How does financial planning model San Antonio
San Antonio ranks second in the nation among cities of similar size to the percentage of businesses owned by Hispanics, which makes them essential to the economic health of the region. While these business owners reported having high, skills in financial planning, few have taken steps to implement a financial plan, an issue that could affect the economic future of the region in general. Surprisingly, while more than half plan to move their business to family members, less than 20 percent reported having a succession plan. These are just some of the dramatic results of a recent study by faculty at the University of Texas at San Antonio College of Business.
The survey of financial planning San Antonio was carried out in collaboration with the Hispanic Chamber of Commerce of San Antonio (San Antonio Hispanic Chamber of Commerce) and was sponsored by Sapient Financial Group of South Texas, a general agency of Massachusetts Mutual Financial Group (Mass Mutual). The study results are a guide to Financial Health Initiative (Fiscal Fitness Initiative) of Mass Mutual created to arm Latinos with information and tools they need to improve their fiscal health.
“The results indicate that there are differences between knowledge of financial planning, interest in it and its use. Only 46 percent of Hispanic business owners use financial services. However, the data show that one factor may be related to the use of these services is income. The results revealed that the higher the income is likely that the owner of the business to use financial services “said Dianna Stone, professor of government at UTSA.
The contribution of Hispanic businesses to the local economy is significant. Hispanics, own almost 40 percent of San Antonio companies according to a study by the U.S. Census Bureau in 2007, making them the second in the nation among cities with more than 500.000 people. Bexar County with a 37.3 percent ranks among the top five among the counties with a population of over 500,000 people. There are 37.000 Hispanic-owned businesses in San Antonio, according to the Office of the Governor of Texas.
These business owners have confidence in their knowledge of financial planning than their counterparts (1) nationwide, according to the study of UTSA. However, a considerable number are not using financial services for themselves, their businesses or their employees.
