The role of racial/ethnic discrimination in financial access and material hardship: Findings from Korean immigrants living in the deep south

Yunju Nam, Eun Young Choi, Cho Rong Won and Hee Yun Lee

Journal of Consumer Affairs, 2023, vol. 57, issue 4, 1547-1575

Abstract: This study examines how racial/ethnic discrimination influences financial access and material hardship, using survey data collected from self‐identified Korean immigrants living in two counties in Alabama (N = 241). Key variables are experiencing racial/ethnic discrimination, two subjective measures of financial access, and four indicators of material hardship (overall, food‐related, health insurance, and medical care). Descriptive analyses show a high rate of experiencing racial/ethnic discrimination, limited access to basic financial services and credit, and considerable rates of material hardship. Regression analyses indicate that experiencing discrimination has a significant association with access to credit but not with access to basic financial services. Access to credit has a significant and negative association with all types of material hardship. Our findings challenge the model minority myth of socially and economically integrated Asian/Korean immigrants. Results call for anti‐discrimination policies and public efforts to expand financial access and reduce material hardship among Korean immigrants.

Date: 2023
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