South Asian Americans shift their view of the American Dream

December 23, 2011 in Immigration | 0 Comment

NEW YORK: According to the fifth annual MetLife Study of the American Dream, South Asian Americans show a slight shift in their view of the American Dream. This compares to a clear emergence of a less traditional and more personalized definition of the Dream among the general population. And while South Asian Americans remain far more confident about achieving the Dream than most Americans, pessimism is starting to creep in.
The Study also uncovers a shift in South Asian Americans’ perception about having an adequate financial safety net. Three quarters of South Asian Americans believe that having a safety net is key to achieving the American Dream, yet only 49% feel theirs is adequate this year, compared to 59% in 2010.
“Times are tough, but people are adapting and pursuing their own version of the Dream,” said Devang Patel, certified financial planner with Patel Financial Group, an office of MetLife. “The good news is that, like Americans overall, South Asian Americans can take small steps to rebuild their safety nets and regain their confidence.”
Slight shift in the American Dream
South Asian Americans are having the most success achieving the American Dream. Forty-one percent say they have achieved the Dream, compared with just over a third (34%) of all Americans, and among South Asian Americans who haven’t yet achieved the Dream, 8 in 10 think it is possible.
The study reveals that like most Americans, South Asian Americans no longer place importance on many traditional elements of the Dream: 67% and 66% respectively say marriage and children are not essential and 58% say you don’t have to own a home to achieve the Dream. However, while a majority of Americans (65%) say a college education is no longer important, only 47% of South Asian Americans agree. Education is still key in their version of the American Dream.
Material wealth, once symbolic of achievement, has waned significantly among most Americans, but continues to be a priority among South Asian Americans.
More than a quarter (28%) of South Asian Americans say that recent economic events have reinforced the importance of material possessions and their career over their family and personal life, compared to just 13% of the overall population. More South Asian Americans also believe they need to exceed their parents’ standard of living to achieve the Dream (51% compared with 44% of the general population).
South Asian Americans do
whatever it takes
South Asian Americans are passionate in their pursuit of the American Dream. To make their Dream a reality, almost three quarters (74%) would consider moving into a less expensive home and 71% are willing to relocate to another part of the country to sustain or achieve the American Dream. This compares to 64% and 57% of Americans overall, respectively. Forty one percent of South Asian Americans are willing to take a job for which they are overqualified and 33% would get additional job training.
Financial safety nets
important
A financial safety net includes savings to cover living expenses in the event of illness, job loss, or other serious emergency, as well as financial and protection products such as life, home and health insurance, annuities and retirement accounts.
Despite their continued emphasis on material wealth, there is a decline in financial optimism among South Asian Americans. Only 37% of South Asian Americans say their financial future looks good, down from 57 % in 2010. Similarly, 45% expect their financial situation and 39 % expect the economy to improve in the next year, down from 57% and 65% in 2010, respectively.
In spite of the pessimistic financial outlook among South Asian Americans, their financial security still remains well above Americans overall.
Though fewer South Asian Americans say they have a financial safety net this year, the percentage is still higher than the general population (49% versus 30%). And while more than half of Americans (53%) say living paycheck to paycheck is standing in their way of achieving an adequate safety net, only 43% of South Asian Americans say the same.
Perhaps not surprisingly, almost a quarter of South Asians (23%) say supporting their aging parents is a barrier to achieving an adequate safety net. This compares to only 8% of all Americans.
Methodology
From September 26th to October 10th 2011, Penn Schoen Berland in partnership with Strategy First Partners conducted 2,420 online surveys amongst the general population as part of the 2011 MetLife Study of the American Dream. This is the fifth annual edition of the Study.
India Post News Service

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