Despite Successful Minority Stereotype, Asian-Americans Face Worse Retirement Crisis Than Whites
America’s families face a looming retirement crisis and it is worse for Asian-Americans and other communities of color than for whites. Millions of Asian-Americans work in low paid jobs located in high priced communities, but without benefits. Older Asian-Americans rely more on public assistance than any other population groups. Income and wealth inequality among Asian-Americans have also been rising over the past three decades. Many low-income and middle-income Asian-Americans then face a more dire prospect in retirement than their white counterparts.
News reports and research items often portray Asian-Americans as economically successful and secure. Yes, many Asian-Americans have substantial income and wealth, similar to that of whites. But using one number such as an average or even a median obscures the tremendous economic diversity of the Asian-American community and leads observers to ignore the widespread hardships that many older Asian-Americans face.
The above excerpt was originally published in Forbes. Click here to view the full article.
The positions of American Progress, and our policy experts, are independent, and the findings and conclusions presented are those of American Progress alone. A full list of supporters is available here. American Progress would like to acknowledge the many generous supporters who make our work possible.