Chinese-American Consumption of Financial Service: A Cultural Framework

Abstract

While the Latino/Hispanic segment of US population has garnered the most attention from the practice and research of financial services marketers, the Asian and Pacific Islanders segment has received less attention. The Asian and Pacific Islanders is among the fastest growing segment of our population and this study focuses on this group to start a fruitful research theme. In today’s diverse and fast changing world, financial advisors must consider the impact of origin and culture on whether—and how—consumers choose to take advantage of their services. In order to serve these clients well, financial advisors need to know where these clients come from and the implication that has for services offered. The purpose of this study is to identify the financial traits and attitudes of Chinese-Americans, including attitudes toward risk, savings, asset allocation, international investment, and the need for financial advisors. Our research sets the stage for future empirical investigations that will enrich the understanding of academics and practitioners alike.