Filipinos and the young, single and independent top the list in the region of consumers planning to save more, according to the latest MasterCard survey on consumers’ saving priorities.
In Asia-Pacific, 46 percent of consumers are planning to save more in the coming six months compared to six months ago.
Topping the list of savers this year are the Philippines (74 percent), Australia (52 percent) and Thailand (52 percent).
Also in the region, consumers between 18 and 29 years old are leading the curve with 58 percent of them planning to save more in the next six months as compared to those between 30 and 44 years (45 percent), 45 and 54 years (36 percent) and 55 years and above (30 percent).
A greater proportion of male consumers (78 percent) surveyed in the Philippines are planning to save more compared to their female counterparts (69 percent) in the next six months.
Younger consumers between the ages of 18 and 29 years old (91 percent) are planning to save more in the next six months compared to their older counterparts — 30 to 44 years (73 percent), 45 to 54 years (70 percent) and 55 years and above (35 percent).
The economic uncertainty has caused 82 percent of Filipino consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. Among the different age groups, those in the 45 to 54 age bracket (86 percent) are most concerned about saving for a rainy day.
Filipino consumers are also saving for investments (59 percent), buying or upgrading property (55 percent) and retirement (45 percent).
The majority of Filipino consumers (30 percent) plan to save between 1 percent and 10 percent of their income in the next six months.
Similarly, consumers who are single (55 percent) are more likely to save than consumers who are married (40 percent). The trend continued from previous survey, which demonstrated young consumers’ willingness to save.
The survey was conducted between mid March and April 2010 and involved 10,920 consumers in 24 markets across Asia-Pacific, Middle East and Africa.
On the other end of the spectrum, 28 percent of consumers in Japan are planning on saving less in the coming six months, which is the highest proportion in the Asia-Pacific region. This is followed by India (24 percent), Taiwan (20 percent) and Indonesia (19 percent).
Uncertainty over the economy and hence the need to be prepared for unforeseen emergency expenditures (76 percent) is the top reason cited by consumers who are planning to maintain or increase their level of saving in the next six months. India (96 percent) had the highest proportion of consumers concerned about the economic uncertainty, compared to New Zealand (40 percent) with the lowest proportion among markets in the Asia-Pacific region.
Apart from having enough on a rainy day, the other main reasons for saving are for investing (43 percent), retirement (39 percent) and buying or upgrading property (38 percent). The main reasons cited for consumers saving less are because they feel that they do not earn enough to save (56 percent), high inflation (36 percent) and low interest rates and low returns (18 percent).
Similarly, the majority of the consumers in Asia-Pacific plan to save between one to 10 percent of their income (29 percent), followed by 11 to 20 percent of their income (25 percent). In the region, three percent of the consumers do not intend to save any of their income. –Daily Tribune
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