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Asian Indians desire a one-stop-shop solution to streamline financial needs

Asian Indians desire a one-stop-shop solution to streamline financial needs
July 02
14:46 2020

India Post News Service

SPRINGFIELD, Mass.: At a time when things are changing quickly and the future looks uncertain, protecting loved ones is the highest priority. Whether it means understanding what comes next or taking active steps to plan ahead, holistic financial wellness is a clear and somewhat necessary sign of the times. Especially as Asian Indians, who often have connections to their roots back home, getting critical information and being prepared to manage the future is of utmost importance. MassMutual’s latest study1 finds that Asian Indians are seeking financial advice from a trusted source that prioritizes their requirements.

Sophisticated Financial Consumers

MassMutual’s latest qualitative study revealed that Asian Indians are savvy financial consumers who spend a significant amount of time researching the various products available in the market. They are meticulous fact finders who take a keen interest in learning about financial wellness, choosing the best options available to them, and were discovered to be one of the highest consumer groups in terms of financial preparedness. “The participants shared that they use a combination of different research methods, including checking a vast array of financial websites and consulting with friends, family and relatives before arriving at a decision,” said Wonhong Lee, Head of Cultural Markets at MassMutual.

Still connected to their roots

The qualitative study also divulged that many Asian Indians maintained close ties with their families back home and were more likely to live in multi-generational households. Balancing their financial needs while caring for their parents and saving for their children’s college education was discovered to be a top priority for many individuals who participated in the survey. Some Asian Indians also disclosed that given their connections with their home country, they are investing in real estate, gold, or stocks in India while maintaining investments in the United States. A number of first-generation participants also admitted that they often found understanding the complex financial landscape in the US somewhat challenging.

Complex and unique financial expectations

One of the key findings of the study indicated that Asian Indian consumers were searching for holistic, broader financial solutions ideally available under the same umbrella vs. single service/product purchases from different parties. The study also revealed that many Asian Indians have complex needs and most, especially those who recently immigrated to the country, expected a well-rounded combination of ease and expertise from their financial products and services.

 â€śA well-built financial roadmap should have multiple components from basic protection to college planning and retirement,” said Lee. “Finding and consulting with a financial professional who can understand your unique needs and offer a broad range of solutions is a critical first step.”

MassMutual’s diverse range of financial services and investment products can offer customized solutions to the most sophisticated Asian Indian consumers. To find MassMutual financial professionals near you, please visit www.massmutual.com.

Research methodology:

Qualitative Methodology: Four (4) focus groups were conducted, two (2) in northern New Jersey (12/16) and two (2) in San Jose (12/18) with Asian Indians having a household income of at least $150,000 per year and own 3 or more financial products and services from a list of 12 options, including savings, checking, credit cards, life insurance, retirement accounts, brokerage investments, etc.  Each focus group consisted of a 2-hour discussion facilitated by an Asian Indian moderator at a pre-designated facility and had recruited ten (10) respondents to seat a total of eight (8) respondents. In each market, one group was conducted with women, the other with men.

About MassMutual:

MassMutual is a leading mutual life insurance company that 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. For more information, visit www.massmutual.com.

1MassMutual Asian Indian Qualitative Research Study, New American Dimensions, December 2019.CRN202206-265902

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