When I first moved to Washington in 2018, my mom and I would frequent a small nail salon for manicures in our free time. It was a small, beautifully decorated place owned by a sweet Vietnamese couple. When I found out that this place closed a couple years later, I realized how truly hard these Asian-owned businesses were hit by the pandemic.
A particular consequence of COVID-19 was the spike in Asian hate crimes and the hit on smaller, family owned Asian businesses. The stereotype of “universal success” in Asians has lead these businesses to be unable to obtain the financial help they need.
In reality, the financial success of Asian Americans are very dependent on their personal situations- for an individual who is a recent immigrant, for example, their financial behavior and decisions are affected by the cultural and language barriers that they face when coming into the country. When it comes to ethnic groups whose languages are not as mainstream, it is much harder for them to access resources or assistance with possible financial questions and problems, especially for small business owners.
According to the Hmong Association of Washington,
Asian Americans have some of the widest variances in corporate success, education, and income.
The status of our community is unique in that our individual variances are hardly recognized for their diversity. While one ethnic group may have a large population consisted of high-status corporate positions, another may lack a college education. For one, while the Japanese has less than 5% of individuals without a high school diploma, more than 45% of the Burmese/Myanmar are without one.
Ultimately, this means that our behavior in the economic landscape of American and the opportunities we receive also vary. Without a high school diploma, entering college and getting a stable job is significantly harder.
Another example that shows the inherent distinction of Asian American financial behavior is that a large percentage of Asian Americans are also business owners, which “have been hardest hit by COVID-19” which “has exacerbated anti-Asian xenophobia and racism,” according to the Hmong Association.
These small businesses, such as your local nail salon or supermarket, have genuinely been heavily impacted by the pandemic. Even in the place where I live, many nail salons and restaurants, owned by Asian people, were forced to close down during the pandemic. The rising anti-Asian sentiments likely further led to diminishing business.
These struggles are not just a distant piece of data; in reality, it affects all the people around you and yourself. It is important for financial institutions, community organizations, and the like to recognize and address the distinct needs and challenges of the fifty plus Asian American ethnicities to promote equitable economic opportunities.