CEEP PROJECT

Many businesses in my neighborhood are closing. This situation makes me wonder and I only have one question in my head, why?  

Research Question: How do self-employed immigrants in my neighborhood manage their finances and save for retirement?

For my community project, I will focus on self-employed immigrants. Because, New York is known for its diverse population and immigrant communities, many of whom are self-employed. Immigrant entrepreneurs make significant contributions to the city’s economy. According to a report by the Center for an Urban Future, immigrants make up 48% of New York City’s workforce and account for 49% of small business owners in the city. However, starting a business as an immigrant in New York can be challenging, as there may be language and cultural barriers, limited access to capital, and difficulty navigating regulations and licensing requirements. I felt the social responsibility to hear from self-employed immigrants in my neighborhood, often marginalized, and share the report with others.  

The methodology used: For my community research project, I will be using a survey as the primary research method to collect data. The survey will be designed to gather information from community members, and it will be an effective tool for gathering quantitative data about the experiences and perspectives of the participants. The survey will be distributed through various channels to reach as many members of the community as possible, and the data collected will be analyzed to draw meaningful conclusions about the research topic. 

Survey questions:

1- What kind of Business do you own?                                                                                                           

2- How long have you been in business?                                                                                                        

1. On a scale of 1 to 10 with 10 being the highest, how is your business doing?                                   
2. Have you incorporated the business?     Yes               NO                    

             If yes which entity?                                                                                                                                    

3. What is the level of financial education?

              ⬜Very good   ⬜Good   ⬜Fair   ⬜Poor   ⬜Very poor

4. Are you currently planning for retirement?   Yes               NO      
5. How do you determine how much to save for retirement, and what strategies do you use to reach your retirement savings goals?
6.       How do you balance short-term financial needs with long-term retirement savings goals as a self-employed immigrant?
7. Do you work with financial professionals? 

              ⬜Accountant Bankers ⬜Attorney ⬜Insurance Agent ⬜ Hedge funds ⬜Others 

8. What’s the feeling you have about your money life? 

             ⬜Not at all satisfied ⬜Partly satisfied ⬜ Satisfied ⬜ Very satisfied

9. What is your knowledge and use of financial benefits and resources the City provides? 

                  ⬜Very good   ⬜Good   ⬜Fair   ⬜Poor   ⬜Very poor

10. Would you need assistance with any of the services listed below?                 

• Financial education 
• Cryptocurrency
• Taxes-Business Structure-Payroll
• Retirement – Saving – Kids – Education
• Loan – Business credit – Grant – Mortgage 
• Other                                                                                                                                                    

Data collection and analysis:  

Introduction: This research project aimed to investigate how self-employed immigrants in the community are building their retirement nest eggs. The research involved interviewing 60 self-employed immigrants who are mostly street vendors, hairdressers, barbers, and small business owners. The research project was conducted to analyze the pattern of awareness among entrepreneurs about the opportunities available to grow their businesses and their preparedness for retirement. 

Methodology: The primary research method used in this project was an interview-based survey. The survey was conducted face-to-face and via phone calls. The participants were selected based on their occupation as self-employed immigrants. The data obtained from the interviews were analyzed, and the results were compiled to draw meaningful conclusions. 

Findings: The research found that self-employed immigrants with a higher level of information and education (training) are more aware of opportunities available to grow their businesses. However, the most surprising part of this research is that among all 60 people interviewed, only one had a plan for retirement and had already started saving for the future. 

Discussion: The findings of this research project reveal a gap in the preparedness of self-employed immigrants for retirement. The lack of awareness about retirement planning and savings among the surveyed individuals indicates a need for education and support for retirement planning among self-employed immigrants. The research also highlights the need for public policies that provide support for retirement savings for self-employed immigrants. 

Conclusion: The research project revealed that self-employed immigrants in the community are not adequately prepared for retirement. The findings highlight the need for education and support for retirement planning among self-employed immigrants. Public policies that provide support for retirement savings for self-employed immigrants should also be implemented. The results of this research project can be used as a basis for further studies on retirement planning and savings among self-employed immigrants in other communities.