Financial Challenges Asian Americans
The wealth gap among Asian Americans and Pacific Islanders shows “Asians in the top 10% of the income distribution earned 10.7 times as much as Asians in the bottom 10%,” according to Pew Research Center. Yet, this community still faces financial disparities in building wealth. Some Asian Americans and Pacific Islanders may have recently immigrated to the U.S., while others are second- or third-generation.
A few obstacles, such as high cost of living, education and income, may contribute to this divided wealth gap. It then creates further challenges Asian Americans and Pacific Islanders have to overcome, which they can. First, by addressing the challenges and then making moves to be more knowledgeable about money.