“KYE”, Korean immigrants’ private money clubs: Their potential as a saving program for low- and moderate-income families
INSOO CHUNG, Ph.D., MSW; INTAE YOON, Ph.D., MSW
Abstract
KYE is an esoteric saving practice among Korean immigrants. Even though it has been identified as an effective asset-building system within the group, operational details about this cultural practice are scantily available in the literature. The purpose of this study is to fill the gap in the body of knowledge on the KYE and explore its potential as an alternative asset-building vehicle for low-income families. By adopting a purposive sampling method in-depth interviews with nine (9) KYE leaders in three eastern states and one (1) public attorney who had an expertise in the area were conducted. The current study provides operational details of KYE and empirically supports KYE as an alternative saving program for low- and moderate-income families. KYE also works as a strong life-coaching mutual support group. Readers are invited to critically assess its potential as a saving program for low- and moderate-income families in a wider American society.