This report explores the attitudes toward and use of financial services among Asian Americans. It provides insight into Asian American demographics (including purchasing power), and the factors affecting financial attitudes and use of financial services and products. These insights and trends will provide a compelling overview of the Asian American market of financial consumers and what it means for the future sales of financial products and services. Specific questions that are answered in this report include, but are not limited to, the following:

• how has the recession affected the economic status and outlook of Asian Americans

• detailed purchasing power and how Asian Americans’ demographics, such as; household income, size, and education level are impacting this category

• what attitudes Asian Americans hold of banks, and what products are they using

• what are the primary financial goals of Asian Americans and how can financial institutions move to meet these goals

• to what extent are Asian Americans using technology as part of their financial lives? How has the rise of social media affected financial consumers both young and old

• what types of investment products are used by Asian Americans, and how does their use differ according to age and household income

• what insurance products are Asian Americans using and how are they purchased

• how do Asian Americans view their retirement planning, and what can financial institutions provide to help Asians successfully navigate this notable life stage

This report builds on Mintel’s Asian American Lifestyles—U.S., November 2009 and Asian Americans and Finance—U.S, May 2007.

The areas covered in this report include Asian demographics, consumption behavior and attitudes toward their finances and financial services. This report will analyze this information by demographics such as age, gender and household income. The report will also discuss and provide examples of trends and opportunities.

For the purposes of this report, Mintel commissioned exclusive consumer research through Toluna USA among 500 Asian adults aged 18+ who are internet users. Mintel was responsible for the survey design, data analysis and reporting. Fieldwork was conducted in September 2010.

Mintel selects survey respondents so that they are proportionally balanced to the Asian U.S. adult population based on the key demographics of gender, age, household income, and region. Please note that Mintel’s exclusive surveys are conducted online and in English only.

Mintel has also analyzed data from Experian Consumer Research, using the Simmons National Consumer Survey (NCS) and National Hispanic Consumer Survey (NHCS). The NCS/NHCS was carried out during the spring of 2010, and the results are based on the sample of 23,572 adults (which includes 654 Asian adults aged 18+) with results weighted to represent the U.S. adult population.

While race and Hispanic origin are separate demographic characteristics, Mintel often compares them to each other. Please note that the responses for race (White, Black, Asian, Native American, or other race) will overlap those that also are Hispanic, because Hispanics can be of any race.

The Consumer Expenditure Survey (CEX) program consists of two surveys, the quarterly Interview Survey and the Diary Survey, that provide information on the buying habits of American consumers, including data on their expenditures, income, and consumer unit (families and single consumers) characteristics. The survey data are collected for the Bureau of Labor Statistics (BLS) by the U.S. Census Bureau.

The Consumer Expenditure Survey uses consumer units (CU) rather than households. According to BLS, "a consumer unit" is defined as either:

• all members of a particular household who are related by blood, marriage, adoption, or other legal arrangements;

• a person living alone or sharing a household with others or living as a roomer in a private home or lodging house or in permanent living quarters in a hotel or motel, but who is financially independent; or

• two or more persons living together who pool their income to make joint expenditure decisions.

Financial independence is determined by the three major expense categories: housing, food, and other living expenses. To be considered financially independent, a respondent must provide at least two of the three major expense categories.

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There follows a list of abbreviations used in this report.

Generations are discussed within this report, and they are defined as:

* also known as Generation Y or Echo Boomers

** previously known as Post-Millennials