Table of Contents
Executive Summary
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- Despite recession, Asian buying power remains very strong
- Asian respondents, still working; optimistic about their financial well-being
- More than three quarters of Asians surveyed trust financial institutions
- Asian Americans consider themselves independent when forming financial goals
- Asians more likely to own mortgage loans, credit cards
- Affluent Asian households utilizing long-term savings vehicles
- Asian respondents rely on family and friends for financial advice
- Nearly three quarters of Asians bank online
- Social networking trend is real
- Asians using investment product to achieve financial goals
- Credit has hit new lows as banks, consumers cut back
- Most Asians are not overwhelmed by debt
- Asians most likely to own health or life insurance
- Asian respondents most likely to purchase health insurance independently
- Asian Americans, like other respondents, prefer term life policies
- Asians most likely to own 401(k) accounts and brokerage accounts
- U.S. Asian population fast growing, well-educated, diverse
Insights and Opportunities
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- Embrace social media, target Asian consumers online
- Asian retirees a candidate for 401(k) rollovers
Inspire Insights
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- Trend: “Rebuilding Trust”
Asian American Household Income and Buying Power
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- Key points
- More than one third of Asian American households earn more than $100K
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- Figure 1: Household income distribution, by race and Hispanic origin, 2009
- Income
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- Figure 2: Household income distribution for all households and Asian households, 2009
- Asian affluence, by nationality/ancestral group
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- Figure 3: Median household income, by top 10 Asian nationality/ancestral groups, 2000
- Purchasing power
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- Figure 4: Purchasing power, by race/Hispanic origin, 2010
- Asian cities and metropolitan areas
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- Figure 5: Top 10 metropolitan areas with the largest number of Asian residents, 2005-07
- Figure 6: Percentage of Asian nationality/ancestral group, by city, 2000
Economic Outlook
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- Key points
- Asian respondents optimistic about their financial well-being
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- Figure 7: Economic outlook compared to 12 months ago, by race/Hispanic origin, April 2009-June 2010
- Impact of the recession on Asian Americans
- A small but concentrated number of less affluent Asians struggling economically
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- Figure 8: Economic outlook compared to 12 months ago, by household income, September 2010
- Older Asians feel worse off, concerned about retirement
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- Figure 9: Economic outlook compared to 12 months ago, by age, September 2010
The Consumer and Financial Institutions
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- Key points
- Trust in financial institutions
- More than three quarters of Asians surveyed are trusting of financial institutions
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- Figure 10: Trust in financial institutions, by household income, September 2010
- Types of accounts held at financial institutions
- More affluent Asians using wide variety of financial products
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- Figure 11: Types of accounts held at financial institutions, by household income, September 2010
- English-speaking Asians show widespread use of financial products
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- Figure 12: Types of accounts held at financial institutions, by language spoken in the home, September 2010
Attitudes Toward Finances and Financial Goals
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- Key points
- More affluent Asians should be targeted by banks
- Saving for an education or a home is a priority
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- Figure 13: Attitudes toward saving money, by household income, September 2010
- Asian Americans likely to help community members in need
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- Figure 14: Attitudes toward friends and family help with finances, by household income, September 2010
- Debt an ongoing challenge for less affluent Asians
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- Figure 15: Attitudes toward debt, by household income, September 2010
- Affluent Asians use financial products to meet variety of goals
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- Figure 16: Other attitudes toward finances, by household income, September 2010
- Less acculturated Asians more likely to be saving for education
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- Figure 17: Attitudes toward saving money, by level of association with Asian culture, September 2010
- Less acculturated are more likely to receive money from family/friends
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- Figure 18: Attitudes toward friends and family help with finances, by level of association with Asian culture, September 2010
- Acculturation has little impact on debt
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- Figure 19: Attitudes toward debt, by level of association with Asian culture, September 2010
- Asians who prize culture steer financial goals toward family
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- Figure 20: Other attitudes toward finances, by level of association with Asian culture, September 2010
- Financial goals
- Home buying a priority for young Asians, retirement a goal for elders
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- Figure 21: Financial goals, by age and gender, September 2010
- Asians who prize Asian culture likely to have goal of starting business
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- Figure 22: Financial goals, by level of association with Asian culture, September 2010
Acquired Loans and Debts
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- Key points
- Asian respondents most likely to own home mortgage loan
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- Figure 23: Loan ownership, by race/Hispanic origin, April 2009-June 2010
- Types of debts owned
- More affluent Asians surveyed using home mortgages, credit cards
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- Figure 24: Types of debts owned by Asian American households, by household income, September 2010
- U.S.-born Asians using variety of financial products
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- Figure 25: Types of debts owned by Asian American households, by place of birth, September 2010
Type of Financial Products Owned by Asian Americans
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- Key points
- Affluent Asian households utilizing long-term savings vehicles
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- Figure 26: Types of financial products owned by Asian American households, by household income, September 2010
- Young Asians, using credit-monitoring services, anticipate future loan use
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- Figure 27: Types of financial products owned by Asian American households, by age and gender, September 2010
Financial Advice
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- Key points
- Resources used
- Asians rely on family and friends for financial advice
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- Figure 28: Resources used for financial advice, by household income, September 2010
- Asians with association to Asian culture use friends and family as resource
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- Figure 29: Resources used for financial advice, by level of association with Asian culture, September 2010
- Young Asians use family and the internet as their financial resource
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- Figure 30: Resources used for financial advice, by age, September 2010
Financial Services and Technology
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- Key points
- Nearly three quarters of Asians bank online
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- Figure 31: Methods used for paying bills, by race/Hispanic origin, April 2009-June 2010
- Online influencers on financial services
- Social media has impact on young Asians
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- Figure 32: Influence and use of social media regarding financial services, by age, September 2010
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- Figure 33: Impact of selected influencers on choice of financial services, by age, September 2010
- Affluent Asians consider social media, though pressed for time
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- Figure 34: Influence and use of social media regarding financial services, by household income, September 2010
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- Figure 35: Impact of selected influencers on choice of financial services, by household income, September 2010
- Mobile technology and financial services
- Male Asians excited for mobile technology, females concerned about safety
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- Figure 36: Interest in use of cell phone for various financial services applications, by age and gender, September 2010
- Mobile technology use increases with household income
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- Figure 37: Interest in use of cell phone for various financial services applications, by household income, September 2010
Banking and Investment Services Owned
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- Key points
- Banking products owned
- Asians most likely group to own savings accounts
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- Figure 38: Banking/investment services owned, by race/Hispanic origin, April 2009-June 2010
- Asian female financial responsibilities evolve with age
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- Figure 39: Banking/investment services owned by Asian Americans, by age and gender, April 2009-June 2010
- Affluent Asians favor savings accounts over CDs
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- Figure 40: Banking/investment services owned by Asian Americans, by household income, April 2009-June 2010
- Investment products owned
- More than half of Asian respondents own investment products
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- Figure 41: Investment products owned, by race/Hispanic origin, April 2009-June 2010
- Affluent Asians supplement savings with other investment vehicles
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- Figure 42: Investment ownership by Asian American adults, by gender and household income, April 2009-June 2010
Card Ownership and Usage
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- Key points
- Debit and credit card ownership
- Asians surveyed likely to own both debit and credit cards
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- Figure 43: Credit card and ATM/debit card ownership, by race/Hispanic origin, April 2009-June 2010
- Credit card ownership increases with age…
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- Figure 44: Credit card and ATM/debit card ownership, by age and gender, April 2009-June 2010
- …and also with household income
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- Figure 45: Credit card and ATM/debit card ownership, by household income, April 2009-June 2010
- Credit hits new lows as banks, consumers cut back
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- Figure 46: Consumer credit outstanding, percentage change, 2005-09
- Large portion of Asian respondents not overwhelmed by debt
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- Figure 47: Level of household credit card debt, by household income, September 2010
- Debt has greatest effect on the middle-aged
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- Figure 48: Level of household credit card debt, by age, September 2010
Insurance Products Overview
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- Key points
- Ownership of insurance products
- Asians most likely to own health or life insurance
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- Figure 49: Ownership of health/hospital/life insurance, by race/Hispanic origin, April 2009-June 2010
- Surprisingly, only half of Asian respondents own life insurance
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- Figure 50: Type of insurance owned, ry race/Hispanic origin, April 2009-June 2010
- Insurance products owned by Asian Americans
- Young female Asians present opportunity for insurers
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- Figure 51: Insurance products owned by Asian households, by age and gender, September 2010
- Asians who prize Asian culture three times as likely to own life insurance
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- Figure 52: Insurance products owned by Asian households, by level of association with Asian culture, September 2010
Health Insurance
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- Key points
- Asian respondents most likely to purchase health insurance independently
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- Figure 53: Means of obtaining health insurance, by race/Hispanic origin, April 2009-June 2010
- Less affluent purchase health insurance independently, more affluent insured by employer
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- Figure 54: Ownership of health insurance (employer provided and private), by household income, April 2009-June 2010
- Health insurance source varies by age, gender
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- Figure 55: Ownership of health insurance (employer provided and private), by age and gender, April 2009-June 2010
- Asians purchasing health insurance independently not using brokers
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- Figure 56: How individual health insurance was purchased, by gender, April 2009-June 2010
Other Insurance
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- Key points
- Life insurance
- Asian respondents, like other race groups, prefer term life policies
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- Figure 57: Ownership of life insurance, by race/Hispanic origin, April 2009-June 2010
- Males over-index in term policies, females over-index in whole/universal policies
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- Figure 58: Ownership of life insurance by Asian American households, by gender, April 2009-June 2010
- Property and/or auto insurance
- Three quarters of Asians surveyed own property and/or auto insurance.
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- Figure 59: Ownership of property/auto insurance, by race/Hispanic origin, April 2009-June 2010
- Property and/or auto insurance ownership increases with household income
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- Figure 60: Ownership of auto insurance by household income, April 2009-June 2010
Retirement Planning
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- Key points
- Attitude toward retirement planning
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- Figure 61: Attitudes toward individual’s responsibility for retirement planning, by race/Hispanic origin, April 2009-June 2010
- Middle-income Asian respondents believe retirement is an individual’s responsibility
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- Figure 62: Attitudes toward individual’s responsibility for retirement planning, by household income, April 2009-June 2010
- Middle-aged Asian Americans also stress individual responsibility for retirement
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- Figure 63: Asian American Attitudes toward an individual’s responsibility for retirement planning, by age, April 2009-June 2010
- Retirement savings
- Nearly one third of Asians surveyed own 401(k) account
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- Figure 64: Ownership and value of 401(k) accounts, by race/Hispanic origin, April 2009-June 2010
- Ownership of 401(k) accounts increases with household income
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- Figure 65: Ownership and value of 401(k) accounts by Asian adults, by household income, April 2009-June 2010
- Ownership of a mutual fund/brokerage account by race/Hispanic origin
- One quarter of Asians own brokerage accounts; over-index in nonretirement accounts
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- Figure 66: Ownership of a mutual fund/brokerage account, and retirement vs. nonretirement, by race/Hispanic origin, April 2009-June 2010
- Asian males more likely to own mutual fund/brokerage account
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- Figure 67: Ownership of a mutual fund/brokerage account, and retirement vs. nonretirement, by gender, April 2009-June 2010
Cluster Analysis
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- Financially Fatigued
- Demographics
- Characteristics
- Opportunities
- Debt-averse
- Demographics
- Characteristics
- Opportunities
- Manageable, Multi-accounts
- Demographics
- Characteristics
- Opportunities
- Cluster characteristic tables
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- Figure 68: Asian American clusters, September 2010
- Figure 69: Type of accounts owned, by Asian American clusters, September 2010
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- Figure 70: Attitudes toward saving money, by Asian American clusters, September 2010
- Figure 71: Attitudes toward friends and family help with finances, by Asian American clusters, September 2010
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- Figure 72: Attitudes toward debt, by Asian American clusters, September 2010
- Figure 73: Other attitudes toward finances, by Asian American clusters, September 2010
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- Figure 74: Attitudes toward financial institutions by Asian American clusters, September 2010
- Figure 75: Economic outlook compared to 12 months ago, by Asian American clusters, September 2010
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- Figure 76: Level of household hold credit card debt by Asian American clusters, September 2010
- Figure 77: Level of association with Asian culture by Asian American clusters, September 2010
- Cluster demographic tables
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- Figure 78: Asian American clusters, by gender, September 2010
- Figure 79: Asian American clusters, by age, September 2010
- Figure 80: Asian American clusters, by household income, September 2010
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- Figure 81: Asian American clusters, by country of birth, September 2010
- Cluster methodology
Marketing Strategies
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- Key points
- Television commercials
- Bank of American highlights Asian employee giving back to community
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- Figure 82: Bank of America, TV ad, September, 2010
- Bank of America demonstrates online home loan guide
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- Figure 83: Bank of America, TV ad, June, 2010
- Wells Fargo opens with Asian employee in pitch for bank’s services
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- Figure 84: Wells Fargo, TV ad, April, 2010
- Online initiatives
U.S. Asian American Population
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- Key points
- Asian demographics
- U.S. population diversity
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- Figure 85: Population, by race/Hispanic origin, 1970-2020
- Figure 86: Asian, Black, and Hispanic populations, 1970-2020
- Figure 87: Population by race and Hispanic origin, 2005-15
- U.S. Asian population
- Asian population by age
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- Figure 88: U.S. Asian population by age, 2005-15
- Figure 89: Total U.S. population, by age, 2005-15
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- Figure 90: Generations, by race/Hispanic origin, 2009
- Identifying Asian Americans
- U.S. Asian geographic concentration
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- Figure 91: Asian geographic concentration, by region, 2008
- Figure 92: Top 10 states, by total Asian population and percentage of state total population, 2008
- Asian purchasing power
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- Figure 93: Median household income, by race and Hispanic origin, 2009
- Asian buying power by state
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- Figure 94: Top 10 states, by Asian buying power, 2009
- Generational insights among Asian consumers
- The Asian household
- Average household size
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- Figure 95: Average household size, by Hispanic origin/race of householder, 2001 and 2008
- Average Asian household size by nationality/ancestral group
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- Figure 96: Average Asian family and household size, by nationality/ancestral group, 2000
- Marital status of Asians
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- Figure 97: Marital status of Asians, by age, 2008
- Figure 98: U.S. population marital status, by age, 2008
- Top ethnicities
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- Figure 99: U.S. Asian population, by nationality/ancestral group, 2008
- Asian cities and metropolitan areas
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- Figure 100: Top 10 metropolitan areas with the largest number of Asian residents, 2005-07
- Figure 101: Percentage of Asian nationality/ancestral group, by city, 2000
- Asian Americans and education
- Asians’ educational attainment
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- Figure 102: Educational attainment of Asians, 2004
- Asians’ educational attainment by nationality
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- Figure 103: Educational attainment of Asians, by detailed nationality/ancestral group, 2000
Appendix: Additional Tables
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- Trust in Financial Institutions by Association with Asian culture
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- Figure 104: Trust in financial institutions, by association with Asian culture, September 2010
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- Figure 105: Influence and use of social media regarding financial services, by language spoken in the home, September 2010
- Figure 106: Impact of selected influencers on choice of financial services, by language spoken in the home, September 2010
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- Figure 107: Influence and use of social media regarding financial services, by level of association with Asian culture, September 2010
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- Figure 108: Impact of selected influencers on choice of financial services, by level of association with Asian culture, September 2010
Appendix: Trade Associations
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