Emerging affluent consumers in Asia were more likely to boost their savings by over 40 per cent if they were more digitally savvy, according to Standard Chartered.
Affluent consumers are a vital engine of growth the Asian economy and need to be completely digitally savvy in order to receive the best possible savings on their finances, said Standard Chartered in it’s the Emerging Affluent Report.
The report showed China to be a standout across the Asian region, with its affluent customers the most likely to use digital tools and services (47 per cent) and also the most likely to search for expert money advice (37 per cent).
When compared to their high net worth (HNW) in South Korea, Taiwan, India, Kenya, Singapore, Hong Kong and Pakistan, Standard Chartered also found the Chinese to be the most entrepreneurially and innovatively-minded. A quarter cited funding as a top three priority, with the sentiment strong amongst millennials.
“These ambitious consumers have pressing reasons to save: longer life spans and the rising cost of education, health care and home ownership,” said Standard Chartered chief executive of retail banking, Karen Fawcett.
“With access to the right information and simple, low-risk wealth management solutions, they will have a better chance of achieving their [financial] goals.”