Wednesday, August 31, 2016

Survey: Financial preferences of Asian/American families


By Louis Chan
Reprinted from AsAm News
A new online survey of 2,000 self-identified Asian/Americans found retirement and family are particularly important in the AAPI community.

The survey conducted by Harris Poll for Prudential Financial from June 19 through July 21 found 25 percent believe taking care of family members is a financial priority versus 15 percent of the general population. 33
 percent serve as caretakers for another family member or special needs child versus 21 percent of the general population surveyed. 20 percent provide financial assistance to their relatives versus 6% of the general population.

“America is more diverse than ever, which means we need to understand the unique financial situations faced by such communities as Asian/Americans,” said Sri Reddy, senior vice president and head of Full Service Investments at Prudential Retirement. “Taking the time to partner with and learn about what they value and need is imperative for us to ensure that everyone has an opportunity to achieve their financial goals.”

The age Asian/Americans expect to retire is 64.6, 15 months earlier than the general population. In fact, retirement is the top financial priority among the Asian/Americans surveyed.

Asian/Americans are a diverse community and within the Asian American community are many differences, the survey found.

  • Chinese/Americans are older, less likely to have children and less likely to have larger households. They are self-described savers, have a higher educational level and more professional careers.
  • India/Americans are more likely to be born outside the United States and more likely to be married. As with Chinese/Americans, they are self-described savers, have a higher educational level and more professional careers.
  • Vietnamese/Americans are less likely to have children and more likely to have smaller households. They are in line with most Asian/American when it comes to their finances.
  • Filipino/Americans tend to come from larger households which are more likely to include extended family members. They are more religious and also more likely to have a higher volume of debt.
  • Korean/Americans are younger, more likely to be receiving support from family in retirement and less likely to be a caregiver for others.
  • Japanese/Americans are older and more likely to be born in the U.S. They are less likely to be caregivers or attend religious services.
You can read the entire report here.