The study reports that 68 per cent of Indians belonging to the affluent class are using investment products to achieve their financial goals, as compared to an average figure of 57 per cent.
India garnered the top spot as Asia's most investment savvy economy. According to a report, more than two-thirds of its affluent citizens prefer to use various investment products to achieve their financial goals and greater social mobility. Standard Chartered conducted a study of 11,000 emerging affluent consumers across Asia, Africa and the Middle East.
The Emerging Affluent Study 2018– Climbing the Prosperity Ladder– examines the views of emerging affluent consumers – individuals who are earning enough to save and invest – from 11 markets across Asia, Africa and the Middle East. The study reports that 68 per cent of Indians belonging to the affluent class are using investment products to achieve their financial goals, as compared to an average figure of 57 per cent.
‘Investment products' here refers to fixed income investments, stocks, equities, mutual funds, unit trusts, investmentlinked insurance, selfinvested pension funds, real estate investment trusts (REITS) and real estate property funds.
The study says that the primary financial goal for India's emerging affluents is saving towards their children's education, which is also the top savings priority across the markets in the study.
"It is exciting to see that social mobility is booming among the emerging affluents, and that they are outstripping their parents' success in education, careers and home ownership," media reports quoted Shamal Saxena, Head Retail Banking, India, Standard Chartered Bank.
Saxon added, "digital financial products are enabling the emerging affluents to achieve their goals, and these tools will be crucial in helping them take their personal financial success to the next level".
According to the study, 31 per cent of emerging affluents is selecting mutual funds, a quarter (25 per cent) choosing fixed income investments and 22 per cent equity investments. All figures are higher than the average in the study, which is 16 per cent, 19 per cent and 18 per cent, respectively.
Source: Media reports