State Farm recently conducted a survey to understand how Latinas living in key Hispanic metropolitan areas are responding to today's tough economy and what they know about planning for their family's financial future. The survey was fielded in Miami, Houston and Los Angeles.

Insights from Houston reveal that 42% of Latinas have rethought their financial strategies within the past six months. Most, however, have not made changes significant enough to provide stability and security for their future. 42% conducted research but, ultimately, didn't make changes and 33 percent made minimal changes, such as moving money from checking to savings accounts. When it comes to financial confidence, 39% of Houston Latinas are much less sure of their financial prowess and don't really think they'd be able to make it on their own compared to 34% of their non-Hispanic counterparts.

State Farm's survey demonstrates that Latinas are in need of more financial education in order to make informed and accurate decisions that go beyond a standard 401k plan. It's important for Latinas to seek advice not only from family but also from reputable financial planners.

State Farm advises to act now and take the following steps to ensure their financial plans:

• Review credit cards and checking accounts to assess all purchases, large and small, and tally where money is spent. Then, prioritize to identify where to cut expenses.
• Calculate monthly expenses, including any money sent to relatives in foreign countries, and make sure to have enough money in savings to cover at least three months of costs.
• Seek financial advice from an expert to ensure financial plans are secure. These experts also can discuss the right mix of insurance and financial tools.
• Learn more about financial issues in the United States. Speak to an expert who can offer insights into how finances in the United States differ from your country of origin.
  

Additional Houston Findings

• When Latinas look for financial guidance, it is clear that trusted sources such as family and friends come first. Sixty-eight percent of Latinas in Houston turn to their spouses, parents, adult children or friends for financial advice, while only 25 percent turn to experts, including financial planners, insurance agents or accountants. Aside from broad insights, findings indicate that Latinas in Houston need stronger protection. Details include:
• Lacking adequate savings. Perhaps they're worried about how they'd manage in the future because many of them don't have much of a safety net to fall back on should times get tough. If they had to live on their savings with their current expenses, nearly eight in ten (77 percent) only think they'd last up to 6 months, at the most.
• Not in their hands. Forty-two percent don't take care of the financial matters in their household.
• Let's Not Talk About It. Maybe it just isn't brought up enough. Nearly half (47 percent) think seeking personal financial guidance would be more painful than seeking romantic advice.
• Challenging Situations. Topping the list of most stressful moments are the purchase of a new home (15 percent), welcoming a new child (9 percent), and a catastrophic accident or illness in their family (8 percent).