The Wealth Gap in Asian America Widens

By lunaradmin - Apr 01, 2015      
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Stereotypically, Asian Americans are seen to be the most successful racial minority in the US, but the actual financial health of the AAPI community is paints a different picture. The National Coalition for Asian Pacific American Community has come out with a new survey, detailing the economic disparity among the subgroups of America’s fastest growing population.

The reports shows that, although the total AAPI income has grown, individual net worth is on the decline. The wealth gap has also increased between generations and certain segments of the population. “Access to knowledge is influenced by ethnicity and language, income and education,” as reported by the survey, and truly explains what the cause of the AAPI’s financial woes stem from.

The survey showed that 89% of the community had bank accounts, but only 25% knew where to get financial advice. Those born in Asia were also twice as likely to not have a company sponsored retirement plan, as opposed to an American born Asian.

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Lunar N.Y.C.

Lunar N.Y.C.