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

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05/13/2021 - 01:00 PM

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