Asian American and Native Hawaiian/Pacific Islander Community
 |
 |
 |
COMMUNITY OVERVIEW
Exploring financial priorities within the Asian American and Pacific Islander community
Caring for aging parents
One in three AAPI households is multigenerational, compared with one in five for the general American population.1 With nearly half of caregivers reporting having experienced high emotional stress, caring for an aging parent—while compassionate—can take its toll on families.2 Research from the National Alliance for Caregiving shows that, on average, adult caregivers spend nearly 24 hours a week in their helping role—or nearly 3.5 hours a day.3
What this means for employers:
AAPI individuals often prioritize supporting aging family members, which can influence their approach to retirement savings. So, when thinking about benefits and perks, recognize that certain benefits, such as dependent care savings accounts, can more significantly impact this community. Also, explore whether the company offers services to employees who are also caregivers.
Preparing for college costs
While the cost of college has continued to rise dramatically in recent decades and years, this hasn’t diminished the importance of a college education for many parents and students. In fact, 65% of high school students and recent college graduates say the value of a college education is worth the cost, according to the Fidelity Investments® 2023 College Savings and Student Debt Study.4
What this means for employers:
With 61% of AAPI individuals aged 25 and older having a bachelor’s degree or higher—well above the national average of 37.9%—higher education is a pillar in this community. So when designing benefits, be aware that longterm college savings solutions such as a 529 plan could resonate with AAPI employees. Provide resources that help educate AAPI parents about college savings so that they can make informed decisions when that time comes.
Saving enough for retirement
While the average savings rates are very strong for AAPI employees enrolled in their workplace plans, this community tends to lag behind other demographic groups in their subjective financial wellness—or how they feel about their financial situation. Also, members of this community aren’t as confident when it comes to long-term investing.6
What this means for employers:
Expectations and the financial planning journey for AAPI individuals may look different from other communities as they navigate and balance culturally relevant priorities, which come with unique financial implications. You have an opportunity to offer tools and resources to help them go beyond saving for a rainy day and experience how investing can make a difference in achieving their long-term goals.
Community Toolkit Resources
Download and use the following materials to drive awareness and engagement with your workforce throughout AAPI Heritage Month.
Helpful Resources
Community Insight Modules (CIM)
Leverage insight-driven modules featuring suggested next steps to help your employees build financial wellness.
Thought Leadership
Use key insights from our research to align your benefits with the needs of your diverse workforce.
Addressing the unique financial priorities of tomorrow’s workforce
Helping employees save for emergencies
AAPI Community Zone
Building a more secure financial future
Equip your Asian American and Pacific Islander employees with resources that help them achieve their long-term goals.
Find tips, tools, and resources that can help your employees save more, plan better, and create a financial legacy.