National CAPACD's New Report: Low-Income Asian Americans and Pacific Islanders (AAPI) are Financially Vulnerable, Lack Access to the Financial Mainstream
New Report: Low-Income Asian Americans and Pacific Islanders (AAPI) are Financially Vulnerable, Lack Access to the Financial Mainstream
Research Shows Many AAPIs Rely on Family and Friends
April 1, 2015 (Los Angeles, CA) – The National Coalition for Asian Pacific American Community Development (National CAPACD) today released Scrimping + Saving, a groundbreaking report that offers both new data and creative solutions for addressing growing financial vulnerability in low-income Asian American and Pacific Islander (AAPI) communities.
The report which was supported by the National Council of La Raza and Citi, highlights how age, ethnicity, immigration status, English language fluency and other variables influence access to financial information, services and products. Findings from the research include:
U.S. Congresswoman Maxine Waters (CA-43), Ranking Member of the House Committee on Financial Services, was on hand to release the report and praised the document’s call for greater corporate responsibility, government oversight, and improved regulations that complement and support individual action.
“I am privileged to represent a diverse District filled with individuals from many different racial and ethnic backgrounds. Asian Americans and Pacific Islanders are a significant part of my District’s population, and are growing rapidly across our state and nation,” said Waters. “But like other segments of our community, far too many Asian Americans and Pacific Islanders face significant, cultural and systemic barriers to achieving the American Dream. We must ensure that Washington is focused on the specific needs of all communities facing poverty, through policies that promote safe, affordable services and products for low-income individuals. These reasonable actions will keep our families from falling victim to the predators that simply exacerbate debt, not end it.”