MILWAUKEE, April 27, 2016 /PRNewswire/ -- April is Celebrate Diversity Month, a time to reflect on and honor our many differences and similarities. Northwestern Mutual joins the celebration in April, and throughout the year, by offering insights into the cultural values that shape the unique financial goals of diverse audiences, and by reaffirming its commitment to improving their financial confidence for a brighter future.
Research* conducted by Northwestern Mutual reveals a gap between what multicultural audiences believe they need to be financially secure and what the broader financial services industry offers.
Key insights from Northwestern Mutual research include:
African Americans: Seven out of 10 African Americans do not have a financial plan, and only 1 in 5 have set financial goals. They have big dreams for their futures and are eager for opportunities to expand their financial educations.
Hispanics: More than half of Hispanics mistakenly believe there is a financial minimum that precludes them from working with a financial professional. Hispanics overwhelmingly believe they can achieve financial success, but often don't know where or how to start.
Asian Americans: Despite high levels of personal and professional success, Asian Americans are often their harshest critics when evaluating success in their lives and careers. One quarter of Asian Americans in their 40s have not set any financial goals at all and only 1 in 3 has a written financial plan.
LGBT Individuals: LGBT adults lack a sense of empowerment when it comes to controlling their financial destinies, and tend to put more emphasis on the "here and now" and earning a high income than on their retirement. LGBT adults define living debt-free as the number one marker of financial success.
"Northwestern Mutual recognizes the unique financial planning challenges facing diverse communities, which is why we remain steadfast in our efforts to increase the level of financial confidence and understanding for these individuals through programs that provide financial empowerment and education," said Raymone Jackson, director of diversity and inclusion for Northwestern Mutual.
Northwestern Mutual proudly supports organizations that advance professional and educational opportunities and increase financial literacy for multicultural audiences in the U.S., including the American Association of Latino Professionals in America; the National Black MBA Association; and the national "I Am Latino In America" tourhosted by Soledad O'Brien, a multi-city event with a goal of amplifying the Latino voice on critical community issues. The company also supports financial literacy programs such as "Make a Difference Wisconsin" in Milwaukee, where the company has had its headquarters for nearly 160 years.
"We are very passionate about sponsoring organizations that have a direct and positive impact on the financial success of multicultural communities across the country," said Jackson. "Not only are we able to provide financial resource tools to individuals but also work to attract the best and brightest talent to have our workforce reflect the communities we serve."
The company has received numerous accolades for its commitment to diversity, including being named one of Diversity Magazine's "Top 100 Employers" and being recognized by Equal Opportunity Magazine as one of the Top 50 employers in the country for providing a positive working environment for minority groups.
*About the Research Harris Poll conducted over 4,300 interviews in June 2015. The interviews were completed among U.S. adults age 18+ and included members of the general population.
About Northwestern Mutual Northwestern Mutual has been helping families and businesses achieve financial security for nearly 160 years. Our financial representatives build relationships with clients through a distinctive planning approach that integrates risk management with wealth accumulation, preservation and distribution. With $238.5 billion in assets, $27.9 billion in revenues and more than $1.6 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.3 million people who rely on us for insurance and investment solutions, including life, disability income and long-term care insurance; annuities; trust services; mutual funds; and investment advisory products and services. Northwestern Mutual is recognized by FORTUNE magazine as one of the "World's Most Admired" life insurance companies in 2016.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI, and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, life insurance with long-term care benefits, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company (NMWMC), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC).