Happy New Year! We wish the Year of The Dog brings your family together and grants you peace of mind, prosperity, and great health!
Springfield, Mass., Feb 15, 2018 – A recent MassMutual study confirmed what most Chinese Americans have known all along: being part of a community is not only good for your body and soul, but also for your bank account. According to “You Get What You Give: The MassMutual 2018 Financial and Wellness Community Involvement Study” from Massachusetts Mutual Life Insurance Company (MassMutual), one in two Americans say community involvement improves their finances, while four in ten say financial support is a reason they are involved in communities.
When it comes to Asian Americans, community is especially important for cultural connection and resource sharing. Seventy-two percent of Asian Americans participating in the study said that being part of a community was important to their overall well-being. Additionally, a crucial link between financial security and community participation was identified: “Those who are more confident in their financial future are also more likely to say community involvement is important,” said Dennis Duquette, Head of Community Responsibility at MassMutual.
Tough Times: Let’s Lift Each Other Up
While communities foster a sense of social and financial security, they also act as support systems in times of crisis according to the study. Eighty percent of Asian Americans in the study believed that it wasimportant to look out for one another and forty seven percent had supported someone in their community during a time of financial difficulty. Apart from looking out for each other, Asian Americans were also found to be more likely to pursue their financial goals. Sixty percent of the Asian Americans surveyed regularly saved money in a short-term savings account, while sixty three percent put their money in a retirement savings account, the highest among all ethnicities surveyed.
In a world that’s quickly becoming more isolated, communities are essential in maintaining a sense of belonging and developing lasting bonds. MassMutual started almost a century and a half ago out of a concern for community by offering coverage to help people secure their futures and protect their loved ones. MassMutual’s College Planning & Saving study conducted by New American Dimensions, LLC ., 2017 on financial wellness and community involvement discovered that communities today are more relevant than ever. “Our research indicates that by Living Mutual – coming together and relying on each other – we can make our communities stronger and our lives more secure and fulfilling,” said Candy Chan, Director of Asian Markets at MassMutual.
Community: Up Close and Personal
According to the survey, Asian Americans are most likely to form communities among families, friends, children’s schools, and professional networks. Creating more opportunities for children is particularly important for Chinese Americans. According to another recent MassMutual study that focused on college funding, fifty three percent of Chinese Americans surveyed started saving for their children’s college education before their child turned five, and Chinese American families on average save $29,219 for their children’s college education, the highest among all the ethnicities surveyed (Source: MassMutual’s College Planning & Saving Study conducted by New American Dimensions, LLC., 2017).
Another interesting finding from MassMutual’s Financial and Wellness Community Involvement Study is that Asian Americans seem more passionate about career networking. Sixty percent of the Asian Americans surveyed were involved in communities related to their work or professional networks, fourteen percent higher than the U.S. average.
In this Year of the Dog, MassMutual offers ideas to further secure Asian Americans’ financial security. Visit MassMutual.com to explore a variety of educational materials and tools such as MassMutual’s College Savings Calculator, as well as options to connect with a financial advisor.