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Archive for the ‘Hispanics’ Category

Challenges of Texas Hispanic Businesses Focus of September 10 Economic Perspectives

Posted by Hopeton on September 9, 2012

Dr. Elsie Echeverri-Carroll and Dr. Bruce Kellison will discuss The Survey of Texas Hispanic-Owned Businesses with Paid Employees on the September 10 Economic Perspectives at 5:30 p.m. CT.  Echeverri-Carroll and Kellison are researchers at The University of Texas at Austin Bureau of Business Research. Enclosed below is the press release announcing the survey results.

The two most critical challenges for Hispanic-owned businesses to grow are overcoming a lack of training in management and communication skills and gaining better access to markets, according to new research of Hispanic-owned businesses in Texas from The University of Texas at Austin. The study provides a fresh look at the challenges these mostly small businesses face.

The “Survey of Texas Hispanic-owned Businesses with Paid Employees”was producedby the university’s Bureau of Business Research (BBR) for the Texas Association of Mexican American Chambers of Commerce (TAMACC). The report findings are being presented today at the TAMACC annual meeting in San Antonio by the Bureau’s Bruce Kellison and Elsie Echeverri-Carroll, the principal investigators.

The university invested $155,000 in the survey through the Herb Kelleher Center at the McCombs School of Business and the Office of the President of The University of Texas at Austin. The Ewing Marion Kauffman Foundation also funded the survey.

“We were pleased to help the Texas Association of Mexican American Chambers of Commerce in studying this important economic issue,” said university President Bill Powers. “A better understanding of the challenges faced by Texas’ Hispanic businesses will allow TAMACC to identify strategies to help these businesses grow and help create jobs and new opportunity in Texas.”

“We’re paying attention to this demographic because Hispanic-owned businesses create jobs for Texans, and their ability to scale is critical to the Texas economy,” said McCombs Dean Tom Gilligan.

The survey is based on the results of a mail survey of 2,811 Texas-based Hispanic businesses with paid employees conducted between July 2011 and August 2012. Findings include:

Most Hispanic-owned businesses in Texas start small and stay small even after many years of operation.

  • Forty-seven percent of Hispanic businesses with paid employees have between 1 and 4 employees, and 73 percent have fewer than 25 employees.
  • Eighty percent of young firms (5 years or younger) have fewer than 10 employees, while 66 percent of mature firms (16 years or older) still have fewer than 10 employees.

Hispanic business owners have high educational attainment.

  • Hispanic owners of businesses with paid employees have higher educational achievements than the general Hispanic population: 77 percent of the employers have some kind of post-high-school education, compared with 34 percent of Texas Hispanics in general over the age of 25.
  • Hispanic entrepreneurs also have many years of business experience; 56 percent of respondents have more than 20 years of business experience in their current business.
  • Many of the Hispanic business owners indicated that their employees need training, particularly in team management and leadership (24 percent), business/customer relations (16 percent) and written and oral communication (14 percent).

Promoting Hispanic business ownership can increase Hispanic employment.

  • More than 80 percent of the respondents indicated that they hire mainly Hispanics or an equal number of Hispanics and non-Hispanics. These findings are in line with previous census results that show business owners tend to hire more employees in their own ethnic groups.

Hispanic business owners feel they have less access to private and public market opportunities.

  • A larger percentage of respondents agree that they do not have equal access to government and private sector customers than disagree with such statements. Moreover, while 34 percent of respondents agree that they do not have equal opportunities in the private sector, a much larger proportion — 49 percent — agree that they do not have equal opportunities in the public sector.

“The information provided has yielded valuable insights, and we hope that this report will be useful to the survey participants as well as to other business owners who plan to start or expand their businesses,” said Echeverri-Carroll, one of the study’s principal investigators. “The Bureau of Business Research at The University of Texas at Austin is pleased to have produced this study in order to help Hispanic business owners succeed and continue to contribute vital strength to the Texas economy.”

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Minority Business Development Agency Official’s Statement on Growth of Texas Hispanic Businesses

Posted by Hopeton on October 28, 2010

Statement by Alejandra Y. Castillo National Deputy Director
Minority Business Development Agency For the U.S.Census Bureau Press Event Releasing 2007 Survey of Business Owner Data
in Dallas, TX – September 21, 2010

I want to thank our hosts for inviting the Minority Business Development Agency, a sister bureau of the Census Bureau, to be a part of today’s important announcement.

Alejandra Castillo

The Minority Business Development Agency is thrilled that the Hispanic business community, and the minority business community as a whole, is showing a significant rate of growth compared to non-minority businesses.

The figures released today show that Texas is a major contributor to the surge in the creation and growth of Hispanic-owned firms nationwide.  You can be proud to be a leader in Hispanic entrepreneurship, job creation, and business prosperity.

However, the numbers also provide us with important insight.  We must be cautious not to let these newly released facts and figures make us complacent.  There is still much work ahead to be done if we are to ensure continued economic progress. .

For example, while there are over 447,000 Hispanic-owned businesses in Texas, less than 10% have paid employees.  Just imagine if the other 90% were to grow and employ just one additional person each, Texas would reap the benefit of an additional 406,000 new jobs.

Or consider this, of all the Texas Hispanic firms, only 8,161 (or less than 2%) have gross receipts of $1 million or more.  But, if there were more firms earning in excess of a million dollars, communities across the State of Texas would reap the benefits of a larger tax base which in turn can contribute to better schools, safer streets, and more economic activity for the State and the Nation.

As the Hispanic population continues to increase in the U.S., the success of the Hispanic business community becomes an integral component to the creation of new and sustainable jobs.

This is precisely MBDA’s goal– to create the right conditions for a new generation of more robust Hispanic, and minority-owned firms.

We understand that we must help minority business enterprises (MBEs), and Hispanic firms in particular, to leverage their cultural ties and business connections both domestically and internationally.

Our goal is to position MBEs to be successful exporters of goods and services to the global market.  For example, through our Global Construction Initiative, MBDA is helping MBEs tap into global infrastructure and real estate development projects underway in the Pacific Islands, the Middle East and in other emerging markets.

Similarly, MBDA is helping to broaden the business horizons of minority owned entrepreneurs and advocating their expansion into emerging industries like solar energy, green construction, medical technologies and IT.

We have to.  It’s critical to the overall health of the U.S. economy and our communities.

And, given the tenacity and competitiveness of Texans, I have no doubt that Hispanic firms and other minority owned firms in Texas will continue to lead the way.

Thank you and I welcome the opportunity to talk with you by phone today, tomorrow or in the near future.  Please contact Ms. Bridget Gonzales, here in the audience, with any questions or requests you may have.

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Interview Available About African American Income and Poverty

Posted by Hopeton on September 24, 2010

I interviewed Ed Welniak, chief of the Income Statistics Branch for the U.S. Census Bureau, about the findings of the Census Bureau’s Income, Poverty, and Health Insurance Coverage in the United States: 2009 for Economic Perspectives.  We discussed the median household income of African Americans and poverty for African Americans and Hispanics.  To listen to this 3 minute interview click here: Ed Welniak Interview.

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Number of Hispanic Businesses Grew 44 Percent Reports Minority Business Development Agency

Posted by Hopeton on September 22, 2010

The U.S. Commerce Department’s Minority Business Development Agency (MBDA) and the U.S. Census Bureau announced that the number of Hispanic-owned firms increased by nearly 44 percent between 2002 and 2007 to 2.3 million, according to data from the U.S. Census Bureau’s 2007 Survey of Business Owners. Employment at these firms also grew by 26 percent from 1.5 million to 1.9 million workers, significantly higher than that of non-minority-owned firms.

“It is encouraging that the Hispanic business community is growing, but we need to create the right conditions for Hispanic-owned businesses to grow more quickly,” MBDA’s National Director David A. Hinson said.  “We encourage Hispanic-owned businesses to explore new markets and take advantage of their existing cultural, family or business ties in foreign countries to export as a means to grow and compete in today’s global economy.”

While minority-owned businesses are experiencing substantial growth, Hispanic businesses still represent only 9 percent of all classifiable businesses but 13 percent of the adult population.  In 2007, average gross receipts for Hispanic-owned firms increased to $152,700 from $141,000 in 2002, but are still well below gross receipts for non-minority-owned firms, which had average gross receipts of $490,000.

“If the number of Hispanic businesses was representative of the adult Hispanic population in America, there would be 3.4 million Hispanic businesses generating $1.4 trillion in gross receipts paying 7.5 million workers,” Hinson said. “There is still progress to be made in the growth of minority businesses that would give them an even greater impact on our economy.”

Of all Hispanic-owned firms with employees, approximately 44,000 have revenues of more than $1 million, accounting for $224 million in gross receipts and the employment of 1.2 million workers.

“These firms have business models that are helping to facilitate growth, and we need to share the best practices of these firms with the rest of the minority business community,” Hinson said.

David Hinson

MBDA continues to collaborate with other public and private-sector partners to help minority-owned businesses grow and to create the right conditions to support that growth. Initiatives include

MBDA’s Global Construction Program, which provides opportunities for minority businesses in the construction industry to compete for more than $1 billion in international construction contracts; building relationships with traditional and non-traditional sources of funding, which generated nearly $1 billion in financial packages for clients facilitated through MBDA last year; and increasing the number of Hispanic businesses that export, businesses that are twice as likely to export compared to non-minority-owned firms.

“The businesses that we represent are a vital source of job creation and economic stimulus but their true potential is going unrealized,” said Javier Palomarez, president and CEO of the U.S Hispanic Chamber of Commerce. “That is why the U.S. Hispanic Chamber of Commerce is working with MBDA and other federal agencies to tackle long-standing challenges our firms have with access to contracts and access to capital.  We need to reach business parity to ensure a strong future for the growing, and aging, American population.”

Javier Palomarez

As the nation’s population demographics change, the Hispanic business community also continues to change.  Highlights:

  • Between 2002 and 2007, the rapidly growing Hispanic population increased by 18 percent, compared to only 1 percent growth for non-minorities.
  • Hispanic-owned firms outpaced the growth of non-minority-owned firms by 44 percent from 1.6 million Hispanic businesses to 2.3 million during this period.
  • Employment at Hispanic firms also surpassed employment at non-minority-owned firms, growing by 26 percent from 1.5 million workers to 1.9 million workers, compared to 0.03 percent growth for non-minority-owned firms.
  • Average gross receipts generated by Hispanic firms increased by 8 percent from $141,000 per firm in 2002 to $153,000 per firm in 2007.  In comparison, all minority firms and non-minority-owned firms had gross receipts in 2007 of nearly $179,000 and $490,000, respectively.
  • In 2007, the adult Hispanic population represented 13 percent of the U.S. population, but Hispanics held only 9 percent of all classifiable businesses, 3 percent of gross receipts and 3 percent employment of all classifiable businesses.
  • If the number of Hispanic firms reflected the 2007 adult Hispanic population share, there would be more than 3.4 million Hispanic-owned firms, an additional 1.2 million beyond the current level.
  • If gross receipts and paid employment also reflected the 2007 adult Hispanic population share, Hispanic firms would generate approximately $1.4 trillion in gross receipts, $1.1 trillion more than their actual receipts, and employ 7.5 million workers, about four times their actual employment.

The Survey of Business Owners defines Hispanic-owned businesses as firms in which Hispanics own 51 percent or more of the equity, interest or stock of the business.

About the Minority Business Development Agency (MBDA)

MBDA, www.mbda.gov, an agency within the U.S. Department of Commerce, celebrates 40 years of promoting business growth for minority businesses.  In doing so, minority-owned firms are better equipped to create jobs, impact local economies and compete successfully in domestic and global marketplaces.  With a nationwide network of more than 45 business centers and strategic partners, MBDA assists minority entrepreneurs and business owners with consulting services, contract and financing opportunities, bonding and certification services, building business-to-business alliances and executive training.

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Professional Development Conference Focused on Minorities Topic for July 12 Economic Perspectives

Posted by Hopeton on July 8, 2010

To listen to the interview about the 8th Annual Texas Leadership, Education, and Diversity Professional Development Conference click here: Texas LEAD Conference Interview. Being held on July 30 and sponsored by the Austin chapters of the National Black MBA Association (NMBAA) and National Society for Hispanic MBAs (NSHMBA), it was the focus of the the July 12 edition of Economic Perspectives on KAZI 88.7 FM.  Belinda Matingou, president of the Austin chapter of NBMBAA and Artemio San Martin, president of the Austin chapter of NSHMBA, discussed the conference agenda and how their associations enhance the success of their members.

Some of the workshops at the conference include:

  • Cultural Awareness for Career Advancement
  • Building Leadership Skills Through Community Outreach
  • Personal Branding: Project Your Value Proposition

    Belinda Matingou

Belinda Matingou has more than 15 years experience in developing and deploying new services that meet customer wants and needs profitably She is a founding member of the Austin Chapter of NMBAA and a lifetime member.  Matingou earned her MBA in Marketing from Wharton and her BS in Finance from Florida A&M University.  She has led culturally diverse teams in North America, Europe and Asia to successfully develop and implement new services and marketing programs.  In her current role as is the Software & Peripherals Marketing Manager for Major Public Accounts at Dell, Belinda implements marketing programs to increase the sales of products that are part of the technology solutions Dell delivers to educational institutions and state and local governments.

Artemio San Martin

Artemio San Martin, born in Mexico City, Mexico, holds a Master of Business Administration with Concentration in Marketing and a Master of Science in Management with Concentration in Human Resources Management from The University of Akron (Ohio, USA), a Graduate Certificate in Finance from Universidad Nacional Autonoma de Mexico, a Graduate Certificate in Marketing from Universidad Iberoamericana (Mexico), and a Bachelor of Science in Accounting from Instituto Politecnico Nacional (Mexico).  He currently holds the position of Finance Consultant at Dell, Inc, where he is responsible for Worldwide Marketing spending controlling. He is founder and President Emeritus of the NSHMBA Cleveland Chapter.

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LA County Commissioner to Discuss Economic Development on Economic Perspectives December 7

Posted by Hopeton on December 7, 2009

Los Angeles County Commissioner Kenia Davalos will discuss economic development strategies for underserved communities on the December 7 edition of Economic Perspectives on KAZI 88.7 FM, 5:30 p.m. – 6 p.m. central time.  The interview can be listened to live online at http://www.live365.com/stations/kazifm?site=pro&play.  Davalos was one of the keynote speakers at the PeopleFund Conference on Economic Opportunity on October 24 in Austin, Texas.

Kenia Davalos

For more than 10 years, Davalos has worked within the private, non-profit, and government sectors as an advocate for the Latino business community. Her career includes distinguished tenures at the White House, U.S. Small Business Administration, Latino Issues Forum, The Greenlining Institute, American Express, and now the Los Angeles County as a 2nd term County Commissioner. With such distinctions as “Philanthropist of the Year” (2002) and “Advocate of the Year” (2004) by the Latino Business Association, Kenia’s professional life has been dedicated to empowering Hispanic business owners. In 2001, while serving as Market Development Manager for American Express, Davalos developed and promoted an innovative marketing strategy through which proceeds of the American Express Community Express/ Latin Business Association credit card were donated to non-profit organizations promoting small business development. Featured in various publications on both a national and international level, Davalos’ experience as entrepreneur, advocate, and elected official gives her a comprehensive perspective on the challenges of economic development in minority communities.

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U.S. House Committee Probes Economic Plight of Minorities in Recession

Posted by Hopeton on September 22, 2009

The following was released by the press office of the U.S. House of Representatives Oversight and Government Reform Committee

U.S. Representative Edolphus “Ed” Towns (D-NY), the Chairman of the House Oversight and Government Reform Committee, today announced that the House Oversight and Government Reform Committee is holding a congressional hearing, entitled “The Silent Depression: How are Minorities Faring in the Economic Downturn?” to examine the disparate effects of the current economic downturn on minority populations, with special emphasis on the rise in unemployment and home foreclosures.

Congressman Edolphus Towns

Congressman Edolphus Towns

The hearing, scheduled for Wednesday, September 23, 2009 at 10:00 a.m. in Room 2154 of the Rayburn House Office Building, will feature the heads of several leading minority organizations, including the National Urban League, National Council of La Raza, National Coalition for Asian Pacific American Community Development, National Congress of American Indians and National Black Chamber of Commerce. Also set to testify are the Honorable Raymond Skinner of the Maryland Department of Housing and Community Development, Chief Operating Officer James Carr of the National Community Reinvestment Coalition and Christian Weller, PhD, of the Center for American Progress Action Foundation.

“The inability to find gainful employment has crushed the hopes of achieving the American dream for so many families in minority communities,” said Chairman Towns. “For us to move ahead as a nation, we have to examine why the African-American unemployment rate in several communities more than doubles that of whites. We must also take a look at the high rate of subprime loans and default mortgages within minority communities that are expanding an already enormous debt disparity.”

Although the recession has had devastating consequences for the nation’s economy and a direct effect on nearly every American household, minorities are at least 40 percent more likely to be unemployed than whites, according to a study by the Center for American Progress, with the highest rates of unemployment in the African American population. In states with significant minority populations like New York State, the African American unemployment rate has soared to 15.1 percent, compared to 6.4 percent for whites. In New York City, where minorities make up more than 50% of the population, the rise in unemployment for African-Americans has spiked to four times that of whites, according to a recent New York Times article.

Unscrupulous lending practices may compound the economic crisis, with home foreclosures higher amongst minorities than whites. Since the recession began, home foreclosures increased dramatically, but experts agree that for African-Americans and Hispanics, record foreclosures may be the result of lax enforcement of the Fair Housing Act or reverse redlining, homeownership schemes targeted at minority groups. Wednesday’s Oversight Committee hearing will review these factors.

“The fact of the matter is that the current economic downturn has amplified an already burgeoning economic gap for minorities,” said Chairman Towns. “The role of race in unemployment and other economic trends is something we must analyze because for minorities this is not a recession but is, in fact, a depression that could potentially alter decades of economic progress.”

Posted in African American, Economy, Hispanics | Tagged: , | 1 Comment »

Social Media and Leadership Training Focus of July 27 Economic Perspectives

Posted by Hopeton on July 24, 2009

Building your business through social media and leadership development for African American and Hispanic managers and entrepreneurs will be the two topics of discussion on the July 27 Economic Perspectives.

Rachel Johnston

Rachel Johnston

On the first half of Economic Perspectives, Austin entrepreneur Rachel Johnston will discuss the best strategies for enhancing small businesses through the use of Facebook, Twitter, LinkedIn, and other online social media tools.  Johnston, who is the owner of OperTuneUs, is sponsoring a social media training seminar for small businesses, Social Network with a Strategy, on July 30, 3 p.m. – 5:30 p.m.  Johnston has over 20 years technical experience working in computer and web technology including web design, internet strategy, and computer system design.  She has a B.S. in computer science from Central State University and is a certified project manager.

On the second half of Economic Perspectives, Belinda Matingou, president of the Austin chapter of the National Black MBA Association (NBMBAA) and Victor Alonzo, president of the Austin chapter of the National Society of Hispanic MBAs, will discuss the leadership training that will be provided for African American and Hsipanic managers, executives, students, and entrepreneurs at their annual Texas Leadership, Education, and Diversity Conference being held July 31, 7:30 a.m. – 5 p.m.  The conference will focus on developing leadership and branding skills and straegies for a fast changing economy.

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African Americans and Hispanics Have Lower Participation Rates in 401(k)Plans

Posted by Hopeton on July 8, 2009

The following was provided by the press office of Ariel Investments and Hewitt Associates.

Significant differences can be found across race and ethnicity in the way U.S. employees save and invest in their 401(k) plans, according to 401(k) Plans in Living Color: A Study of 401(k) Savings Disparities Across Racial and Ethnic Groups — The Ariel/Hewitt Study. This pioneering report — the largest, most comprehensive examination of 401(k) saving and investing behaviors of African-American, Hispanic, Asian and white employees — found that regardless of age or income, African-American and Hispanic workers have lower participation rates and contribute less to their 401(k) plans than their white and Asian counterparts. As a result, their 401(k) account balances are negatively impacted and chances for a comfortable retirement significantly compromised.

The Ariel/Hewitt Study analyzed 401(k) information for nearly 3 million employees across 57 large, primarily FORTUNE 500 companies in the U.S. It was conducted by the Ariel Education Initiative, the nonprofit affiliate of Ariel Investments, and Hewitt Associates, a global human resources consulting and outsourcing company. The Chicago Urban League, the Joint Center for Political and Economic Studies, the National Council of La Raza, the National Urban League, and The Raben Group also participated. The study was funded with a grant from The Rockefeller Foundation.

In response to the study, Mellody Hobson, president of Ariel Investments, remarked, “401(k) plans are now the primary way Americans save for their golden years. Most are unaware there are significant savings disparities in 401(k) plans across racial and ethnic groups. This study reveals important differences that must be addressed if retirement security is to be a reality for all Americans.

Mellody Hobson

Mellody Hobson

The results of the study show that African-American and Hispanic workers are less likely than their Asian and white counterparts to participate in their 401(k) plans. Two-thirds (66 percent) of African-American employees and 65 percent of Hispanic employees participate in their company’s defined contribution plans, compared to 77 percent of white workers and 76 percent of Asian workers. Even after adjusting for factors such as age and income, the disparity remains.
Additionally, African-Americans and Hispanics contribute to their 401(k) plans at much lower levels than their white or Asian counterparts. Among those who save, white employees contributed 7.9 percent of income, compared to Hispanic and African-American workers, who contributed 6.3 percent and 6.0 percent, respectively. At 9.4 percent, Asian workers had the highest contribution rate of all groups.

Not surprisingly, lower participation and contribution rates lead to smaller average account balances for African-American and Hispanic workers. The Ariel/Hewitt study illustrates this point dramatically. For example, employees who earn between $30,000 and $59,999 show a significant difference in 401(k) account balances: African-Americans ($21,224), Hispanics ($22,017), Asians ($32,590), and whites ($35,551). This disparity exists even at higher pay levels. For instance, African-American employees who earn $120,000 or more have saved $154,902 in their 401(k) plans compared to $223,408 for white workers in the same pay range. While other factors influence account balances, the variation exists even after these adjustments.

In addition to participation and contribution rates, The Ariel/Hewitt study examined three other factors that can further impact an employee’s 401(k) plan balance — equity exposure, loans and withdrawals.

The findings revealed that African-American workers are less likely than Hispanics, whites and Asians to invest in equities. African-Americans had two-thirds (66 percent) of their 401(k) assets invested in the stock market. By comparison, whites and Asians had 72 percent and 73 percent, respectively, of their 401(k) plan assets invested in equities. Hispanics had 70 percent of their assets invested in equities. These findings are compelling because the stock market has historically outperformed all other investment options over the long term. It is generally understood among investment experts that employees with long-term time horizons should have a significant amount of their assets invested in equities.

Barbara Hogg

Barbara Hogg

African-Americans are also more likely than the study population overall to have a loan and are more than twice as likely to take a hardship withdrawal from their 401(k) plans. Nearly two of every five African-American workers and almost a third of Hispanic workers borrowed from their retirement accounts compared to just one in five white workers. By contrast, Asian workers were the least likely to take a loan against their 401(k) plans, with less than one in five doing so. “These statistics are troubling because loans and withdrawals jeopardize long-term financial security to satisfy immediate needs. The impact is heightened during an economic downturn, when unemployment rises and withdrawals and loan defaults increase. We now realize this risk is magnified for African-American and Hispanic workers based on the results of our study,” said Barbara Hogg, principal at Hewitt Associates and co-leader of The Ariel/Hewitt Study.

“Without a significant effort to improve savings and investing behaviors, African-American and Hispanic workers are in danger of retiring into poverty,” states Hobson.

The Ariel/Hewitt Study outlines five decisive recommendations for policymakers and employers. These recommendations include:

Encouraging employers to voluntarily collect and report 401(k) plan data by race and ethnicity. Knowledge is power, and collecting and reporting data about 401(k) plan participants would enable employers to know and manage where gaps exist among their workers.

Modifying loan requirements to decrease the likelihood of default. Extending the amount of time a terminating employee has to pay off a loan may improve overall retirement savings, particularly during challenging economic times such as these. Other options could include allowing loan repayments after termination or exploring new options for allowing loans to roll over from one employer to another.

• Mandating financial education at all levels in both private and public schools to boost financial literacy. A financial literacy curriculum would provide generations of future employees a comprehensive understanding of both the mechanics and importance of sound money management, saving and investing.

• Designing 401(k) plans in a way that benefits a broad, diverse employee base. Features like automatic enrollment with high default contribution rates and periodic contribution increases can go a long way, effectively driving strong, robust participation across all demographics.

• Communicating and educating employees in a way that helps them make wise choices. Creating user-friendly and easily understood communication enables workers to learn more about how to effectively manage and grow their savings. This communication should incorporate different cultural perspectives that resonate with diverse groups of employees.

“By taking immediate action, employers, government and employees can make a big impact in helping all Americans achieve a comfortable standard of living in their retirement years,” concludes Hogg.

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