Hispanic Heritage Month is a time to celebrate the history and accomplishments of Hispanic and Latino Americans. It’s also an excellent time to imagine the future—and the role employer-sponsored retirement plans play in creating financial stability for Hispanic and Latino Americans.
At SMARTMap, we’re committed to supporting Hispanic and Latino financial wellness and retirement. We offer support in English and Spanish for employees with workplace retirement plans, and we’re here to help set up your account, build your investment portfolio, and connect you with resources to improve your financial life. Many of our team members are part of the Hispanic community, and we’re committed to supporting participation, education, and helping to improve retirement outcomes for the Hispanic community.
Jennifer Yanez, a SMARTMap Financial Advocate, said, “I support the Latino community by being a Spanish-speaking Financial Advocate with SMARTMap. It’s important for me to be able to offer inclusive resources and education to increase financial confidence within my community, and the SMARTMap Financial Wellness program allows me to do that.”
Understanding Retirement Plans
Fewer than one in three Hispanic households are saving for retirement using workplace retirement accounts like 401(k)s, and often due to confusion and lack of information about these plans1.
Reflecting on her experience as a first-generation Latina in the United States, Yanez shared, “My upbringing lacked a broad financial education. This has influenced how I view personal finances, as I now see that it goes beyond just working to earn money.”
Bridging this retirement knowledge gap is essential. Understanding the principles of investing, compound interest, and consistent saving is key to empowering individuals to make more informed decisions about their financial futures.
Participating in Retirement Plans
The good news is that for Hispanic and Latino employees with access to workplace retirement plans, financial confidence is high. A 2020 Fidelity study found that Hispanic and Latino employees participating in an employer plan exhibit the highest levels of financial confidence across all demographic groups2.
The same study found that more than 70% of Hispanic and Latino employees are motivated to save for the long term, the highest rate among everyone surveyed.
These findings underscore the importance of promoting access and understanding of employer retirement plans among Hispanic and Latino employees. By providing support and high-quality resources, we can empower employees to take charge of their financial futures.
Director of Participant Engagement, Emilio Vela describes the importance of the SMARTMap program: “As a bilingual Latino, I take pride in using my Spanish language skills to help others in my community. I provide a safe space for the Latino community to discuss their financial concerns and share my own personal experiences. Through this program, I am able to connect with my community in a way that has a positive impact. Additionally, our translation capabilities enable us to provide Spanish content, which ensures equal access to information for all.”
Preparing for Retirement
The best time to start planning for retirement is now, and our team is here to help you make the most of your workplace retirement plan. We take calls in English and Spanish—reach out to us today!
Prepared by a third-party.
1. Fox, M. (2021, Oct 25). Most Latinos aren’t saving for retirement, and information is a big factor. CNBC. https://www.nbcnews.com/news/latino/latinos-arent-saving-retirement-information-big-factor-rcna3221
2. (2023, Sept 25). Hispanic Heritage Month Toolkit. CNBC. https://sponsor.fidelity.com/pspublic/pca/psw/public/library/engageemployees/Hispanic_heritage_month_toolkit.html?ccsource=em_B2B_W035240-27JUL23_yfc_august2023_newsletter_3_hispanic_heritage_month_toolkit_find_more_here_lnk