Financial Capability and Economic Hardship Among Low-Income Older Asian Immigrants in a Supported Employment Program

This study examined financial capability and economic hardship among low-income older Asian immigrants in a supported employment program (N = 142). Financial capability was defined as a combination of financial literacy, financial access, and financial functioning. Economic hardship was defined as the inability to meet basic needs. Results demonstrated that the majority of the sample had difficulty meeting basic needs. Most respondents answered basic financial knowledge questions incorrectly, and few applied prudent financial management skills. Results indicated that financial access and financial functioning were negatively associated with the risk of experiencing economic hardship, whereas financial literacy was not significantly associated. These findings call for active public policies and programs that address economic challenges among low-income Asian immigrants by enhancing their financial capability.