Financial Behavior and Attitudes of Asians Compared to Other Racial/Ethnic Groups in the United States

Journal of Family and Economic Issues, 36, 2015, Forthcoming

26 Pages Posted: 11 Apr 2015 Last revised: 23 Apr 2015

See all articles by Sherman D. Hanna

Sherman D. Hanna

Ohio State University (OSU)

Jonghee Lee

Ohio State University (OSU)

Suzanne Lindamood

Independent

Date Written: April 7, 2015

Abstract

Most research studying family financial behavior of racial/ethnic groups has ignored Asian households or arbitrarily combined them with other racial/ethnic groups. We treated Asian households as a separate racial/ethnic group to compare twelve financial behaviors and attitudes of Asian households to those of three other racial/ethnic groups: White, Black and Hispanic. Using multivariate analyses with the 2010 Survey of Consumer Finances (SCF), we found differences in seven behaviors/attitudes between Asian households and each of the other three household types, although the differences were not consistent across groups except for a lower credit delinquency rate of Asian households. Our results suggest that Asian households should be analyzed as a separate group and should not be combined with other racial/ethnic groups for comparison purposes.

Keywords: Racial/ethnic differences, Asian Americans, Financial behaviors, Credit, Saving, Investments, Financial education

JEL Classification: D14, G21, J15, K35, R20

Suggested Citation

Hanna, Sherman D. and Lee, Jonghee and Lindamood, Suzanne, Financial Behavior and Attitudes of Asians Compared to Other Racial/Ethnic Groups in the United States (April 7, 2015). Journal of Family and Economic Issues, 36, 2015, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2591731

Sherman D. Hanna (Contact Author)

Ohio State University (OSU) ( email )

1787 Neil Avenue
Campbell 265D
Columbus, OH 43210
United States
614-292-4584 (Phone)

Jonghee Lee

Ohio State University (OSU) ( email )

Blankenship Hall-2010
901 Woody Hayes Drive
Columbus, OH OH 43210
United States

Suzanne Lindamood

Independent ( email )

No Address Available

Register to save articles to
your library

Register

Paper statistics

Downloads
44
Abstract Views
539
PlumX Metrics