Asian Americans Most Worried About Lost Income as a Result of COVID-19, Says New Lincoln Financial Study

Rhea-AI Summary

Lincoln Financial Group's Monthly Consumer Sentiment Tracker reveals that 37% of Asian Americans are concerned about income loss due to COVID-19, reflecting significant economic impact. Unemployment among Asian Americans surged over 450% from February to June 2020, with many employed in hard-hit sectors. Despite 82% of Asian Americans seeking better financial protection, one-third haven't taken any financial action, unlike other demographics. Interest in purchasing long-term care and life insurance is notably low at 12%.

Positive

• Majority of Asian Americans (82%) expressed a desire to improve financial protection.

Negative

• Unemployment rate for Asian Americans increased over 450% between February and June 2020.
• One-third of Asian American consumers have taken no financial actions post-COVID-19.
• Low interest in purchasing long-term care and life insurance products (only 12%).

According to Lincoln Financial Group’s (NYSE: LNC) Monthly Consumer Sentiment Tracker, Asian Americans (37%) are most worried about lost income from layoffs and reduced employment hours as a result of COVID-19—a fear that is not unfounded in a population hit especially hard by the economic crisis. A McKinsey & Co. analysis reported the unemployment rate among Asian Americans jumped more than 450% between February and June 2020, outpacing the rate of other ethnic groups. Almost a quarter of employed Asian Americans work in sectors hit hard by the pandemic like hospitality and leisure, retail or industries like personal care, according to a July 2020 UCLA report that also noted 28% of Asian American small businesses closed between February and April 2020.

Martin Fong is a financial planner at Acord & Fong Wealth Strategies and a registered representative of Lincoln Financial Advisors (Photo: Business Wire)

Lincoln’s research found that the majority of Asian Americans (82%) are looking for ways to better protect themselves and their families financially, but they are the least likely to be taking any current steps to do so. Whereas other demographics feel now is a good time to purchase financial products and increase investments, one-third of Asian American consumers have taken no financial actions at all in the wake of COVID-19. Even fewer numbers are interested in buying long-term care or life insurance (12%), speaking with an { "@context": "https://schema.org", "@type": "FAQPage", "name": "Asian Americans Most Worried About Lost Income as a Result of COVID-19, Says New Lincoln Financial Study FAQs", "mainEntity": [ { "@type": "Question", "name": "What does Lincoln Financial Group's Monthly Consumer Sentiment Tracker reveal about Asian Americans' financial concerns?", "acceptedAnswer": { "@type": "Answer", "text": "The tracker indicates that 37% of Asian Americans are worried about income loss due to COVID-19." } }, { "@type": "Question", "name": "How much did the unemployment rate among Asian Americans increase during the pandemic?", "acceptedAnswer": { "@type": "Answer", "text": "The unemployment rate among Asian Americans surged over 450% between February and June 2020." } }, { "@type": "Question", "name": "What percentage of Asian Americans are looking for better financial protection?", "acceptedAnswer": { "@type": "Answer", "text": "According to the tracker, 82% of Asian Americans are seeking ways to enhance their financial protection." } }, { "@type": "Question", "name": "What financial actions have Asian American consumers taken in response to COVID-19?", "acceptedAnswer": { "@type": "Answer", "text": "One-third of Asian American consumers have not taken any financial actions in the wake of COVID-19." } }, { "@type": "Question", "name": "What is the interest level in long-term care and life insurance among Asian Americans?", "acceptedAnswer": { "@type": "Answer", "text": "Interest in purchasing long-term care and life insurance is notably low at only 12%." } } ] }

FAQ

What does Lincoln Financial Group's Monthly Consumer Sentiment Tracker reveal about Asian Americans' financial concerns?

The tracker indicates that 37% of Asian Americans are worried about income loss due to COVID-19.

How much did the unemployment rate among Asian Americans increase during the pandemic?

The unemployment rate among Asian Americans surged over 450% between February and June 2020.

What percentage of Asian Americans are looking for better financial protection?

According to the tracker, 82% of Asian Americans are seeking ways to enhance their financial protection.

What financial actions have Asian American consumers taken in response to COVID-19?

One-third of Asian American consumers have not taken any financial actions in the wake of COVID-19.

What is the interest level in long-term care and life insurance among Asian Americans?

Interest in purchasing long-term care and life insurance is notably low at only 12%.