The days of Asian Americans being stingy with their money may be nearing an end as the millennials flex their newfound wealth, according to a blog by Justin Chan in Policy Mic.
Under the values of the older generation who escaped their homelands for better economic prospects in the United States, there was a tendency to save.
“In Chinese, there’s a saying,” Chan’s own mother would often say. “There are four important things in life. Food, clothing, housing and transportation. If you don’t have enough money, you can eat less, buy cheaper clothes and ditch transportation in favor of walking. But you need a roof over your head.”
But the immigration system of today tends to favor wealthier immigrants and those immigrants from China, India, the Philippines and Korea are more likely to spend their money.
A new Nielsen Report just released found that millennials in Asian American households spend 40 percent more than other millennials annually.
Do you agree? Is the cultural norm of saving money breaking down and is this a good thing? Or will this materialism lead to problems? Read Justin Chan’s blog in the Policy Mic and let us know what you think.