For this study, we conducted 7 focus groups in the Los Angeles area with a total of 70 participants (42 Latinos and 28 African Americans) recruited from 3 senior centers and a church. Overall, participants were not well prepared for the future in terms of their health care financing. African Americans in the study tended to participate more in the formal financial sector and show a high level of sophistication when managing their finances than Latinos. African Americans also were more likely to save than Latinos, but their level of saving was not very large. We also find that participants in all groups do not want to ask their children for money, and also do not want to save and accumulate wealth to leave to their children because they do not trust or feel appreciated by them.
Blanco, Luisa; Ponce, Maria; Gongora, Arturo; and Duru, O. Kenrik, "A Qualitative Analysis of the Use of Financial Services and Saving Behavior among Older African Americans and Latinos in the Los Angeles Area" (2013). Pepperdine University, School of Public Policy Working Papers. Paper 49.