‘The Emerging Affluent Study 2018– Climbing the Prosperity Ladder’ by Standard Chartered has reported India as Asia’s most investment-savvy economy.
More than two-third of the emerging affluent of the country prefer using investment products to manage finances effectively.
— Standard Chartered (@StanChart) October 29, 2018
According to the Standard Chartered (StanChart) report, in only four markets,do the emerging affluent choose an investment product as one of the top three financial products for achieving their main savings goal. India dominated the list with 31%, followed by Pakistan, Hong Kong and China.
The most popular financial products among people are fixed income investments, equity investments and mutual funds.
Asia’s Most Investment-Savvy Economy
The fast-growing economies of India, China and Pakistan are providing abundant opportunities for scaling the social pyramid.
Over 65% of the emerging affluent class in India experience positive social mobility. More than one out of ten people experience supercharged social mobility accompanied by the earning progression.
30% in India have been benefitted from a salary increase of 50% or more in the last five years, while almost half predict another earnings increase of 50% or more in the next five years.
Education- No. 1 Financial Goal
As stated by the report, saving for the education of children is one of the top savings priorities and the number one financial goal for India’s emerging affluents.
The Emerging Affluent Study 2018 suggested that entering higher education indicated the gap between the socially mobile and their parents.
85% of the socially mobile in the country hold a management position or own a business against 61% for their father and 31% for mother. India leads this category as well, while socially mobile in Pakistan and China were 83% and 81% respectively.
Socially mobiles in India who have achieved a college or university degree is highest with 93% as compared to their parents, 71% for fathers and 50% for mothers. China and Pakistan stood at second and third positions respectively.
The Emerging Affluent Study 2018 shows that women are more empowered than ever to achieve financial success, armed with better education and higher earning power.
India has topped the list with 68% supercharged women against 32% supercharged males.
Overall, among all emerging affluent women, 84% have completed higher education while 44% mothers went to university. Emerging affluent women’s economic power has increased even more than their academic qualifications.
Technology And Investment
Introduction of advanced technology has facilitated the management of money across the world.
Online banking measures and policies have enabled making the stock investments, transfers, payments and other transactions with just a click of a button.
The Emerging Affluent Study 2018
The study identifies the social status of the individuals from 11 markets across Asia, Africa and the Middle East through parameters like level of education, employment and property ownership against the parents. The study also analysis the size of individual’s personal income and how quickly it increased.