Happy senior Asian couple video chatting, staying in touch with their family using smartphone together at home. Senior lifestyle. Elderly and technology


Mary Mannion

Senior Communications Associate for J.P. Morgan Wealth Management

A little over half of the Asian American Pacific Islander (AAPI) community feels confident in reaching their retirement goals, a 2023 JPMorgan Chase survey reveals. Although this percentage is slightly ahead of the general market, the results demonstrate the ways in which culture can influence investment decisions.

The survey gathered data from people aged 18–65 who currently have a retirement account in an effort to better understand how Asian and Pacific Islanders feel about their retirement plans and what barriers they may be facing. While 65% of AAPI survey respondents have over $80,000 in household income – compared to 49% of the general market – many are uncertain they will reach their retirement goals.

When asked about their attitude toward their own retirement savings plans, 56% of AAPI respondents said they felt confident, compared to the nearly equivalent 55% of the general market. When broken down further, however, Filipino and Korean participants reported feeling less confident, at 49% and 35%, respectively. In contrast, Other Asian and Indian respondents felt markedly more confident about their retirement savings plans than the general market and the average Asian respondent, at 63% and 68%, respectively.

“AAPI communities are too often lumped together as a monolithic group. But the diversity of different cultures, histories and experience is too vast to simplify under this label,” said Vivian Young, Global Head of Asian and Pacific Islander Affairs for JPMorgan Chase. “This data demonstrates that we can’t take a one-size-fits-all approach to investment advice. Each culture has their own views on financial security and retirement readiness.”

A diverse and rapidly-growing community

In the U.S., the AAPI community has almost doubled in size over the past two decades, from 11.9 million in 2000 to over 24 million in 2021.1 A diverse community in terms of income, ethnicity, language and education, by 2060, that number is expected to climb to 46 million.2

“The data reflects the immigrant story,” said Young, who is of Filipino descent. “Prior to 1965, immigration was severely restricted, based on a National Origins formula that limited the number of people allowed to enter the country.”

The Immigration and Nationality Act of 19653 replaced the exclusive quota with a system based on skills, family reunification or people facing political persecution. Many people began their journey to the United States in the 1970s and later, which ultimately translates today to almost 70% of Asian Americans being foreign born.

There are approximately 24 million Asian Americans total, but six origin groups account for over 80%. The survey chose to focus on the majority comprising Chinese, Filipino, Indian, Japanese, Korean and Vietnamese, allowing us to understand how attitudes toward retirement differ across ethnic and cultural lines.

Yet, some common threads seem to emerge from the results.

Fear of uncertainty

Of those who responded as not feeling confident in their retirement savings, reasons cited by AAPI participants do not differ substantially from broader sentiments in the general population. For many investors, regardless of race or community, recent macroeconomic volatility has been troublesome and has eroded retirement savings across the board.

Reasons AAPI respondents cited for their lack of confidence were:

  • The current economy and inflation. “The current economic downturn has destroyed my retirement funds.” -Korean, Millennial
  • Do not make enough money. “Live paycheck to paycheck. Hard to save the money.” -Japanese, Boomer
  • Other financial responsibilities. “I believe I will have to choose between raising my children and saving for retirement.” -Indian, Millennial
  • Lack of knowledge. “There is a lot of complicated finance lingo, and it stressed me out.” -Filipino, Gen Z

Not maximizing asset contributions

AAPI respondents reported contributing an average of 11% of their income to retirement, yet almost half do not feel they are contributing enough to make their retirement goals. For the AAPI respondents with an employer-sponsored retirement account with employer matching, only a third contribute the maximum amount that they are allowed each year.

Self-directed and single stock investors

AAPI survey respondents prefer to make their own investment decisions and invest in individual stocks and mutual funds. Compared to 56% of the general market, 71% of AAPI respondents reported as preferring self-directed accounts.

More than 30% get their information from websites and online articles and 29% rely on social media or family. To boot, this segment expressed less interest in advisor-led assistance. But without advisor guidance and with a preference for choosing individual stocks rather than diversified vehicles such as ETFs, investing can prove difficult. Investing in singular stocks does not offer the benefits of diversification – i.e. as much exposure to the possibility to earn returns on a broad range of stocks.

“Many immigrants, including myself, were self-educated about investing,” said Young. “The need to be self-sufficient is reflected in the desire to make independent investment decisions and choose self-directed accounts.” 

While self-directed investing can be an optimal investing option, a financial professional can create a plan to help clients achieve their long-term goals.

The role of family

Family emerged as a significant influence on retirement planning for AAPI respondents.

Nearly half of AAPI retirement account holders surveyed said they involve their spouse/partner in their retirement decisions and 19% reported parents being an influencing factor.

Additionally, AAPI respondents reported being significantly more likely to have goals of savings for their children’s education and supporting elderly family members.

Indian respondents, in particular, reported as the most family focused when it comes to finances. Of those surveyed, Indian respondents were the least likely to make retirement decisions alone and the most likely to include spouses, parents and even siblings in their decision making. Saving for retirement is important because they want to have something to pass on to their family. The Indian subgroup reported the highest level of confidence regarding retirement.

So, how can financial institutions use these findings to benefit the AAPI community?

Members of all communities, including the AAPI community, should feel empowered and confident to use the tools that financial institutions – including J.P. Morgan – have available to benefit their financial plans and futures as much as possible.

“We can do better for the AAPI community,” said Young. “This is the fastest growing demographic in the U.S. We can help by delivering the tools, education and resources to help AAPI individuals make better decisions and drive better outcomes.”

The findings from the survey reveal several takeaways to help improve how AAPI individuals approach investing: 

  • Culture matters. There remains important differences in how different cultural groups view their retirement. It’s important to understand the unique experiences of clients and how culture influences attitudes toward readiness and decision-making.
  • More education is needed. Survey respondents made it clear that they do not find their current information sources to be helpful. Educational resources such as investing 101, investing strategy and market analyses content can aid in helping AAPI investors feel confident that their retirement plans are sound.
  • Personalized advice has the potential to build confidence. Financial institutions such as J.P. Morgan have the experience and tools to help clients improve their investing outlooks through advice and expertise. Financial advisors can help talk through investments with clients – including popular portfolio additions and retirement-specific investment strategies such as maximizing tax-advantaged retirement accounts and helping clients stay up to date with current regulations such as 2024 retirement planning contributions.

JPMorgan Chase is committed to serving the AAPI community. Through our Office of Asian and Pacific Islander Affairs – a diversity, equity and inclusion Center of Excellence – we are creating opportunities for Asian and Pacific Islanders to build their financial futures – no matter when they are starting. 



Pew Research Center, “What it means to be Asian in America.” (August 2022)


Pew Research Center, “Key facts about Asian Americans, a diverse and growing population.” (April 2021)


History, Art & Archives – United States House of Representatives, “Immigration and Nationality Act of 1965.”


This material is for informational purposes only, and may inform you of certain products and services offered by J.P. Morgan’s wealth management businesses, part of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all Important Information.

GENERAL RISKS & CONSIDERATIONSAny views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan representative.

NON-RELIANCECertain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

Legal Entity and Regulatory Information.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

Bank deposit accounts and related services, such as checking, savings and bank lending, are offered by JPMorgan Chase Bank, N.A. Member FDIC.

This document may provide information about the brokerage and investment advisory services provided by J.P. Morgan Securities LLC (“JPMS”). The agreements entered into with JPMS, and corresponding disclosures provided with respect to the different products and services provided by JPMS (including our Form ADV disclosure brochure, if and when applicable), contain important information about the capacity in which we will be acting. You should read them all carefully. We encourage clients to speak to their JPMS representative regarding the nature of the products and services and to ask any questions they may have about the difference between brokerage and investment advisory services, including the obligation to disclose conflicts of interests and to act in the best interests of our clients.

J.P. Morgan may hold a position for itself or our other clients which may not be consistent with the information, opinions, estimates, investment strategies or views expressed in this document.  JPMorgan Chase & Co. or its affiliates may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as an underwriter, placement agent, advisor or lender to such issuer.