Exploring The Unique Financial Considerations for the AAPI Community
Each May, Asian American and Pacific Islander Heritage Month is celebrated to acknowledge the rich cultural heritages and contributions of the AAPI community.
This celebratory month provides us with a great opportunity to dig into the unique financial planning considerations and nuances around financial health specific to this community and encourage employers to consider the inclusivity of their services for this group.
Fidelity recently completed research on the financial health and outlook of the AAPI community and gained several important insights.
Let’s reflect and explore how all organizations could increase awareness of the AAPI community’s unique financial considerations and provide inclusive resources that address the felt needs of this diverse population:
- “AAPI people are preparing for the long term. When asked what motivates them to make financial resolutions, they over-indexed on seeking a comfortable retirement (44% vs. 37% of the total population), and the possibility of retiring early (22% vs. 16% of all Americans).” REFLECT: What retirement planning, and pre-retiree resources, are you providing for your AAPI employees?
- More AAPI people live in multi-generational households (one-in-three vs. one-in-five). This population is focused on providing financial support across their families (both in the United States and back in their home countries) by providing care for their elders and investing in education for their children. REFLECT: Do you have services tailored to address the money needs and concerns of multi-generational households?
- Fewer in the AAPI community are calling on an advisor for financial guidance. Only 17% of AAPI respondents have a paid financial advisor vs. 26% of the general population. REFLECT: Do you provide easy access to financial planners/advisors versed in the unique financial considerations of the AAPI community?
At Francis, we value diversity in all forms and celebrate the unique voices of our team members and those we serve. We strive to create a culture of authenticity and belonging where everyone, from any background, feels valued and supported.
Happy Asian American and Pacific Islander Heritage Month!
Summary of Fidelity report located here.
The material provided is for informational purposes only. The information provided is from sources we believe to be reliable, but we cannot guarantee its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Francis LLC does not offer personal legal advice.
