I wrote this post as part of my participation in a blog tour for Latina Mom Bloggers on behalf of MassMutual and received compensation to thank me for taking the time to participate. However, all opinions expressed are my own.

Growing up, I remember learning from my parents that in order to reach many of my dreams – financial or otherwise – that being “money smart” would be key.  Now, as a mom of 4, financial planning and awareness has become a huge part of my life.  I won’t lie – it’s a huge undertaking to make daily financial decisions that directly impact my kids and family. 

Recently, Massachusetts Mutual Life Insurance Company’s (MassMutual) came out with their third biennial “State of the American Family Study,” which offers a broad snapshot of Americans’ financial views.  The key findings from the survey are definitely issues that I find myself thinking about on a regular basis, at least where my family’s concerned.

• Paying off debt.  More than half (57 percent) of Hispanics prioritize paying off their mortgage as a top financial priority and nearly half (46 percent) prioritize getting out of credit card debt – significantly greater than the general population.

{My take} –> This is probably the single biggest issue I hear my own friends and other people talk about the most.  It is also a topic my husband and I find ourselves talking about with our kids. We are thankful we have no credit card debt and make it a point to talk to the kids about what exactly credit cards are and how the money has to eventually be paid back and that it could cost them much more than what they paid upfront after it’s all said and done.

• Focusing on a college education. Nearly half (49 percent) of Hispanics claim that paying for their children’s college education is something they insist on doing, yet only 31 percent rank savings/investing in their children’s college education as a top priority.

{My take} –> I know this topic is such a big concern for many.  While my own parents were unable to pay or contribute to my own college education, it is my hope that my husband and I will be able to at least help out a bit when it comes to putting our kids through college. This is such a lofty goal to have especially since time seems to fly once kids are in school!  I think it is also such a muystery for some parents who want to save for their kids’ college funds. It is easy to get confused about what plans to select, what the benefits are, and how they work. 

• Educating children about finances. Close to half (47 percent) of Hispanics are actively involved in educating children about finances and 79 percent recognize it is important in order to ensure their success in the future. Perhaps this emphasis is because 36 percent of adults wish their own parents had taught them more about money.

{My take} –> My husband and I use every opportunity we have to talk to our kids about finances.  From everything like how to make the most of their allowance, to what credit cards are and how they “get you” with them, we make it a point to try and explain in terms they can understand while still encouraging their questions. I am definitely part of that 36 percent of adults who wishes my own parents  had taught me more about being financially responsible and about money in general. I even think a finance or money class should be mandatory at an elementary level.

My kids {above} are shown receiving their recent red envelopes for Chinese New Year.  They get money every year as part of their tradition with my inlaws. With this money, they are permitted to spend half of it but they must save the other half.  The kids like knowing they are getting to save for “something BIG” someday and I love encouraging that!

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