Isolation or Incorporation: Transnational Wealth of Elderly Immigrants

• In Event: 242 - Section on International Migration Roundtable Session (one-hour).
  In Refereed Roundtable: Section on International Migration Roundtables (one-hour). Table 01. Assimilation of U.S. Immigrants 1

Abstract

Older immigrants are a rapidly growing segment of the U.S. population, and play important roles in immigrant families by filling many roles, including care-giving and sharing transnational knowledge/culture with their kin. Immigration reforms in 1965 enabled the migration of many parents of citizens through family reunification visas. Due to limited English abilities and lack of familiarity with U.S. institutions, older immigrants are more vulnerable during times of financial hardship. This research uses the New Immigrant Survey 2003, a nationally representative survey of legal permanent residents in the U.S., to explore the asset ownership and wealth of older immigrants. Specifically, I focus on homeownership and home country assets, as these two resources represent investment in an older immigrant’s host or home country, respectively. Results indicate that transnational assets significantly increase the odds of older immigrant wealth security, but this relationship only holds during the first year in the U.S. Conversely, homeownership is associated with significantly lower odds of wealth security, but only for settled, older immigrants. Wealth security is especially important in the case of older immigrants, as many rely on their children for housing and may not be eligible for public benefits. As the number of older immigrants in the U.S. increases, it is essential to identify which assets are available to them, and which immigrants face the greatest risk for wealth instability. This paper concludes a discussion of transnational assets and wealth accumulation among older Chinese business owners based on interviews conducted by the author in Los Angeles.

Author

• E. Paige Borelli, Duke University