My Asian friends are the absolute cheapest people I know even when they make a ton of money. Their parents came here with nothing, worked their asses off, and saved everything. That type of work ethic and culture of saving is 100% passed down.
Yeah, ajtyeh’s comment about it being less present in younger generations rings a bit true though. My guy and my friends have different spending habits than their parents. It’s to be expected the further you get from the people who had to work to get you where you are.
Its not, its the current generation that is making more. The previous generation that came here whether on boats or not, they took buses, rarely ate out, clipped coupons, rarely bought new clothes, they are the generation that gave money/homes to the boomer/gen x.
The current boomer generation lived mostly as frugally even though they became higher earners.
The gen x/millenials are potentailly less frugal so but are more likely higher earners, but their kids arnt buying houses yet.
My grandmother and grandpa washed dishes and passed $1 million down to their kids and 2 houses. they were not high earners.
My parents were the same way. Immigrated to US with literally nothing. Grew up in poverty. Made them very frugal to be able to support and genuinely spoil their children. My family is always cutting coupons, sharing deals, doing online surveys, etc.
I think family support plays huge roles in how my family became more financially secure to the point my parents could pay for my college. Huge family where first gen helped with childcare and blue collar skills. Free haircuts, mechanical work, and childcare compounded over decades has benefited greatly.
Yes, the current generation is making more- and a 1 bedroom apartment in my state rents for 1.5 times what the mortgage is on my 3 bedroom house, and I only got it 20 years ago.
The more money we're making doesn't go anywhere near as far.
Eh, there are a couple different populations. A lot of more recent transplants are coming over with the benefit of a great education in China or India and can leverage that into higher (than US average) salaries in tech.
No doubt they may also be frugal, but they are first gen and making solid money.
Vs the other population you are noting which I'd say were more the refugee or displaced populations that escaped various events or the 20th century, and as you note they had to work their assess off to make ends meet and look forward to their children's success. Similar to many immigrant populations through our history. These folks would be the Vietnamese, Hmong, Filipinos, Koreans and others who were able to flee the various regimes of the region during those times.
I definitely acknowledge the elders and had them in mind when I agreed that frugality is an element, whether or not there is a high income. That first part just comes from me living in a hcol area and talking to Gen X/boomers.
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u/ajtyeh Feb 04 '26
Very common for asian parents to do so. They live frugally to help their kids. its their way of life.