Skip to main content
SpringerLink
Log in

Financial Behaviors of Asian Americans

  • Chapter
Book cover Handbook of Consumer Finance Research

Abstract

The Asian American population in the United States has been increasing. Research has been done on the economic well-being of this minority group but is far from being adequate. It was generally found that Asian Americans have higher education and more wealth. This group was even labeled, by some researchers, as the “model minority.” Was it more education that brought wealth to them or was it more hours worked? Some preliminary research has been done to answer this question. This chapter serves the purpose to summarize past research on Asian American consumer finances and point out direction for future research.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 84.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 109.00
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Apgar, W. C., Jr., Dispasquale, D., Cummings, J., & McArdle, N. (1990). The state of the nation’s housing 1990. Cambridge, MA: Joint Center for Housing Studies, Harvard University.

    Google Scholar 

  • Asian Real Estate Association of America. (2007, June). Following the path to Asian American home ownership. Retrieved August 1, 2007, from http://www.areaa.org/cms/AREAA_UCLA_2007b.pdf.

    Google Scholar 

  • Barnes, J. S., & Bennett, C. E. (2002). The Asian population: 2000. Washington, DC: U.S. Census Bureau.

    Google Scholar 

  • Barringer, H. R., Takeuchi, D. T., & Xenos, P. (1990). Education, occupation prestige, and income of Asian Americans. Sociology of Education, 63(1), 27–43.

    Article  Google Scholar 

  • Baum, S., & O’Malley, M. (2003). College on credit: How borrowers perceive their education debt. NASFAA Journal of Student Financial Aid, 33(3), 7–19.

    Google Scholar 

  • Bernstein, R. (2004). Hispanic and Asian Americans increasing faster than overall population. Retrieved January 19, 2007, from http://www.census.gov/Press-Release/www/releases/archives/race/001839.html.

    Google Scholar 

  • Black, H. M., Collins, C., & Cyree, K. (1997). Do Black-owned banks discriminate against Black borrowers? Journal of Real Estate Finance and Economics, 11, 189–204.

    Google Scholar 

  • Borjas, G. J. (2002). Homeownership in the immigrant population. Journal of Urban Economics, 52(3), 448–476.

    Google Scholar 

  • Bryant, W. K. (1986). Assets and debts in a consumer portfolio. Journal of Consumer Affairs, 20(1), 19–35.

    Article  Google Scholar 

  • Bucks, B. K., Kennickell, A. B., & Moore, K. B. (2006). Recent changes in U.S. family finances: Evidence from the 2001 and 2004 Survey of Consumer Finances. Federal Reserve Bulletin. Retrieved November 11, 2006, from http://www.federalreserve.gov/pubs/ bulletin/2006/financesurvey.pdf.

    Google Scholar 

  • Calomiris, C. W., Kahn, C. M., & Longhofer, S. D. (1994). Housing finance intervention and private incentives: Helping minorities and the poor. Journal of Money, Credit and Banking, 26(3), 634–674.

    Article  Google Scholar 

  • Carol, C. D., Rhee, B., & Rhee, C. (1999). Does cultural origin affect saving behavior? Evidence from immigrants. Economic Development and Cultural Change, 48, 33–50.

    Article  Google Scholar 

  • Chi, P. S. K., & Laquatra, J. (1998). Profiles of housing cost burden in the United States. Journal of Family and Economic Issues, 19(2), 175–193.

    Article  Google Scholar 

  • Chiswick, B. R. (1983). An analysis of the earnings and employment of Asian-American men. Journal of Labor Economics, 1(2), 197–214.

    Article  Google Scholar 

  • Cobb-Clark, D. A., & Hildebrand, A. A. (2006). The wealth and asset holdings of U.S.-born and foreign-born households: Evidence from SIPP data. Review of Income and Wealth, 52(1), 17–42.

    Article  Google Scholar 

  • Coulson, N. E. (1999). Why are Hispanic- and Asian-American home-ownership rates so low?: Immigration and other factors. Journal of Urban Economics, 45(2), 209–227.

    Google Scholar 

  • Employee Benefit Research Institute. (2001). Retirement planning, savings, & expectations among ethnic groups. Retrieved January 19, 2007, from http://www.ebri.org/rcs/1998/rcs-expectations.pdf.

    Google Scholar 

  • Employee Benefit Research Institute. (2002). Minority groups express concerns about saving and retirement planning. Retrieved January 19, 2007, from http://www.ebri.org/prrel/pr564.pdf.

    Google Scholar 

  • Fan, J. X. (1997). Expenditure patterns of Asian American: Evidence from the U.S. Consumer Expenditure Survey, 1980–1992. Family and Consumer Science Research Journal, 25(4), 339–368.

    Article  Google Scholar 

  • Fan, J. X., & Koonce-Lewis, J. (1999). Budget allocation patterns of African Americans. Journal of Consumer Affairs, 33(1), 134–164.

    Article  Google Scholar 

  • Fontes, A., & Fan, J. X. (2006). The effects of ethnic identity on household budget allocation to status conveying goods. Journal of Family and Economic Issues, 27, 643–663.

    Article  Google Scholar 

  • Furnham, A. (1984). Many sides of the coin: The psychology of money usage. Personality and Individual Differences, 5, 95–103.

    Article  Google Scholar 

  • Getter, D. E. (2006). Consumer credit risk and pricing. Journal of Consumer Affairs, 40(1), 41–63.

    Article  Google Scholar 

  • Han, S. (2004). Discrimination in lending: Theory and evidence. Journal of Real Estate Finance and Economics, 29(1), 5–46.

    Article  Google Scholar 

  • Hofstede, G., & Bond, M. H. (1988). The Confucius connection: From cultural roots to economic growth. Organizational Dynamics, 16, 5–21.

    Article  Google Scholar 

  • Hogarth, J. M., Anguelov, C. E., & Lee, J. (2004). Why don’t households have a checking account? Journal of Consumer Affairs, 38(1), 1–34.

    Google Scholar 

  • Hong, G., & Kao, Y. E. (1997). Emergency fund adequacy of Asian Americans. Journal of Family and Economic Issues, 18(2), 127–145.

    Article  Google Scholar 

  • Hunt, M. O. (2004). Race/ethnicity and beliefs about wealth and poverty. Social Science Quarterly, 85(3), 827–853.

    Article  Google Scholar 

  • Hunter, W. C., & Walker, M. B. (1996). The cultural affinity hypothesis and mortgage lending decisions. Journal of Real Estate Finance and Economics, 13, 57–70.

    Article  Google Scholar 

  • Kim, B. S. K., Yang, P. H., Atkinson, D. R., Wolfe, M. M., & Hong, S. (2001). Cultural value similarities and differences among Asian American Ethnic Groups. Cultural Diversity and Ethnic Minority Psychology, 7(4), 343–361.

    Article  PubMed  Google Scholar 

  • Kim, S., & Squires, G. D. (1998). The color of money and the people who lend it. Journal of Housing Research, 9(2), 271–284.

    Google Scholar 

  • Krivo, L. J., & Kaufman, R. L. (2004). Housing and wealth inequality: Racial-ethnic differences in home equity in the United States. Demography, 41(3), 585–605.

    Article  PubMed  Google Scholar 

  • Kwon, H., Zuiker, V. S., & Bauer, J. W. (2004). Factors associated with the poverty status of Asian immigrant householders by citizenship status. Journal of Family and Economic Issues, 25(1), 101–120.

    Article  Google Scholar 

  • Lyons, A. C. (2004). A profile of financially at-risk college students. Journal of Consumer Affairs, 38(1), 56–80.

    Article  Google Scholar 

  • Masuo, D. M., Malroutu, Y. L., Hanashiro, R., & Kim, J. H. (2004). College students’ money beliefs and behaviors: An Asian perspective. Journal of Family and Economic Issues, 25(4), 469–481.

    Google Scholar 

  • Olney, M. L. (1998). When your world is not enough: Race, collateral, and household credit. Journal of Economic History, 58(2), 408–431.

    Article  Google Scholar 

  • Painter, G., Gabriel, S. A., & Myers, D. (2001). Race, immigrant status, and housing tenure choice, Journal of Urban Economics, 49(1), 150–167.

    Article  Google Scholar 

  • Painter, G., Yang, L., & Yu, Z. (2003). Heterogeneity in Asian American home-ownership: The impact of household endowments and immigrant status. Urban Studies, 40(3), 505–530.

    Article  Google Scholar 

  • Perry, V. G., & Morris, M. D. (2005). Who is in control? The role of self-perception, knowledge, and income in explaining consumer financial behavior. Journal of Consumer Affairs, 39(2), 299–313.

    Article  Google Scholar 

  • Peterson, W. (1971). Japanese Americans: Oppression and success. New York: Random House.

    Google Scholar 

  • Portes, A., & Zhou, M. (1996). Self-employment and earnings of immigrants. American Sociological Review, 61(2), 219–230.

    Article  Google Scholar 

  • Reeves, T., & Bennett, C. E. (2004). We the people: Asians in the United States. Washington, DC: U.S. Census Bureau.

    Google Scholar 

  • Rhine, S. L. W., & Greene, W. H. (2006). The determinants of being unbanked for U.S. immigrants. Journal of Consumer Affairs, 40(1), 21–40.

    Article  Google Scholar 

  • Schwenk, N. E. (1991). Trends in housing. Family Economics Review, 4(1), 14–19.

    Google Scholar 

  • Sharpe, D. L., & Abdel-Ghany, M. (2006). Determinants of income differentials: Comparing Asians with Whites and Blacks. Journal of Family and Economic Issues, 27(4), 588–600.

    Article  Google Scholar 

  • Smith, J. P. (1995). Racial and ethnic differences in wealth in the Health and Retirement Study. Journal of Human Resources, 30, 158–183.

    Article  Google Scholar 

  • Springstead, G. R., & Wilson, T. M. (2000). Participation in voluntary individual savings accounts: An analysis of IRAs, 401(k)s, and TSP. Social Security Bulletin,63(1), 34–39.

    PubMed  Google Scholar 

  • U.S. Census Bureau. (2007a, May 17). Minority population tops 100 million. (News release). Washington, DC: Author.

    Google Scholar 

  • U.S. Census Bureau. (2007b, March 1). Facts for features: Asian/Pacific American heritage month: May 2007. (News release). Washington, DC: Author.

    Google Scholar 

  • U.S. Census Bureau. (2007c). The American Community – Asians: 2004. Washington, DC: Author.

    Google Scholar 

  • Webster, B. H., & Bishaw, A. (2007). Income, earnings, and poverty data from the 2006 American Community Survey. (ACS-08). Washington, DC: U.S. Census Bureau.

    Google Scholar 

  • Wolff, E. N. (1998). Recent trends in the size distribution of household wealth. Journal of Economic Perspectives, 12(3), 131–150.

    Google Scholar 

  • Wong, M. G. (1982). The cost of being Chinese, Japanese, and Filipino in the United States: 1960, 1970, 1976. Pacific Sociological Review, 25, 59–78.

    Google Scholar 

  • Zhong, L. X., & Xiao, J. J. (1995). Determinants of family bond and stock holdings. Financial Counseling and Planning, 6, 107–114.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Department of Human Development, Consumer and Family Sciences, South Dakota State University, NFA 311, Box 2275A, Brookings, SD 57007, USA

    Rui Yao

Authors
  1. Rui Yao
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. University of Rhode Island Transition Center, 2 Lower College Rd., Kingston, RI 02881, USA

    Jing Jian Xiao Ph.D.

Rights and permissions

Reprints and permissions

Copyright information

© 2008 Springer Science+Business Media, LLC

About this chapter

Cite this chapter

Yao, R. (2008). Financial Behaviors of Asian Americans. In: Xiao, J.J. (eds) Handbook of Consumer Finance Research. Springer, New York, NY. https://doi.org/10.1007/978-0-387-75734-6_18

Download citation

Publish with us

Policies and ethics

Search

Navigation