A Qualitative Exploration of First-Generation Asian Immigrants’ Financial Behaviors in the United States
File version
Author(s)
Murugan, Vithya
Maywald, Dominique I
Vaughn, Michael G
Griffith University Author(s)
Primary Supervisor
Other Supervisors
Editor(s)
Date
Size
File type(s)
Location
License
Abstract
Although Asians are one of the fastest-growing immigrant groups in the United States, their financial behaviors remain largely understudied. The purpose of the study was to understand Asian immigrants’ lived experiences of financial behaviors and integration postmigration to the United States. Phenomenological inquiry, using semistructured, one-on-one interviews, was conducted with a convenience sample of 13 first-generation Asian immigrants in a medium-sized Midwestern city. Four themes were constructed from the thematic analysis: (a) spending behavior, (b) perception of debt, (c) utilization of support, and (d) savings. Specifically, we found that despite being highly educated and motivated, all participants experienced challenges with the financial system and institutions postmigration. To overcome these barriers, participants utilized informal support, such as family and friends, instead of formal support in navigating the financial system. Participants also reflected on how their Asian immigrant background influenced their financial behaviors, such as engaging in self-control when spending, maintaining an aversion to debt, and saving money for the future. Recommendations for culturally appropriate financial educational programming, as well as nonrestrictive policies for loans and credit for new immigrants, are advised so that financial professionals can support the full financial integration of the growing Asian immigrant community.
Journal Title
Journal of Financial Counseling and Planning
Conference Title
Book Title
Edition
Volume
Issue
Thesis Type
Degree Program
School
Publisher link
Patent number
Funder(s)
Grant identifier(s)
Rights Statement
Rights Statement
Item Access Status
Note
This publication has been entered in Griffith Research Online as an advance online version.
Access the data
Related item(s)
Subject
Persistent link to this record
Citation
Terzis, LD; Murugan, V; Maywald, DI; Vaughn, MG, A Qualitative Exploration of First-Generation Asian Immigrants’ Financial Behaviors in the United States, Journal of Financial Counseling and Planning, 2025