MetLife recently released findings focused on Asian American consumers from the 2010 MetLife Study of the American Dream. While only 35% of all Americans expect their personal financial situation to improve in 2010 from 2009, almost half (47%) of Asian Americans believe that their personal situation will improve this year. These results are reported nearly two years after the start of the economic downturn.<\/p>\n
Several factors fuel this optimism, including a strong belief in their future. Like Americans overall, 34% of Asian Americans believe they have achieved the American dream. And, of the Asian Americans who report that they have not yet achieved the dream, 89% believe that it’s still possible in their lifetime compared with 70% of Americans overall. Among those who say they have already achieved the dream, Asian Americans are less worried than their peers (38% vs. 47% of the general population) about their ability to sustain it.<\/p>\n
\u201cLike the general population, most Asian Americans believe that a full economic recovery is still three or more years away,\u201d notes John Derbick, senior vice president, Global Brand and Marketing Services, MetLife. \u201cDespite this, they are still more optimistic than the overall population about their personal financial situation, possibly due to the personal safety nets they’ve put in place prior to the market downturn.\u201d<\/p>\n
Relatively strong personal safety nets and self-reliance<\/p>\n
Many Asian Americans report relatively strong sources of personal income and protection. While only 31% of the general public describes their current personal safety net (a \u201ccash cushion,\u201d retirement savings as well as auto, health, home and life insurance) as \u201cadequate,\u201d the percentage climbs to more than half (54%) of Asian Americans. Further, while almost half (47%) of Americans have credit card debt that they don’t pay off in full each month, less than 33% of Asian Americans say the same. <\/p>\n
And, while many Americans still find themselves close to financial ruin should they lose their job \u2013 45% could not take care of expenses for more than a month, and 65% could not do so for more than three months \u2013 the concern is less for Asian Americans. Twenty-eight percent of Asian Americans report that they could not take care of expenses for more than a month, and 56% say they could not do so for more than three months.<\/p>\n
Perhaps because of this, Asian Americans are less likely than their peers to be frustrated by the erosion of government and employer-sponsored programs. More than half (54%) said \u201cI am confident that I can rely on myself to provide for my family even if I get less from the government,\u201d compared with 40% of Americans overall. And, 57% are confident that they can achieve financial security on their own, despite cutbacks in employer-sponsored health benefits and pension plans (compared with 44% of all respondents).<\/p>\n
Dream defined in financial terms<\/strong><\/p>\n While all Americans define the dream first and foremost as \u201cfinancial security,\u201d Asian Americans are slightly more likely (28%) than the overall population (22%) to describe the dream in financial terms. They are also much more likely (27%) than the overall population (8%) to equate the dream with \u201ca successful career.\u201d <\/p>\n Asian Americans are also more likely than Americans overall to feel strong pressure to increase material possessions despite a challenging economy. Nearly four in ten (38%) say \u201cFor me, achieving the American dream is about improving the quality of my life by increasing personal possessions,\u201d compared with 23% of the general public. And, more than half (55%) agree that \u201cThe pressure I feel to buy more and better material possessions is greater than ever,\u201d compared with 29% of all respondents.<\/p>\n Like most Americans, more stress at work<\/strong><\/p>\n While significantly more Asian Americans equate the dream with a successful career, many respondents say they have taken on more responsibility at work and are more stressed about performing all the tasks their job requires. Sixty-one percent of Asian Americans report taking on more responsibility, compared with 56% of the overall population. Similarly, 61% of Asian Americans say they are more stressed at work, while 52% of the general public report the same. <\/p>\n Methodology<\/strong><\/p>\n From April 14 – 21, 2010 Strategy First Partners in conjunction with Penn Schoen Berland conducted 2,201 online surveys in the United States among the general population as part of The 2010 MetLife Study of the American Dream.<\/p>\n Roughly half (52%) of the Study participants were Caucasian, 18% African American, 9% Hispanic and 19% Asian American. Asian American respondents included 199 Chinese Americans, 178 South Asian Indians and 42 Americans from other Asian ethnicities. <\/p>\n Note that findings for the general population as a whole are weighted based on age, gender, race, income, education, and region to reflect the latest U.S. Census demographics.<\/p>\n via asianjournal.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" MetLife recently released findings focused on Asian American consumers from the 2010 MetLife Study of the American Dream. 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