NEWARK, N.J.- A study by insurance giant Prudential Finance finds that Asian Americans’ financial experience is most influenced by family, according to a report to be released on Thursday, Aug. 25.
Prudential Financial (NYSE:PRU) on August 25 will release findings from one of the largest-ever surveys of the financial experience and behaviors among Asian Americans and Pacific Islanders.
Among the report’s highlights:
The Asian American financial experience is influenced in almost every aspect by the importance of family.
There are notable differences between various Asian American subgroups surveyed (e.g., Chinese Americans, Filipino Americans, Indian Americans) in areas such as levels of income, types of debt and ownership of financial products.
While Asian Americans surveyed plan to retire more than a year earlier compared to the national average, 69% respondents view themselves as not well prepared to make financial decisions and very few actually consult financial professionals.