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Financial Behavior and Attitudes of Asians Compared to Other Racial/Ethnic Groups in the United States

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  • Sherman Hanna
  • Jonghee Lee
  • Suzanne Lindamood

Abstract

Most research studying family financial behavior of racial/ethnic groups has ignored Asian households or arbitrarily combined them with other racial/ethnic groups. We treated Asian households as a separate racial/ethnic group to compare twelve financial behaviors and attitudes of Asian households to those of three other racial/ethnic groups: White, Black and Hispanic. Using multivariate analyses with the 2010 Survey of Consumer Finances, we found differences in seven behaviors/attitudes between Asian households and each of the other three household types, although the differences were not consistent across groups except for a lower credit delinquency rate of Asian households. Our results suggest that Asian households should be analyzed as a separate group and should not be combined with other racial/ethnic groups for comparison purposes. Copyright Springer Science+Business Media New York 2015

Suggested Citation

  • Sherman Hanna & Jonghee Lee & Suzanne Lindamood, 2015. "Financial Behavior and Attitudes of Asians Compared to Other Racial/Ethnic Groups in the United States," Journal of Family and Economic Issues, Springer, vol. 36(3), pages 309-318, September.
    • Handle: RePEc:kap:jfamec:v:36:y:2015:i:3:p:309-318
    DOI: 10.1007/s10834-015-9447-2
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    References listed on IDEAS

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    1. Jinhee Kim & Swarn Chatterjee & Soo Cho, 2012. "Asset Ownership of New Asian Immigrants in the United States," Journal of Family and Economic Issues, Springer, vol. 33(2), pages 215-226, June.
    2. Jonghee Lee & Sherman D. Hanna, 2012. "Limitations of Combining Hispanics and African Americans for Analysis of Credit Problems," Journal of Consumer Affairs, Wiley Blackwell, vol. 46(3), pages 506-536, September.
    3. Angela Fontes, 2011. "Differences in the Likelihood of Ownership of Retirement Saving Assets by the Foreign and Native-Born," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 612-624, December.
    4. Deanna Sharpe & Mohamed Abdel-Ghany, 2006. "Determinants of Income Differentials: Comparing Asians with Whites and Blacks," Journal of Family and Economic Issues, Springer, vol. 27(4), pages 588-600, December.
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    Cited by:

    1. Sharon M. Danes & Antonio Alba Meraz & Ashley L. Landers, 2016. "Cultural Meanings of Resource Management for Mexican–Americans," Journal of Family and Economic Issues, Springer, vol. 37(4), pages 607-623, December.
    2. Roudi Nazarinia Roy & Anthony G. James & Tiffany L. Brown, 2021. "Racial/Ethnic Minority Families," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 84-100, July.
    3. Congrong Ouyang & Sherman D. Hanna & Kyoung Tae Kim, 2019. "Are Asian Households in the U.S. More Likely than Other Households to Help Children with College Costs?," Journal of Family and Economic Issues, Springer, vol. 40(3), pages 540-552, September.
    4. Jessie X. Fan & Hua Zan, 2019. "The “Model Minority” Myth: Asian American Middle Class Before, During, And After The Great Recession," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 64(01), pages 23-39, March.

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