MILWAUKEE, Jan. 30, 2018 /PRNewswire/ -- For Asian Americans, achieving success is rooted in financial security, according to a recent survey from Northwestern Mutual. Nearly half of respondents (44 percent) defined their American Dream as being financially secure, second only to having a happy family life (47 percent).
Northwestern Mutual conducted the survey to better understand how Asian Americans view success as it relates to their families; how they define financial security; and what role finances play in their individual and family lives.
To achieve financial security, Asian Americans cite the following as having the most positive impact: saving money (62 percent), spending wisely (58 percent), paying down debt (51 percent) and having a solid foundation of financial literacy/understanding (49 percent). Leveraging these financial strategies, sixty percent of respondents said they believe their children will be better off financially than they are today.
"These results indicate the importance of saving among Asian Americans, as it enables them to feel prepared and confident when approaching each stage of life," said Vivian Chen, director of Asian market strategy at Northwestern Mutual. "We're committed to helping Asian Americans identify the strategies that work for them to leave a legacy, achieve financial security, and, through this, attain their vision of the American Dream."
Other key findings from the survey include:
- Seventy-three percent of respondents selected saving as a top priority to ensuring financial security.
- Having peace of mind regarding one's financial situation was the greatest indicator (29 percent) that one is financially secure. This was followed by maintaining standard of living through retirement (20 percent) and being free of debt (15 percent).
- Family and friends are among the top sources of financial advice and guidance: parents (34 percent), friends (30 percent) and partner/spouse (28 percent).
To find a financial advisor, please visit https://www.northwesternmutual.com/find-a-financial-advisor/.
*About the Research
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 501 adults. Fieldwork was undertaken between 27th October – 3rd November 2017. The survey was carried out online.
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for more than 160 years. Through a distinctive, whole-picture planning approach, we empower our clients to make the most of every single day and plan for important moments in their future. We combine the expertise of our financial professionals with a personalized digital experience to help our clients navigate their financial lives every day. With $250.4 billion in assets, $28.2 billion in revenues, and more than $1.6 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.4 million people who rely on us for life, disability income and long-term care insurance, annuities, brokerage and advisory services, trust services, and discretionary portfolio management solutions. The company holds more than $100 billion of client assets as a part of its wealth management company and investment services. Northwestern Mutual ranks 97 on the 2017 FORTUNE 500 and is recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2018.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, life insurance with long-term care benefits, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (securities), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (fiduciary and fee-based financial planning services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance).
SOURCE Northwestern Mutual