NEW YORK – A recent MassMutual study confirmed what most Indian-origin residents in the US 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, according to a press release.
“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 (www.massmutual.com), in a statement.
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 was important 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 study 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.
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 Asian Indians.
According to another recent MassMutual study that focused on college funding, forty-nine percent of Asian Indians surveyed started saving for their children’s college education before their child turned five, and were most prepared for it among all the ethnicities surveyed. In fact, by the time a child was ten, seventy-nine percent of Indian parents were saving for college and at least one in five had saved up to $50,000. The study was ‘MassMutual’s College Planning & Saving Study’ conducted by New American Dimensions, LLC, last year.
Another interesting finding from the 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.
For those who want to explore more, MassMutual offers ideas to further secure Asian Americans’ financial security. Visit MassMutual.com to explore a variety of educational materials and tools such as the MassMutual’s College Savings Calculator, as well as options to connect with a financial advisor.
PBS conducted the research online between September 7 through September 28, 2017 using a nationally representative sample of 10,000 U.S. adults ages eighteen and above. Results are nationally representative of age, gender, race, ethnicity, and education.
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policy owners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long-term care insurance, annuities, retirement plans and other employee benefits.