the Week by Deloitte & Touche OnLine June 5, 2000

Hispanic-Americans say they're least prepared.

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Hispanic-Americans say they're the least prepared for retirement and most behind in saving for retirement among three minority groups surveyed by the American Savings Education Council.

According to the survey:

Just 19 percent of Hispanic-Americans say they're very confident that they'll have enough money for retirement, compared to 24 percent of African-Americans and 31 percent of Asian-Americans. Among all workers, 26 percent said they're confident they'll have enough for retirement.
Less than a third of Hispanic-Americans believe personal savings will fund their retirement, compared to 58 percent of Asian-Americans. Some 20 percent of Hispanic-Americans said they would depend most on Social Security, the most in the survey. Among all workers, 53 percent said personal savings would fund retirement; only 11 percent expected Social Security to be their main source.
Among Hispanic-Americans, 46 percent said they're "a lot behind schedule" in saving for retirement, and 67 percent expect to work in retirement. Among all workers, 27 percent said they were a lot behind schedule.