Key findings of the study:
The strong influence of family
• Asian Americans surveyed place a higher importance on providing college tuition for their children, and taking care of family members as one of their top financial goals compared to the U.S. general population.
• Approximately one-third of Asian Americans identify themselves as caregivers for another person (e.g., spouse, parent, relative), compared to 22% of the U.S. general population.
• 20% of Asian Americans provide financial assistance to their relatives, versus only 6% of the U.S. general population.
Retirement and finances
• Asian Americans surveyed have a median personal income of $62,000 and median household income of $87,000, versus $42,000 and $62,000, respectively, for the U.S. general population. Where Asian American populations are concentrated— in the East and West—income levels are comparable to those of the general population.
• More than a third of Asian Americans believe they could maintain their current lifestyle for a year or more if their household lost all of its regular monthly income.
• Like the U.S. general population, Asian Americans rank retirement-related goals, such as having enough money to maintain current lifestyles through retirement (49%) and not becoming a financial burden to loved ones (38%), as one of their top financial priorities.
• Asian Americans believe they will be able to retire at age 64.6–more than a year earlier than the U.S. general population.
• 58% of Asian Americans surveyed feel that they are better off financially than their parents were at the same age, versus 49% of the U.S. general population.
Need to improve financial literacy
• Asian Americans are more inclined to seek out information before making a financial decision and respondents indicated they consult more resources than the U.S. general population (5.8 resources on average versus 4.1).
• Family members are cited as preferred source of financial information by 44% of Asian Americans, followed by friends (37%), financial professionals (36%) and employer or employer-sponsored resources (35%).
• Asian Americans surveyed also demonstrate a higher propensity to consumer information from less traditional sources, such as social media (18%), investment clubs (13%) and faith-based organizations (13%).
• Only 18% of Asian Americans work with a financial professional compared to 26% of the U.S. general population, although 43% of Asian Americans who don’t did indicate that they are open to the idea.
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