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Majority of Korean Immigrants Use Korean-American Banks

Korea Daily, Posted: Dec 03, 2008

LOS ANGELES - The majority of Korean immigrants in the United States uses Korean banks because they offer Korean-language services and many believe doing so contributes to the development of the immigrant economy, reported the Korea Daily. According to its survey, more than 66 percent of respondents told the newspaper they primarily do banking with Korean banks. The survey shows that Koreans are more inclined to use Korean banks if they are older and less affluent. Some 72 percent of respondents older than 56 years said they use
Korean banks compared to 55.4 percent of respondents under age 25. Also, 38 percent of those surveyed who make less than $65,000 a year said they use Korean banks whereas 28 percent of respondents with more than $100,000 annual income said they use non-Korean banks. The Korea Daily surveyed 3,980 Korean immigrants in Los Angeles as part of its 34th anniversary special edition.


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