The Massachusetts Mutual Life Insurance Company commissioned the fourth wave of a nationally representative survey of American families to better understand how they view the
American Dream and the financial aspects involved, recently releasing its findings with regard to Indian American families.
A summary reviews the key findings about Asian Indian families and their attitudes about financial decisions. In addition to the study insights, it provided ideas that it says can help turning financial dreams into reality.
The summary said that Indian families are taking many steps to secure their financial future. They continue striving to find ways to balance their priorities while maximizing savings and investments, it said.
Around 76 percent of Asian Indian families surveyed believe that the idea of the American Dream still exists, and this study informs us how they define it. Their confidence in achieving the American Dream is revealed through their attitudes, priorities, and the family values important to them.
The Asian Indian families surveyed have the highest marriage rate among all groups surveyed with 97 percent. They are also more likely to have a broader definition of family, including their extended family, at 41 percent, placing great importance on their close-knit circle of friends and local community.
For these families, MassMutual continued in its summary, the heart of the American Dream combines financial wellness and financial success that can enable the entire family to thrive personally, succeed professionally and enjoy a secure and comfortable life.
With the highest average household income and a relatively high level of retirement assets among survey respondents, Asian Indian families are likely to have the means to achieve their financial dreams, the summary noted. Results suggest that as a group, Asian Indian families generally stay on top of their finances and make well-researched and carefully considered financial decisions, it added.
For Asian Indian families, pursuing and realizing their American Dream often comes down to finding balance at all stages of their financial journey and family life. Much like the challenge to balance work and home life, the study reveals that many Asian Indian families donâ€™t have the time to be actively involved in managing their investments, it said.
The sense of balance that Asian Indian families seek is accomplished within two main categories: financial wellness â€” the security and stability that helps remove financial worry â€” and financial success â€” the opportunities that arise from smart financial planning and maximizing savings and investments.
Asian Indian families have a positive outlook regarding their ability to focus on their financial needs and they place significant emphasis on being financially prepared for whatever life may bring, the summary said.
Asian Indian families place high importance on achieving financial success on their own terms, especially when it comes to higher education for their children and their own retirement, it added.
Additionally, MassMutual noted that retirement is key, as 73 percent of Asian Indians consider not becoming a financial burden for their families another important financial priority. Despite being one of the groups most prepared for retirement, many Asian Indians are not very confident theyâ€™ll be able to reach their retirement dream, the summary said.
The summary went on to say that Asian Indians are more likely to have a broader definition of family; 41 percent of the respondents include family members beyond the nuclear unit. Strong family values also drive the increased likelihood of an adult child filling the role as a future caregiver of elderly parents. Forty-four percent are interested in learning more about how to plan for their parentsâ€™ care and finances, it added.
Asian Indian families look to trusted sources of financial information, including print and online Indian and international media, it said. Their top trusted sources are friends (59 percent), family (54 percent) and investment company websites (40 percent).
The study, according to MassMutual, reached into the nationâ€™s great cultural and economic diversity through individual market segments, different social groups and evolving family structures. In the process, MassMutual connected with various racial and ethnic groups, military families and more.