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Financial Capability and Economic Hardship Among Low-Income Older Asian Immigrants in a Supported Employment Program

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Abstract

This study examined financial capability and economic hardship among low-income older Asian immigrants in a supported employment program (N = 142). Financial capability was defined as a combination of financial literacy, financial access, and financial functioning. Economic hardship was defined as the inability to meet basic needs. Results demonstrated that the majority of the sample had difficulty meeting basic needs. Most respondents answered basic financial knowledge questions incorrectly, and few applied prudent financial management skills. Results indicated that financial access and financial functioning were negatively associated with the risk of experiencing economic hardship, whereas financial literacy was not significantly associated. These findings call for active public policies and programs that address economic challenges among low-income Asian immigrants by enhancing their financial capability.

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Acknowledgments

This study was supported in part by Grants from the Les Brun Research Endowment Fund, Buffalo Center for Social Research, School of Social Work, University at Buffalo, and the Civic Engagement Research Dissemination Fellowship Program, University at Buffalo. We are thankful to Christine Takada, Miriam Suen, Helen Jang, Norman Lee, Junghee Han, Xiao-yu Yang, Kerry Situ, and Yong-Jin Ahn for their assistance for data collection. We are grateful to Ya-Ling Chen, Elizabeth Hole, Jun Pyo Kim, Amanda Brower, and Sarah Nesbitt for their research assistance and to Jennifer Gann for editing assistance.

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Authors and Affiliations

  1. College for Public Health and Social Justice, Saint Louis University, 3550 Lindell Blvd., Tegeler Hall Rm211, Saint Louis, MO, 63103, USA

    Jin Huang

  2. School of Social Work, University at Buffalo, State University of New York, 685 Baldy Hall, Buffalo, NY, 14260, USA

    Yunju Nam

  3. National Director of Senior Community Service Employment Program, National Asian Pacific Center on Aging, 1511 3rd Ave. #914, Seattle, WA, 98101, USA

    Eun Jeong Lee

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  1. Jin Huang
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Correspondence to Jin Huang.

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Huang, J., Nam, Y. & Lee, E.J. Financial Capability and Economic Hardship Among Low-Income Older Asian Immigrants in a Supported Employment Program. J Fam Econ Iss 36, 239–250 (2015). https://doi.org/10.1007/s10834-014-9398-z

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