Asian American families are often portrayed as affluent, having achieved a high level of education and occupational prestige. Despite this model-minority image, many Asian Americans suffer from economic hardship. Using a sample of 95 Asian Americans, this study examines the effect of perceived economic hardship on coping behavior, family relations, family roles, and psychological well-being among members of this understudied minority population. Findings indicate that family roles and psychological well-being of Asian Americans are directly influenced by their perception of economic distress. However, coping behaviors do not necessarily mediate these relationships. These findings are discussed in light of a conceptual model, and future directions for research are suggested. (Contains 2 figures and 1 table.)