General Discussion
In reply to the discussion: Taxing wealth is the next logical step [View all]mainer
(12,557 posts)And what are you, a racist? Unable to comprehend that another culture might view savings differently than you do?
A little education is in order:
"Given the higher amount in retirement savings by Asian Americans, it should be no surprise that Asian Americans also contribute more to retirement accounts, 10.3% of a paycheck on average (versus 8.4% in the general population), and $324 on average per paycheck (versus $220 in the general population). Even with the higher contribution to retirement savings, Asian Americans also save more in general with 69% having savings outside of retirement plans (compared with 58% of the general population).
When it comes to routine savings and expenses, its generally considered a good idea to have an emergency cash reserve (90% of Asian Americans say they have one, versus 81% of the general population), and even better if that reserve can cover 6 months of living expenses (51% of Asian Americans have 6 months of reserve versus 32% of the overall population).
When it comes to debt, Asian Americans seem to manage it better than other groups. Only 15% of Asian Americans have student loan debt (compared to 25% overall), 23% of Asian Americans have a car loan (compared to 44% overall). Asian Americans use credit cards more (96% versus 91%), but have better control of them with 35% carrying debt on credit cards, versus 40% overall, and more likely to pay off credit cards in full every month (75% versus 50% overall)."
http://www.8asians.com/2012/02/09/asian-americans-have-mixed-results-in-retirement-study/
You call me shit. I answer with numbers. It's all I can do.