The $850,000 grant will focus on the financial education needs of
U.S. Hispanic population and dig deeper into Hispanics’ knowledge,
access and use of financial products to achieve long-term financial
security
NEWARK, N.J. -- (Business Wire)
Prudential Financial, Inc. (NYSE:PRU) announced today an $850,000 grant
in support of the National Council of La Raza’s (NCLR) Wealth-Building
Policy Project, which seeks to strengthen Hispanic
communities by preserving and increasing their wealth through
research and advocacy. The grant, provided through The Prudential
Foundation, will support research that examines Hispanics’ knowledge,
access and use of financial products as mechanisms to build wealth and
increase financial security. The research will complement Prudential’s
study, The
Hispanic American Financial Experience,by addressing
information gaps, providing broader insight into the Hispanic community
and adding deeper context to the report’s findings. The announcement was
made at NCLR’s annual conference in Los Angeles.
“At Prudential, we understand the importance of addressing the financial
needs of all communities. The partnership with NCLR is another example
of Prudential’s commitment to diversity and inclusion, and is an
important step towards understanding Hispanic-American’s needs so that
the industry can better serve them,” said Sharon Taylor, senior vice
president, Human Resources, and chair of The Prudential Foundation.
“We believe everyone should have the opportunity to achieve economic
success,” said Lata Reddy, vice president of Prudential’s Office of
Corporate Social Responsibility and president of The Prudential
Foundation. “This grant will advance research to help connect America’s
underserved communities with the necessary financial services, tools and
products that are essential to long-term financial security.”
Over the next two years, NCLR will conduct focus groups, analyze and
publish findings, and develop and share policy recommendations. The
research funded by the grant will focus on California, Texas and
Florida, where more than 55 percent of the U.S. Hispanic population
resides. It will result in recommendations for increasing financial
inclusion among Hispanics and inform policy decisions to advance this
goal.
“We appreciate Prudential’s continued investment in the U.S. Hispanic
community, and most recently through their support for the NCLR
Wealth-Building Policy Project,” said Janet Murguía, president and CEO
of NCLR. “Together, our important work will set our Latino families on
the path to stronger financial security.”
Earlier this year, Prudential released The Hispanic American Financial
Experience study, conducted among Hispanics with a household income of
$25,000 or more. The study found that the Hispanic community is
moderately confident in the future outlook for their household finances,
the local and national economies, and the attention paid to their needs
by the financial industry and government. It also found that the
Hispanic community places a priority on funding near-term goals such as
supporting their multigenerational families. Factors like these,
according to respondents, make it difficult for the Hispanic American
community to prepare for long-term financial security.
Additionally, the 2014 study revealed that the complexity of programs
such as Social
Security, a lack of access to work-based retirement plans and
limited contact from financial advisors are additional barriers to
achieving long-term financial goals.
With the Hispanic population in the U.S. projected to reach 132.8
million—or 30 percent of the population—by 2050, their socio-economic
status and experience will have a significant impact on the country’s
future. Twenty percent of Hispanics do not have retirement plans, bank
accounts or life insurance. This figure twice is that of the general
population, suggesting there is a significant need to connect Hispanics
to mainstream financial products and services. Initiatives like this
align well with Prudential’s three-pillar diversity and inclusion
strategy, which focuses on people, the market and the community.
NCLR’s Wealth-Building Policy Project seeks to meet the Hispanic
community’s need for tangible assets such as home ownership and savings.
In addition to conducting research on systemic barriers to inform policy
and program decisions, NCLR offers programs that help Hispanics purchase
their first home, avoid foreclosure, access their tax refunds and make
good financial decisions.
The Prudential Foundation is a nonprofit corporation supported by The
Prudential Insurance Company of America, an insurance subsidiary of
Prudential Financial Inc. of the U.S. The Prudential Foundation
advocates for systemic change focused on eliminating barriers to
financial and social mobility in the areas of meeting basic needs,
connecting people to quality jobs, building personal assets and
transforming communities. As a strategic investor, the Foundation makes
long-term commitments that yield tangible results through both grants
and program related investments.
Prudential
Financial, Inc. (NYSE:PRU), a financial services leader with more
than $1.1 trillion of assets under management as of March 31, 2014, has
operations in the United States, Asia, Europe, and Latin America.
Prudential Financial Inc.’s diverse and talented employees are committed
to helping individual and institutional customers grow and protect their
wealth through a variety of products and services, including life
insurance, annuities, retirement-related services, mutual funds and
investment management. In the U.S., Prudential Financial, Inc.’s iconic
Rock symbol has stood for strength, stability, expertise and innovation
for more than a century. For more information, please visit www.news.prudential.com.
Contacts:
Prudential Financial, Inc.
Lisa Villareal
973-367-2503 - office
973-
517-6901 - cell
lisa.villareal@prudential.com
or
Harold
Banks
973-802-8974 - office
973-216-4833 - cell
harold.banks@prudential.com
Source: Prudential Financial, Inc.
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