Standard Chartered Bank have published their 2017 Emerging Affluent Report, an in-depth study into the savings habits of 8,000 emerging affluent consumers across eight markets (China, Hong Kong, India, Kenya, Korea, Pakistan, Singapore and Taiwan). They explore what defines the next generation of savers across some of the world’s most promising economies, as well as the problems they face.
Some highlights / interesting findings from the report:
- Savers in China are the most entrepreneurially minded. ~12% cite funding a business as their number one savings priority, which is double the global average of ~6%.
- ~50% of savers in Pakistan are storing cash at home. It leaves their savings exposed to theft or loss and they also lose out on interest.
- The top savings priority for each emerging affluent age group are as follows:
- Age 25-34: Saving for a home
- Age 35-44: Children’s education
- Age 45-55: Retirement
- Nearly one third of those surveyed cite low interest rates as a barrier to saving more.
- Among those surveyed, frequent users of digital tools save, on average, 8% more than those who use digital tools less often or not at all.