State Farm Latina Financial Survey.

A new survey released by State Farm finds that 73 percent of Houston Latinas are worried about their financial future. Family matters most with 80 percent worrying about their family’s financial future, yet only 8 percent making major changes to their financial portfolios.

State Farm recently conducted a survey to understand how Latinas living in key Hispanic metropolitan areas are responding to today’s tough economy and what they know about planning for their family’s financial future. The survey was fielded in Miami, Houston and Los Angeles.

Insights from Houston reveal that 42 percent of Latinas have rethought their financial strategies within the past six months. Most, however, have not made changes significant enough to provide stability and security for their future. 42 percent conducted research but, ultimately, didn’t make changes and 33 percent made minimal changes, such as moving money from checking to savings accounts. When it comes to financial confidence, 39 percent of Houston Latinas are much less sure of their financial prowess and don’t really think they’d be able to make it on their own compared to 34 percent of their non-Hispanic counterparts.

“State Farm’s survey demonstrates that Latinas are in need of more financial education in order to make informed and accurate decisions that go beyond a standard savings or 401k plan,” said Nancy Jimenez, State Farm Agent. “It’s important for Latinas to seek advice not only from family but also from reputable experts, such as financial planners or insurance agents, to ensure that their and their families’ financial future is more secure during this difficult economic environment.”

When Latinas look for financial guidance, it is clear that trusted sources such as family and friends come first. Sixty-eight percent of Latinas in Houston turn to their spouses, parents, adult children or friends for financial advice, while only 25 percent turn to experts, including financial planners, insurance agents or accountants. Aside from broad insights, findings indicate that Latinas in Houston need stronger protection. Details include:

— Lacking adequate savings. Perhaps they’re worried about how they’d manage in the future because many of them don’t have much of a safety net to fall back on should times get tough. If they had to live on their savings with their current expenses, nearly eight in ten (77 percent) only think they’d last up to 6 months, at the most.

— Not in their hands. Forty-two percent don’t take care of the financial matters in their household.

— Let’s Not Talk About It. Maybe it just isn’t brought up enough. Nearly half (47 percent) think seeking personal financial guidance would be more painful than seeking romantic advice.

— Challenging Situations. Topping the list of most stressful moments are the purchase of a new home (15 percent), welcoming a new child (9 percent), and a catastrophic accident or illness in their family (8 percent).