Asian American Households
Princeton, NJ – Embargoed 00:01 5 September 2023
Key Research Findings
- Asian-American households exhibit a varied investment landscape, with Indian and Chinese households being notably proactive.
- Social networks influence financial choices, with many turning to family and friends for financial advice.
- The preference for online channels may stem from a perceived reduction in potential biases or judgments.
- Younger Asian-American households, predominantly Millennials, prioritize socially responsible entities and are receptive to fintech innovations.
The latest research from RFI Global’s US MacroMonitor sheds light on the Asian-American demographic.
Asian-Americans: A Brief Overview
Comprising 7.1% (23.5 million) of the American adult population, Asian-Americans are a significant and diverse group within the United States. Their rich heritage spans a vast array of countries, including East Asia, Southeast Asia, and the Indian subcontinent, encompassing a wide range of economic backgrounds.
Asian immigrants have come to the United States during different periods: in the 1860s, Chinese laborers contributed to railroad construction; later, individuals from countries where the US had military engagements (Filipinos, Koreans, and Vietnamese) sought refuge; and post-1965, legislation welcomed skilled professionals from India and Taiwan.
Throughout history, various Asian communities have faced challenges in the US, with the Japanese internment during WWII being a notable incident and more recent events (Coronavirus outbreak in 2020) having seen some individuals of Chinese descent facing undue blame. The 2022-23 MacroMonitor indicates heightened stress about personal safety among some Asian-Americans, which is of concern.
Household Income
Research reveals the average income for Asian-American households ($155,000) surpasses the national average, and consequently, many Asian-American households have a higher discretionary income than the national average.
Educational attainment among Asian-Americans, particularly those with a 4-year college degree or more, often aligns with roles in skilled professions, leading to more stable financial situations, and more savings and investments.
Like many in the US, Asian-Americans aspire to a fulfilling life with freedom of choice, family well-being, home ownership, and a secure retirement. In pursuit of these goals, Asian-Americans have diverse and varying financial portfolios ranging from traditional savings accounts to modern investments, like cryptocurrency.
New to MacroMonitor?
Headquartered in Princeton, NJ, for more than 40 years MacroMonitor has been delivering data and insights to financial services clients.
It is the most comprehensive and granular financial dataset in the US, measuring all financial areas (transactions, credit, assets, protection, information, and advice) and offering financial services providers trended, reliable, single-source research about US economic households’ needs, attitudes, and behaviors.
Long-time clients such as Wells Fargo, Schwab, and Capital One use the MM for market sizing, audience segmentation, and data on diverse segments: Asian, Hispanic, Black, Ultra-High Financial Asset, Youth, and more.
Since its inception, RFI has provided tailored subscription-based insight and data solutions for local, regional and global Financial Services players that enable them to make data-driven decisions confidently and quickly.
To learn more, please visit: www.rfi.global.
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Notes for Editors:
About RFI Global
RFI Global was founded in Sydney in 2006 to provide financial intelligence for the Australian financial services market. It is now the #1 data and insight partner for the world’s financial services community, serving 49 markets with a local presence in Sydney, Singapore, Dubai, London, Paris, Toronto, New York, and San Francisco.
Since its inception, RFI has provided tailored subscription-based insight and data solutions for local, regional and global Financial Services players that enable them to make data-driven decisions confidently and quickly.
To learn more, please visit: www.rfi.global.
About MacroMonitor
The MacroMonitor is the most comprehensive, independent macroeconomic measurement of US households. The biennial, proprietary survey has been the foundation of CFD services. The MacroMonitor serves as an objective, single source for data about consumer needs, behaviors, and attitudes in response to financial-industry change. Its use is a reliable method to target customers and to identify trends. RFI Global acquired MacroMonitor in October 2022.
For more information or to speak with a Spokesperson, please contact:
Chloé James
Group Director of Media & Communications at RFI Global
Email: cjames@rfi.global
Phone: +61 0451 118 042
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