Prudential Financial Inc. (NYSE:PRU) is reporting that 43% of Asian Americans have less than $50,000 in retirement savings.
Prudential, Newark, N.J., commissioned a survey of 656 Asian Americans who were sole or joint financial decision makers, were between the ages of 25 to 65, and had total household income of at least $50,000 at the time that they participated in the survey.
About 80% of the participants said the 2008 market downturn hurt their savings and investments, but only 1 in 3 said they expect to depend on family members to support them when they retire, and just 20% said they expect to depend on Social Security or other government programs, Prudential says.
But Prudential found that many Asian-American survey participants are falling short in terms of retirement preparation.