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Published by: Mintel International Group Ltd.
Published: Dec. 1, 2010 - 115 Pages
Table of Contents- SCOPE AND THEMES
- What you need to know
- Definition
- Sources
- Consumer survey data
- Consumer Expenditure Survey
- Advertising
- Abbreviations and terms
- Abbreviations
- Terms
- Generations
- EXECUTIVE SUMMARY
- Despite recession, Asian buying power remains very strong
- Asian respondents, still working; optimistic about their financial well-being
- More than three quarters of Asians surveyed trust financial institutions
- Asian Americans consider themselves independent when forming financial goals
- Asians more likely to own mortgage loans, credit cards
- Affluent Asian households utilizing long-term savings vehicles
- Asian respondents rely on family and friends for financial advice
- Nearly three quarters of Asians bank online
- Social networking trend is real
- Asians using investment product to achieve financial goals
- Credit has hit new lows as banks, consumers cut back
- Most Asians are not overwhelmed by debt
- Asians most likely to own health or life insurance
- Asian respondents most likely to purchase health insurance independently
- Asian Americans, like other respondents, prefer term life policies
- Asians most likely to own 401(k) accounts and brokerage accounts
- U.S. Asian population fast growing, well-educated, diverse
- ASIAN AMERICAN HOUSEHOLD INCOME AND BUYING POWER
- Key points
- More than one third of Asian American households earn more than $100K
- Figure 1: Household income distribution, by race and Hispanic origin, 2009
- Income
- Figure 2: Household income distribution for all households and Asian households, 2009
- Asian affluence, by nationality/ancestral group
- Figure 3: Median household income, by top 10 Asian nationality/ancestral groups, 2000
- Purchasing power
- Figure 4: Purchasing power, by race/Hispanic origin, 2010
- Asian cities and metropolitan areas
- Figure 5: Top 10 metropolitan areas with the largest number of Asian residents, 2005-07
- Figure 6: Percentage of Asian nationality/ancestral group, by city, 2000
- ECONOMIC OUTLOOK
- Key points
- Asian respondents optimistic about their financial well-being
- Figure 7: Economic outlook compared to 12 months ago, by race/Hispanic origin, April 2009-June 2010
- Impact of the recession on Asian Americans
- A small but concentrated number of less affluent Asians struggling economically
- Figure 8: Economic outlook compared to 12 months ago, by household income, September 2010
- Older Asians feel worse off, concerned about retirement
- Figure 9: Economic outlook compared to 12 months ago, by age, September 2010
- THE CONSUMER AND FINANCIAL INSTITUTIONS
- Key points
- Trust in financial institutions
- More than three quarters of Asians surveyed are trusting of financial institutions
- Figure 10: Trust in financial institutions, by household income, September 2010
- Types of accounts held at financial institutions
- More affluent Asians using wide variety of financial products
- Figure 11: Types of accounts held at financial institutions, by household income, September 2010
- English-speaking Asians show widespread use of financial products
- Figure 12: Types of accounts held at financial institutions, by language spoken in the home, September 2010
- ATTITUDES TOWARD FINANCES AND FINANCIAL GOALS
- Key points
- More affluent Asians should be targeted by banks
- Saving for an education or a home is a priority
- Figure 13: Attitudes toward saving money, by household income, September 2010
- Asian Americans likely to help community members in need
- Figure 14: Attitudes toward friends and family help with finances, by household income, September 2010
- Debt an ongoing challenge for less affluent Asians
- Figure 15: Attitudes toward debt, by household income, September 2010
- Affluent Asians use financial products to meet variety of goals
- Figure 16: Other attitudes toward finances, by household income, September 2010
- Less acculturated Asians more likely to be saving for education
- Figure 17: Attitudes toward saving money, by level of association with Asian culture, September 2010
- Less acculturated are more likely to receive money from family/friends
- Figure 18: Attitudes toward friends and family help with finances, by level of association with Asian culture,
- September 2010
- Acculturation has little impact on debt
- Figure 19: Attitudes toward debt, by level of association with Asian culture, September 2010
- Asians who prize culture steer financial goals toward family
- Figure 20: Other attitudes toward finances, by level of association with Asian culture, September 2010
- Financial goals
- Home buying a priority for young Asians, retirement a goal for elders
- Figure 21: Financial goals, by age and gender, September 2010
- Asians who prize Asian culture likely to have goal of starting business
- Figure 22: Financial goals, by level of association with Asian culture, September 2010
- ACQUIRED LOANS AND DEBTS
- Key points
- Asian respondents most likely to own home mortgage loan
- Figure 23: Loan ownership, by race/Hispanic origin, April 2009-June 2010
- Types of debts owned
- More affluent Asians surveyed using home mortgages, credit cards
- Figure 24: Types of debts owned by Asian American households, by household income, September 2010
- U.S.-born Asians using variety of financial products
- Figure 25: Types of debts owned by Asian American households, by place of birth, September 2010
- TYPE OF FINANCIAL PRODUCTS OWNED BY ASIAN AMERICANS
- Key points
- Affluent Asian households utilizing long-term savings vehicles
- Figure 26: Types of financial products owned by Asian American households, by household income, September
- 2010
- Young Asians, using credit-monitoring services, anticipate future loan use
- Figure 27: Types of financial products owned by Asian American households, by age and gender, September
- 2010
- FINANCIAL ADVICE
- Key points
- Resources used
- Asians rely on family and friends for financial advice
- Figure 28: Resources used for financial advice, by household income, September 2010
- Asians with association to Asian culture use friends and family as resource
- Figure 29: Resources used for financial advice, by level of association with Asian culture, September 2010
- Young Asians use family and the internet as their financial resource
- Figure 30: Resources used for financial advice, by age, September 2010
- FINANCIAL SERVICES AND TECHNOLOGY
- Key points
- Nearly three quarters of Asians bank online
- Figure 31: Methods used for paying bills, by race/Hispanic origin, April 2009-June 2010
- Online influencers on financial services
- Social media has impact on young Asians
- Figure 32: Influence and use of social media regarding financial services, by age, September 2010
- Figure 33: Impact of selected influencers on choice of financial services, by age, September 2010
- Affluent Asians consider social media, though pressed for time
- Figure 34: Influence and use of social media regarding financial services, by household income, September
- 2010
- Figure 35: Impact of selected influencers on choice of financial services, by household income, September 2010 46
- Mobile technology and financial services
- Male Asians excited for mobile technology, females concerned about safety
- Figure 36: Interest in use of cell phone for various financial services applications, by age and gender,
- September 2010
- Mobile technology use increases with household income
- Figure 37: Interest in use of cell phone for various financial services applications, by household income,
- September 2010
- BANKING AND INVESTMENT SERVICES OWNED
- Key points
- Banking products owned
- Asians most likely group to own savings accounts
- Figure 38: Banking/investment services owned, by race/Hispanic origin, April 2009-June 2010
- Asian female financial responsibilities evolve with age
- Figure 39: Banking/investment services owned by Asian Americans, by age and gender, April 2009-June 2010
- Affluent Asians favor savings accounts over CDs
- Figure 40: Banking/investment services owned by Asian Americans, by household income, April 2009-June
- 2010
- Investment products owned
- More than half of Asian respondents own investment products
- Figure 41: Investment products owned, by race/Hispanic origin, April 2009-June 2010
- Affluent Asians supplement savings with other investment vehicles
- Figure 42: Investment ownership by Asian American adults, by gender and household income, April 2009-June
- 2010
- CARD OWNERSHIP AND USAGE
- Key points
- Debit and credit card ownership
- Asians surveyed likely to own both debit and credit cards
- Figure 43: Credit card and ATM/debit card ownership, by race/Hispanic origin, April 2009-June 2010
- Credit card ownership increases with age…
- Figure 44: Credit card and ATM/debit card ownership, by age and gender, April 2009-June 2010
- …and also with household income
- Figure 45: Credit card and ATM/debit card ownership, by household income, April 2009-June 2010
- Credit hits new lows as banks, consumers cut back
- Figure 46: Consumer credit outstanding, percentage change, 2005-09
- Large portion of Asian respondents not overwhelmed by debt
- Figure 47: Level of household credit card debt, by household income, September 2010
- Debt has greatest effect on the middle-aged
- Figure 48: Level of household credit card debt, by age, September 2010
- INSURANCE PRODUCTS OVERVIEW
- Key points
- Ownership of insurance products
- Asians most likely to own health or life insurance
- Figure 49: Ownership of health/hospital/life insurance, by race/Hispanic origin, April 2009-June 2010
- Surprisingly, only half of Asian respondents own life insurance
- Figure 50: Type of insurance owned, ry race/Hispanic origin, April 2009-June 2010
- Insurance products owned by Asian Americans
- Young female Asians present opportunity for insurers
- Figure 51: Insurance products owned by Asian households, by age and gender, September 2010
- Asians who prize Asian culture three times as likely to own life insurance
- Figure 52: Insurance products owned by Asian households, by level of association with Asian culture,
- September 2010
- HEALTH INSURANCE
- Key points
- Asian respondents most likely to purchase health insurance independently
- Figure 53: Means of obtaining health insurance, by race/Hispanic origin, April 2009-June 2010
- Less affluent purchase health insurance independently, more affluent insured by employer
- Figure 54: Ownership of health insurance (employer provided and private), by household income, April 2009-
- June 2010
- Health insurance source varies by age, gender
- Figure 55: Ownership of health insurance (employer provided and private), by age and gender, April 2009-June
- 2010
- Asians purchasing health insurance independently not using brokers
- Figure 56: How individual health insurance was purchased, by gender, April 2009-June 2010
- OTHER INSURANCE
- Key points
- Life insurance
- Asian respondents, like other race groups, prefer term life policies
- Figure 57: Ownership of life insurance, by race/Hispanic origin, April 2009-June 2010
- Males over-index in term policies, females over-index in whole/universal policies
- Figure 58: Ownership of life insurance by Asian American households, by gender, April 2009-June 2010
- Property and/or auto insurance
- Three quarters of Asians surveyed own property and/or auto insurance.
- Figure 59: Ownership of property/auto insurance, by race/Hispanic origin, April 2009-June 2010
- Property and/or auto insurance ownership increases with household income
- Figure 60: Ownership of auto insurance by household income, April 2009-June 2010
- RETIREMENT PLANNING
- Key points
- Attitude toward retirement planning
- Figure 61: Attitudes toward individual’s responsibility for retirement planning, by race/Hispanic origin, April 2009-
- June 2010
- Middle-income Asian respondents believe retirement is an individual’s responsibility
- Figure 62: Attitudes toward individual’s responsibility for retirement planning, by household income, April 2009-
- June 2010
- Middle-aged Asian Americans also stress individual responsibility for retirement
- Figure 63: Asian American Attitudes toward an individual’s responsibility for retirement planning, by age, April
- 2009-June 2010
- Retirement savings
- Nearly one third of Asians surveyed own 401(k) account
- Figure 64: Ownership and value of 401(k) accounts, by race/Hispanic origin, April 2009-June 2010
- Ownership of 401(k) accounts increases with household income
- Figure 65: Ownership and value of 401(k) accounts by Asian adults, by household income, April 2009-June
- 2010
- Ownership of a mutual fund/brokerage account by race/Hispanic origin
- One quarter of Asians own brokerage accounts; over-index in nonretirement accounts
- Figure 66: Ownership of a mutual fund/brokerage account, and retirement vs. nonretirement, by race/Hispanic
- origin, April 2009-June 2010
- Asian males more likely to own mutual fund/brokerage account
- Figure 67: Ownership of a mutual fund/brokerage account, and retirement vs. nonretirement, by gender, April
- 2009-June 2010
- MARKETING STRATEGIES
- Key points
- TELEVISION COMMERCIALS
- Bank of American highlights Asian employee giving back to community
- Figure 68: Bank of America, TV ad, September, 2010
- Bank of America demonstrates online home loan guide
- Figure 69: Bank of America, TV ad, June, 2010
- Wells Fargo opens with Asian employee in pitch for bank’s services
- Figure 70: Wells Fargo, TV ad, April, 2010
- ONLINE INITIATIVES
- U.S. ASIAN AMERICAN POPULATION
- Key points
- ASIAN DEMOGRAPHICS
- U.S. population diversity
- Figure 71: Population, by race/Hispanic origin, 1970-2020
- Figure 72: Asian, Black, and Hispanic populations, 1970-2020
- Figure 73: Population by race and Hispanic origin, 2005-15
- U.S. Asian population
- Asian population by age
- Figure 74: U.S. Asian population by age, 2005-15
- Figure 75: Total U.S. population, by age, 2005-15
- Figure 76: Generations, by race/Hispanic origin, 2009
- Identifying Asian Americans
- U.S. Asian geographic concentration
- Figure 77: Asian geographic concentration, by region, 2008
- Figure 78: Top 10 states, by total Asian population and percentage of state total population, 2008
- ASIAN PURCHASING POWER
- Figure 79: Median household income, by race and Hispanic origin, 2009
- Asian buying power by state
- Figure 80: Top 10 states, by Asian buying power, 2009
- Generational insights among Asian consumers
- THE ASIAN HOUSEHOLD
- Average household size
- Figure 81: Average household size, by Hispanic origin/race of householder, 2001 and 2008
- Average Asian household size by nationality/ancestral group
- Figure 82: Average Asian family and household size, by nationality/ancestral group, 2000
- Marital status of Asians
- Figure 83: Marital status of Asians, by age, 2008
- Figure 84: U.S. population marital status, by age, 2008
- Top ethnicities
- Figure 85: U.S. Asian population, by nationality/ancestral group, 2008
- Asian cities and metropolitan areas
- Figure 86: Top 10 metropolitan areas with the largest number of Asian residents, 2005-07
- Figure 87: Percentage of Asian nationality/ancestral group, by city, 2000
- ASIAN AMERICANS AND EDUCATION
- Asians’ educational attainment
- Figure 88: Educational attainment of Asians, 2004
- Asians’ educational attainment by nationality
- Figure 89: Educational attainment of Asians, by detailed nationality/ancestral group, 2000
- APPENDIX: ADDITIONAL TABLES
- Trust in Financial Institutions by Association with Asian culture
- Figure 90: Trust in financial institutions, by association with Asian culture, September 2010
- Figure 91: Influence and use of social media regarding financial services, by language spoken in the home,
- September 2010
- Figure 92: Impact of selected influencers on choice of financial services, by language spoken in the home,
- September 2010
- Figure 93: Influence and use of social media regarding financial services, by level of association with Asian
- culture, September 2010
- Figure 94: Impact of selected influencers on choice of financial services, by level of association with Asian
- culture, September 2010
- APPENDIX: TRADE ASSOCIATIONS
AbstractThis report explores the attitudes toward and use of financial services among Asian Americans. It provides insight into Asian American demographics (including purchasing power), and the factors affecting financial attitudes and use of financial services and products. These insights and trends will provide a compelling overview of the Asian American market of financial consumers and what it means for the future sales of financial products and services. Specific questions that are answered in this report include, but are not limited to, the following:
- How has the recession affected the economic status and outlook of Asian Americans
- Detailed purchasing power and how Asian Americans
- Demographics, such as; household income, size, and education level are impacting this category
- What attitudes Asian Americans hold of banks, and what products are they using
- What are the primary financial goals of Asian Americans and how can financial institutions move to meet these goals
- To what extent are Asian Americans using technology as part of their financial lives? How has the rise of social media affected financial consumers both young and old
- What types of investment products are used by Asian Americans, and how does their use differ according to age and household income
- What insurance products are Asian Americans using and how are they purchased
- How do Asian Americans view their retirement planning, and what can financial institutions provide to help Asians successfully navigate this notable life stage
Get full details about this report >>
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