TMCnet News
Prudential Financial: Asian Americans stress financial security of extended family, retirement savingsIn one of the largest financial-focused studies of the Asian American and Pacific Islander community to date, Prudential Financial, Inc. (NYSE:PRU), found that this culturally and geographically diverse segment is united by a shared focus on the financial progress, stability and security of their extended families. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160825005156/en/ Sri, Reddy, Senior Vice President, Prudential Retirement (Photo: Business Wire) Prudential's 2016 Asian American Financial Experience surveyed more than 2,000 self-identified Asian Americans and found that the median assets reported by respondents are approximately $100,000 higher than the U.S. general population. They also place a higher priority on family-related financial goals. Prudential's survey also found that most in this community - one of the fastest growing population segments since 2000 - face the same financial challenges as the U.S. general population, such as saving for retirement and managing household budgets. "America is more diverse than ever, which means we need to understand the unique financial situations faced by such communities as Asian Americans," said Sri Reddy, senior vice president and head of Full Service Investments at Prudential Retirement. "Taking the time to partner with and learn about what they value and need is imperative for us to ensure that everyone has an opportunity to achieve their financial goals." Importance of the family and retirement Prudential's report shows that the Asian American financial experience is influenced in almost every aspect by the importance of family. Like the U.S. general population, Asian American respondents cited having enough money to maintain current lifestyles as their top financial priority. However, Asian American respondents cited not becoming a financial burden to loved ones as their next important goal, while the general population pointed to debt reduction as their second most important goal. Among key findings:
"Today's Asian Americans are devoting substantial resources to helping their families, and many also want to retire at an earlier age than most Americans," said Reddy. "The feedback we've gathered shows that the need for a nuanced, culturally acute roadmap to help Asian Americans realize their financial goals has never been greater." A Culturally and Financially Diverse Community While the report identifies cultural and financial differences in subgroups that make up the Asian American community, Prudential's report also explores important differences between the various subgroups that make up the Asian American population and its unique financial characteristics. Among key findings:
Prudential released the report today during an event at the Asia Society in New York City, featuring Reddy, Hurong Lou of Prudential Advisors, and Smriti Sinha of Prudential Individual Life Insurance as panelists, and Bloomberg (News - Alert) Television's Betty Liu as moderator. For more information about The 2016 Asian American Financial Experience, please visit www.prudential.com/asianamerican About Prudential Financial Prudential Financial, Inc. (NYSE:PRU), a financial services leader with more than $1 trillion of assets under management as of June 30, 2016, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com. 0295977-00001-00
View source version on businesswire.com: http://www.businesswire.com/news/home/20160825005156/en/ |