Asian Americans Could Use Financial Guidance

While nearly half of Asian Americans surveyed defined their American Dream as being financially secure, most get financial guidance from family and friends.

Nearly half of Asian Americans (44%) defined their American Dream as being financially secure, second only to having a happy family life (47%), according to a Northwestern Mutual survey.

To achieve financial security, respondents cite saving money (62%), spending wisely (58%), paying down debt (51%) and having a solid foundation of financial literacy/understanding (49%). However, family and friends are among the top sources of financial advice and guidance—parents (34%), friends (30%) and partner/spouse (28%).

Having peace of mind regarding one’s financial situation was the greatest indicator (29%) that one is financially secure, according to respondents. This was followed by maintaining standard of living through retirement (20%) and being free of debt (15%).

“These results indicate the importance of saving among Asian Americans, as it enables them to feel prepared and confident when approaching each stage of life,” says Vivian Chen, director of Asian market strategy at Northwestern Mutual.

The online survey was conducted last October and November among 501 Asian Americans.