If you’re holding on to the idea that all Asians — especially in retirement — are filthy rich, it’s about time to let go.
The simple truth: they also struggle to make ends meet.
That’s according to a report by the National Coalition for Asian Pacific American Community Development (National CAPACD), which showed that in 2012, the poverty rate for Asians and Pacific Islanders (AAPIs) aged 65 and above was 13.1%. For all Americans in the same age group, it was 9.1%.
But that’s not everything. Poverty among Asian-American elders between 2009 and 2014 went up by 40%, while it rose by 191% for Pacific Islander elders.
It must also be taken into account that elderly Asian Americans and Pacific Islanders are projected to grow by 352% to 7.3 million in 2060. At this point, they will make up 21% of the total population of AAPIs.
According to Shelterforce, it is true that older Asian Americans are more likely supported by family members, but those living alone are four times more likely to be below the poverty line than their peers.
Many people would like to think that Asian Americans in general are better off than everybody else, but this may be rooted in the media’s bias on younger folks who consistently excelled in academics leading to higher education or made really good strides in business.