The poorly educated Attorney could jeopardize the financial future of Hispanics in Houston Entrepreneurs and Their Families

An investigation conducted by the University of Houston / MassMutual Unveils Hispanic entrepreneurs have no knowledge and confidence in all aspects of Financial Strategy
HOUSTON, April 29 / PRNewswire-HISPANIC PR WIRE / - In third place among all American cities in the number of Hispanic-owned firms, Houston is one of the most enterprising. However, the Houston Hispanic entrepreneurs have limited knowledge about the variety of financial products and services available to them. Are unprepared for retirement and are concerned meet their long-term goals. The financial health of small businesses who prefer Spanish is still in worse shape. These are just some of the dramatic findings revealed in a recent study by the University of Houston and CT Bauer College of Business.

The study, conducted by students of Master of Business Administration (MBA), was sponsored by Massachusetts Mutual Life Insurance Company (MassMutual), one of the oldest and most prestigious financial services in the country, together with the Chamber of Commerce Houston Hispanic. The findings of the study are a guide to the Financial Hispanic Health Initiative was created to equip MassMutual Latinos with information and tools they need to improve their financial health.

"The gap in knowledge about financial products and services, and lack of planning for personal and business, can potentially affect thousands of business owners and their families," said Latha Ramchand, associate dean of programs and administration of UH Bauer College. "The need for more financial education is becoming more urgent because of the difficult economic times. Our MBA students and Bauer were very happy to participate. To provide the skills and knowledge is one of the ways in which the business school connects back to the community. "

A total of 183 Hispanic business owners participated in the study through online surveys and in person, which were completed in November 2008. Business owners surveyed were mostly men older than 35 years old, married, with education: 41 percent with a graduate. The findings were analyzed according to business size, language preference, generation and other variables.

- The key findings revealed that local business owners: They have no confidence in his ability to make good financial decisions and have no knowledge about financial products and solutions. Lack of confidence is particularly high in small business owners. About 50 percent of them said they "would like to have more control of their finances."

- They believe that finance should be a higher priority, but lack of knowledge about financial products and solutions. Managers from large companies are more aware than their peers in small businesses. However, only 43 percent of the owners of large firms indicates that the product you have more knowledge is health insurance for employees.

- They are not prepared to transfer their business to family members. Approximately 81 percent of respondents who plan to transfer his business to his family did not have a succession plan ready.

- Those who prefer to speak Spanish does not use financial services as often as those who use them prefer to speak English. For example, 31 percent of all respondents have a retirement plan, 69 percent speak English, compared with only 18 percent who speak only Spanish. 25 percent of total respondents who have a comprehensive financial plan, 35 percent spoke Spanish and 50 percent speak English.

"After delivering his blood, sweat and tears to establish your business, Latinos should be compensated with the confidence and tools to help them form the foundation for a secure future for themselves, their business and their families," said Chris Mendoza, Director of Multicultural Markets for MassMutual. "We are committed to providing resources to demystify the financial strategies, starting in Houston."

Hispanic Health Initiative of MassMutual Financial includes partnerships with local organizations to sponsor workshops and an integrated communication campaign to provide financial information for Latinos in Houston. MassMutual also develop educational tools and conduct public lectures to engage leaders from all sectors of the community of Houston to help Latinos to improve their financial health.

As the leading advocate of Hispanic business community of Houston, the Hispanic Chamber of Commerce of Houston is an ideal partner to work with MassMutual to help Hispanic entrepreneurs and professionals to improve their financial health.

"The call to help Hispanics improve their financial health rests on the shoulders of the collective business community, academia and the community of Hispanic leaders," said Dr. Laura G. Murillo, Executive President of the Chamber. "We can not allow future generations are in danger."

About MassMutual
MassMutual Financial Group is the market name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual and its subsidiaries had more than $ 360 billion in assets under management at year-end 2008. Assets under management include assets and certain external investment funds managed by subsidiaries of MassMutual.

Founded in 1851, MassMutual is a mutual protection and management of finances and revenue accruals, based in Springfield, Mass. MassMutual major affiliates include: OppenheimerFunds, Inc., Babson Capital Management LLC, Baring Asset Management Limited, Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company, MML Investors Services, Inc., member FINRA and SIPC (http://www.finra.org and http://www.sipc.org), MassMutual International LLC and The MassMutual Trust Company, FSB.

About the Hispanic Chamber of Commerce of Houston
The Hispanic Chamber of Commerce Houston (HHCC stands for English) is the leading advocate of the body region, and ensures the economic and civic interests of the Hispanic business community. As such, the HHCC serves as leader of the New Majority of Houston. The HHCC represents over 2800 members, ranging from business incubators to multinational corporations, making the HHCC the largest in Texa