We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (17,075)
  • Industry Conferences (3)
  • Industry Job Openings (3)
  • Negative Media (139)
  • Positive Media (73)
  • Sheryl's Articles (626)
  • Sheryl's Blogs (181)
  • Wink's Articles (250)
  • Wink's Blogs (225)
  • Wink's Press Releases (95)
  • Blog Archives

  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • Asian Americans Most Worried About Lost Income as a Result of COVID-19, Says New Lincoln Financial Study

    May 18, 2021 by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–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.

    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 advisor (19%) or increasing their retirement investments (22%). And while most people have shifted financial priorities during the pandemic to better fund emergency savings accounts, Asian Americans did so in much lower numbers (18%).

    “Our research emphasized a real discrepancy among this demographic as far as their level of financial engagement, even though they have expressed a desire to tap into financial planning resources and solutions,” said Elena French, senior vice president, Corporate Marketing, Communications and Brand for Lincoln Financial Group. “The socioeconomic landscape is a more complicated one right now for Asian Americans, which likely contributes to their conservative approach. With this study, we wanted to understand how we could better support and connect with Asian American consumers—as well as other racial and ethnic groups—to help them create positive financial outcomes.”

    The increased spotlight by Asian Americans on pandemic-related unemployment generates other subsequent financial uncertainties like the ability to cover unexpected medical (63%) and non-medical (62%) expenses, which are underpinned by their lower levels of emergency savings.

    An Interest in Financial Guidance

    The good news is that while there are financial issues keeping Asian Americans up at night, these consumers are the most likely to say they believe they are doing well planning for their financial future but can still use some help (78%). They are also looking for and open to financial advice (70%), however, Asian American consumers are currently more likely to do their own research, relying on websites (53%) and family/friends/colleagues (43%). They are the least likely to report a preference for speaking with a financial professional (28%).

    “Increasing your own financial knowledge is an excellent first step toward feeling more confident and empowered to make important decisions about your financial future,” said Martin Fong, a financial planner at Acord & Fong Wealth Strategies and a registered representative of Lincoln Financial Advisors. “Meeting with a trusted financial professional also plays a key role in that consumers have the opportunity to receive guidance specific to their own unique situation and vision for their financial future.”

    For Asian American consumers who are among those concerned about unexpected expenses and the impact of the pandemic on their long-term finances, Fong recommends a few tips to get started on a path to financial wellness:

    1. Create a financial plan and live within a budget. For those who are not ready to meet with a financial professional, try utilizing online budgeting toolscalculators and other resources to establish a financial outlook. An understanding of your financial wellness helps with long-term goals and financial planning. Then when consumers adopt a personal finance plan and stick to it, they know their basic needs are covered along with other financial priorities. Maintaining a budget is hard without objectives, though. Set a savings goal of a certain amount per month, reducing the likelihood the money will be spent elsewhere.
    2. Automate wherever possible. Automatic withdrawals from a checking account to a savings account can help those struggling to save. It removes the stress of remembering to do it monthly. Regular savings contributions can go a long way toward building a long-term nest egg, lowering the temptation to use those resources for luxuries and entertainment.
    3. Create an emergency fund. Fong recommends setting a goal to put three to six months of expenses into a savings account to prepare for any unexpected expenses. An emergency fund provides the peace of mind and safety net needed to help handle a financial crisis. Automatic withdrawals can help set aside the money over time.

    For more information on how to protect the ones you love the most, visit www.lincolnfinancial.com.

    About Lincoln Financial Group

    Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $311 billion in end-of-period account values as of March 31, 2021. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index, and rank among Forbes’ Best Large Employers and Best Employers for Women, and Newsweek’s Most Responsible Companies. Learn more at: www.LincolnFinancial.com. Follow us on FacebookTwitterLinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

    LCN-3581853-050621

    Contacts

    Media Contacts:
    Holly Fair
    Lincoln Financial Group
    484-583-1632
    Holly.fair@lfg.com

    Originally Posted at Lincoln Financial Group on May 13, 2021 by Lincoln Financial Group.

    Categories: Industry Articles
    currency