Asian Indian’s savings rate is not coincidental; as a group they are hands-on, when it comes to their finances. An overwhelming 70 percent of Asian Indian respondents want to be actively involved in all decisions regarding their finances, while just over half indicated that they tend to do their own research and make their own decisions about insurance and investments.
Yet, in spite of having some solid financial planning in place—they are more likely to own mutual funds, individual securities and college savings plans than any other group—only about a third are satisfied with their current financial situation and one third are worried about being able to meet their long-term financial goal.
Additional findings from the survey further illustrate Asian Indians’ strong tendency to put family first: * Sixty-seven percent of Asian Indians think about what is best for the family when making financial decisions. * Three quarters of Asian Indians believe that it is important to educate their children about finances to ensure a strong economy in the future. * Seventy percent feel it is important not to burden their own children with the cost of caring for them when they get older.