Middle-income Latinos in the workforce say they feel less financially secure and worry more about money than other Americans, posing higher hurdles to planning for retirement and building wealth, according to new research commissioned by Massachusetts Mutual Life Insurance Company (MassMutual). Amongst the key findings:

Emergency preparedness. Three in ten Hispanics reported having less than $500 saved for emergencies, leaving workers unprepared and more likely to struggle if they were out of work for one month or experienced unexpected events. Furthermore, Latinos in the workforce are less likely than others to have at least $5,000 set aside for emergencies (28 percent vs. 42 percent of the general population).

Debt. In addition, unlike other consumer segments, the study revealed that debt and bills/cost of living tie as the top issues that face Latinos in their households. Latinos in the workforce find it more difficult than others to manage their monthly finances and nine in ten attribute this difficulty to high levels of debt and not having enough money.

Retirement preparedness. When it comes to preparing for retirement, Hispanics feel they are falling behind, and, more so than others, wish their employer did more to educate them about saving for retirement. Just over half say that having benefits through their employer makes them feel more secure.

“Securing a good financial future requires saving and planning,” says David Hufnagel, Latino market director, MassMutual. “We want to empower families with resources and tools to help achieve their financial goals and prepare financially for the long-term.” Based on the research findings, MassMutual offers the following tips:

• Develop a monthly budget and set up/reallocate priorities for short and long-term financial planning and saving.
• Start saving for retirement as soon as possible and find out if your employer offers retirement saving plans. (Contributing a portion of your pay on a pre-tax basis to your employer’s retirement plan may help make saving more affordable. Calculate how much you need to save for retirement using online tools like the MassMutual Retirement Planning Calculator.)
• If you have hopes to help fund a college education for children or loved ones, calculate how much it will cast with MassMutual’s college savings calculator.
• Take advantage of financial educational opportunities offered by your employer and trusted financial advisors.