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December 16, 2011
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MetLife Fifth Annual Study Finds South Asian Americans Shift in View of American Dream
By Kalyani Giri HOUSTON: A recent study by MetLife has found that South Asian Americans have shown a slight shift in their hypothesis of the American Dream. Less traditional and more flexible ideologies about finances, home ownership, marriage, family, and education are emerging, not unlike most Americans. But South Asian Americans still remain more confident than most Americans about achieving the Dream, says the MetLife study. The study also uncovers a shift in the South Asian American cognizance of an adequate financial safety net, but has shown that regardless of a more disgruntled financial outlook, the Asian American financial security remains well above the Americans overall. “Times are tough, but people are adapting and pursuing their own version of the Dream,” said Devang Patel, a certified financial planner
with Patel Financial Group, an office of MetLife. “We’re here to help South Asian Americans get back on track. “The good news is that, like Americans overall, South Asian Americans can take small steps to rebuild their safety nets and regain their confidence by being proactive. That safety net includes savings to cover living expenses for up to 6 – 12 months in case of illness or loss of jobs or other serious emergencies. We also discuss investments. Some people put money into real estate or the stock market, so we talk about the risks involved. South Asians are very good savers. But with the strong ties to family comes the added responsibility of taking care of elderly parents and educating children, so extra funds are always required,” said Patel, who has worked with MetLife for the past eight years.
Based in New York, his primary clientele are South Asian Americans mostly from the medical field or in business. With a Masters degree in computer science and formerly an engineer by vocation, Patel isn’t unlike the educated, upward-
ly mobile clients he offers sound financial advice to. The 2011 MetLife Study, is the fifth annual report of its kind by the leading global provider of insurance, annuities, and employee benefit programs, serving 90 million customers in over 50 countries. It revealed that South Asian Americans are having the most success achieving the American Dream. Forty-one percent say they have achieved the Dream,
compared with just over a third (34%) of all Americans, and among South Asian Americans who haven’t yet achieved the Dream, 8 in 10 think it is possible. The study reveals that like most Americans, South Asian Americans no longer place importance on many traditional elements of the Dream: 67% and 66% respectively say marriage and children are not essential and 58% say you don’t have to own a home to achieve the Dream. However, while a majority of Americans (65%) say a college education is no longer important, only 47% of South Asian Americans agree. Education is still key in their version of the American Dream. Material wealth, once symbolic of achievement, has waned significantly among most Americans, but continues to be a priority among South Asian Americans. More than a quarter (28%) of South Asian Ameri-
cans say that recent economic events have reinforced the importance of material possessions and their career over their family and personal life, compared to just 13% of the overall population. More South Asian Americans also believe they need to exceed their parents’ standard of living to achieve the Dream. South Asian Americans are passionate in their pursuit of the American Dream. To make their Dream a reality, almost three quarters (74%) would consider moving into a less expensive home and 71% are willing to relocate to another part of the country to sustain or achieve the American Dream. This compares to 64% and 57% of Americans overall, respectively. Forty one percent of South Asian Americans are willing to take a job for which they are overqualified and 33% would get additional job training. For more information visit www. metlife.com.
Mukesh Ambani to get into Fast Food Business
BANGALORE (TOI): Reliance Industries, a $50-billion-plus oil and gas giant, will enter the fast-food business with its own brand next year, opening yet another front to do business directly with India’s growing young population after retail and 4G wireless services. Mukesh Ambani has roped in Rishi Negi, COO of multiplex operator Fame India, which is partly owned by his younger brother Anil Ambani, to develop a quick service restaurant (QSR) concept within 3-4 months, two senior Reliance executives said. Negi will spearhead Reliance’s entry into a segment that is growing at least 25% a year and where international brands such as McDonald’s and Domino’s jostle to introduce Indianised cuisines to take on popular local chains such as Jumbo King and Saravana Bhavan.
Reliance is exploring a scaleable model like McDonald’s and Domino’s, complete with a standardized menu. Mukesh Ambani CEO, Reliance is excited about bringing some interesting food items that will please the Indian palate
Reliance is exploring a scaleable model like McDonald’s and Domino’s, complete with a standardised menu and express delivery, the executives said. . “The company is looking at anything suitable for Indian palate, be it Chinese, Italian or Indian cuisine,” one of them said. The Reliance Industriesspokesmandeclinedtocomment. The executives said the company has zoomed in on Delhi, Mumbai and Bangalore as the tentative locations to launch the business. “With a hypermarket format already attracting a large number of consumers, it makes sense to bundle in food as well,” one of the executives said. The company has already experimented with a fresh bakery at its hypermarkets, Reliance Mart. The move is in line with Mukesh
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Ambani’s aggressive moves to build businesses for the country’s consumer class, dominated by demanding and aspirational youngsters. His retail arm, Reliance Retail, operates around 1,146 multi-brand outlets across the country through chains such as Reliance Fresh, Reliance Super and Reliance Mart.The company, which paidRs13,000 crore for the licence, is expected to launch 4G data services within a couple of months at just Rs10 per GB, or almost one-tenth of current 3G charges-an offer the Facebook generation may find hard to resist. Negi is coming in with some experience in the restaurant business. He was the COO of Pizzeria Restaurants, which operated Pizza Hut a few years ago, and was food & beverage manager at Taj Coromandel, the Taj Group’s 5-star hotel in Chennai.