San Antonio.- Parents in San Antonio are invited to attend New York Life Insurance’s free financial workshops starting next week at McCollum High School. THe goal is to give people the tools they need to plan effectively for college education funding and retirement.
By Dennis M. Ayotte, Jr.
Starting this week, New York Life Insurance will host educational workshops to provide parents of the Alamo City the information they need to handle their personal finances responsibly. The goal is to provide parents the resources to secure a bright future for their children so they can pursue a higher education.
“Our company and our agents continually present these types of opportunities. This is the first time that we’ve structured a campaign in several cities including San Antonio geared primarily for the Latino community,” Corporate Vice President for New York Life’s Hispanic market Monica Contreras said.
Classes will take place at McCollum High School starting Wednesday, August 3 and will also have classes on August 9 and 10. All the workshops are free of charge and take place from 6 p.m. to 7 p.m.
“They can expect a very informational, no obligation type of presentation," Contreras explained.
“The reason why we are doing this is to bring much needed information to our Latino families and to provide them the necessary know-how to put together a financial protection plan for their family and even protect their children’s dreams, especially when it comes to education,” she added.
Wednesday’s workshop “Raising Financially Responsible Children,” is geared to helping parents educate their children on the importance of being fiscally responsible. Parents will be given helpful tips ways to teach their kids about money. Additionally, this particular seminar will teach parents some activities that they can do at home to help bring awareness to proper money management.
During the second seminar on August 9, “Funding for College,” Contreras said there are a variety of different resources and ways to save cash to start funding the future education of their children -- such as utilizing life insurance policies or other financial products.
“Today, more than ever, we want our children to do better than we did, so we all want our children to be able to go to college if that’s what they want. However, higher education is very expensive,” she said.
The final workshop on August 10, “Tax Diversifying Your Retirement Income” will focus on helping those looking to retire to get the maximum tax advantage. In addition, the presentation will give people different scenarios to consider as to how they can put together a plan that makes sense to them but to give them the maximum tax advantage.
“When it comes to retirement, it used to be a little more predictable,” Contreras said. “This presentation is more geared toward those looking at retirement and this is very important because we’re all worried about it and the social security landscape has changed tremendously.
New York Life recognized these issues in communities across the country and conducted a telephone survey (in English and Spanish) in February and March of last year to target the main problem areas. Aside from aggressively increasing the number of financial professionals hired and trained to serve the growing Hispanic community, New York Life is currently producing culturally relevant information.
According to the NYL survey, 77 percent of Hispanic adults partcipating agreed the recession increased their desire to provide a financial safety net for their families. More precisely, 42 percent strongly agreed and 35 percent somewhat agreed. Those most likely to agree reported an income of over $50,000 and at least some college education.
Moreover, the survey found that despite growing awareness, lack of knowledge is a barrier for Hispanics to be financially prepared. Forty-seven percent of the respondents agreed that a lack of information about financial protection planning was an obstacle to providing financial protection to their families.
Thirty-nine percent of respondents thought financial protection would be unaffordable. Furthermore, 30 percent noted they did not provide additional financial protection because they were not thinking about it, 20 percent did not trust others with such financial matters and 20 percent said they just didn’t get around to it.
Other survey findings included:
Hispanics who are Spanish-dominant (54 percent) are more likely to say they need more information as the reason for their lack of financial protection planning.
Among English-dominant Hispanics, only 37 percent responded they needed more information.
One third of respondents (36 percent) say their families’ future financial goals would be funded by getting an additional job if something happened to the breadwinner in the family.
One quarter (25 percent) report that their family’s future financial goals would be funded by life insurance; and one in five (20 percent) by retirement savings.
Hispanics under age 55 were more likely to say their family would rely on someone taking an additional job (39 percent) than those who were age 55 or older (20 percent).
Those age 55 or older (31 percent) are more likely to report their family would rely on retirement savings than those who are younger (18 percent).
On the other hand, the proportion of Hispanics who say their family would rely on life insurance is similar among the two age groups (26 percent of those under the age of 55 and 25 percent for those 55 or older).
Spanish dominant Hispanics were more likely (34 percent) than English dominant Hispanics (23 percent) to report they just have not thought about providing their family with additional financial protection.
Parents interested in attending this year’s workshop are encouraged to contact Lina Garza at (210) 321-2765 or email firstname.lastname@example.org.