http://www1.mastercard.com/content/intelligence/en/topnav/topics/money-management2019-06-24T20:36:40.785ZMastercard Intelligence Money ManagementAdobe Experience ManagerMasterCard Financial Literacy Index Report (2014H1) 1. INTRODUCTION<p>The ongoing drive to equip consumers with essential financial skills and inculcate a culture of effective financial learning throughout life is manifested through various financial knowledge enhancement strategies and programs that have been initiated across many countries. Although the issue of financial wellbeing has progressively gained recognition as a vital and important life skill, many are still finding it challenging to deal with financial complexities on a daily basis. This is reflected in MasterCard’s latest 2014H1 Financial Literacy Index results which underscore that progress towards improving financial well-being remains stagnant in the majority of markets in Asia Pacific.</p> <p>Conducted for the 4<sup>th</sup> time between July 2014 and August 2014 on 8,087 respondents aged 18-64 in 16 countries across Asia Pacific, MasterCard’s Financial Literacy Index serves as a useful tool for educational and financial institutions and businesses to assess and track the progress of financial wellbeing within their countries and benchmark themselves against their regional peers. The Index comprises questions covering three major components: <i>Basic Money Management</i> (50% weight) which examines respondents’ skills with regards to budgeting, savings, and responsibility of credit usage; <i>Financial Planning</i> (30% weight) which assesses knowledge about financial products, services, and concepts, and ability to plan for long-term financial needs; and <i>Investment</i> (20% weight) which determines respondents’ basic understanding of the various risks associated with investment, different investment products and skills required. A <b>Financial Literacy Index Score</b> for each market was calculated out of the weighted sum of the 3 components.</p> <p></p> 2. ASIA PACIFIC<p style="text-align: center;"><b><i>Taiwan regains lead, India improves the most, Singapore &amp; New Zealand lose traction</i></b></p> <p><b><i>The Top 3 &nbsp;<br> </i></b>The latest 2014H1 Financial Literacy Survey showed a marginal pull back in Asia Pacific’s<sup><a href="#1">1</a></sup> progress towards financial wellbeing. With 12 out of the 16 markets recording lower scores, Asia Pacific’s composite financial literacy score retracted slightly from 66 to 65, the fourth consecutive decline since the survey started in 2010H2. There has been quite a notable reshuffling in rankings from the previous survey. With an overall Financial Literacy Score of 73, Taiwan’s advancement of 2 points places it in 1<sup>st</sup> place, allowing it to regain its reign after dropping to 3<sup>rd</sup> place in the previous survey. New Zealand’s loss of 3 points to 71 sets it back to 2<sup>nd</sup> place.&nbsp; Hong Kong’s advancement from 5<sup>th</sup> place to 3<sup>rd</sup> place overall is due to the decline in scores for the top few markets: Singapore (down -4 points to 68, with the biggest drop regionally regressing from 2<sup>nd</sup> to 6<sup>th</sup> place), Australia (down -2 points to 69) and Malaysia (down -1 point to 69).&nbsp;</p> <p style="text-align: center;"><u>Chart 1a: Asia Pacific - Financial Literacy Index:&nbsp; Ranking 2013H1 vs. 2014H1</u></p> <p><u><a target="_blank" href="/content/dam/intelligence/content-assets/FinancialLiteraryIndex.jpg"><img width="606" height="306" src="/content/dam/intelligence/content-assets/FinancialLiteraryIndex.jpg"></a></u></p> <p><b><i>The Best &amp; Worse Performers</i></b><br> Among the emerging Asia Pacific markets<sup><a href="#2">2</a></sup>, India advances the most, gaining 3 points to 62, placing it at 12<sup>th</sup> place in the region, and nearly at par with the advanced economy<sup><a href="#3">3</a></sup> of South Korea (62 points, rank 13<sup>th</sup> regionally). Emerging Vietnam also made some progress, gaining 2 points to 65, placing it at 11<sup>th</sup> place. Indonesia is up 1 point from 60 to 61, remaining in 14<sup>th</sup> place. Of the seven developed economies, Taiwan is the only market making progress with its score increasing from 71 to 73. Hong Kong advances from 5<sup>th</sup> to 3<sup>rd</sup> place with a score of 70, while developing Malaysia moves up one spot from 6<sup>th</sup> to 5<sup>th</sup> place with a score of 69.&nbsp;</p> <p>The survey shows disappointing results in developed Singapore, Australia, Japan and Korea.&nbsp; With the score down by 4 points to 68, Singapore’s ranking retreated from 2<sup>nd</sup> to 6<sup>th</sup>, and is the island’s lowest ranking since the survey started in 2010.&nbsp; Although Australia’s ranking remained unchanged at 4<sup>th</sup>, the overall score edged downwards from 71 to 69. With its score declining by 2 points to 55, Japan remains in the last spot at 16<sup>th</sup> for the 3<sup>rd</sup> consecutive year. This is also the lowest score recorded in the region since the survey started in 2010.&nbsp; The results for Korea show its ranking and score remaining unchanged at 13<sup>th</sup> place and 62 points, respectively.</p> <p></p> 2.1. BASIC MONEY MANAGEMENT<p>The Asia Pacific score for <i>Basic Money Management skills </i>remained largely unchanged<i> (</i>63.0 in previous survey to 62.6 points). For the 3<sup>rd</sup> consecutive year, New Zealand, Australia and Hong Kong are the top 3 markets in Asia Pacific. They are also the only 3 markets with scores above 70 since the 2012H1 survey. Although New Zealand continues to hold its reign in money management (retaining 1<sup>st</sup> place for the 4<sup>th</sup> consecutive year), its score actually declined from 77 points to 73. A similar observation is made in Australia: the component score decreased by 2 points from the previous survey to 73 points with the ranking unchanged at 2<sup>nd</sup> place.&nbsp; Hong Kong’s result is slightly more consistent with the score relatively unchanged (70.9 to 71.5), placing it in 3<sup>rd</sup> place.&nbsp;</p> <p>With the exception of developed Taiwan, markets that advanced in their ability to budget, manage credit, save for big item purchases and track expenses are mostly emerging, including India, Indonesia, Vietnam and Myanmar. In fact, Indian consumers are making the most notable progress with the score advancing 6 points from the previous survey to 56, placing the country in 14<sup>th</sup> place. Indonesia also shows commendable progress with the score gaining 3 points to 59, placing it in 10<sup>th</sup> place.</p> <p>The largest decline in <i>Basic Money Management</i> is evident among Singaporean consumers with the score declining to below the 70-point mark for the first time since 2010H2 from 73 points to 67, similar to the score for emerging Philippines (66), Taiwan (69) and Malaysia (66).&nbsp; Korea (57), Myanmar (57), Japan (55) and Bangladesh (54) have the lowest scores with rankings of 12<sup>th</sup>, 13<sup>th</sup>, 15<sup>th</sup> and 16<sup>th</sup>, respectively.</p> <p style="text-align: center;"><u>Chart 1b: Asia Pacific - Basic Money Management: Ranking 2013H1 vs. 2014H1</u></p> <p><u><a target="_blank" href="/content/dam/intelligence/content-assets/MoneyManagementComponent.jpg"><img width="600" height="303" src="/content/dam/intelligence/content-assets/MoneyManagementComponent.jpg"></a></u></p> <p><b><i>What is causing Japan’s Lack of Progress in Basic Money Management?</i></b><br> The latest results indicate further deterioration in money management skills among the Japanese. As shown in the diagram below, Japan’s score has been steadily declining since the survey was first launched from being quite acceptable at 61 points in 2010H2 to being hardly adequate (55) in the current survey. With the exception of “Saving for Big Purchases” (59) and “Keeping up with Bills” (65), Japan’s scores for all Basic Money Management sub-components are among the lowest and below the regional average: (i) Budgeting Ability 51 against regional average of 85; and (ii) Tracking Expenditure at 57 versus regional average of 68.&nbsp;</p> <p><a href="/content/dam/intelligence/content-assets/JapanMoneyManagement.png" target="_blank"><img width="599" height="224" src="/content/dam/intelligence/content-assets/JapanMoneyManagement.png"></a></p> <p>This is likely attributed to the country’s aging population and stagnant income growth.&nbsp; Currently the world’s oldest country, Japan’s aging population –once among the world’s biggest savers – are now&nbsp; the biggest spenders of their savings and retirement funds as they are no longer actively in the workforce, a predicament that makes it even harder for them to save for big item purchases. OECD figures show that compared to its G7 peers, Japan’s household savings rate is astonishingly low at 0.6% of disposable household income, a stark contrast to other countries such as Australia (9.3%) and South Korea (5.3%)<sup><a href="#4">4</a></sup>.</p> <table cellspacing="0" cellpadding="1" border="1"> <tbody><tr><th class="table-description"><b>&nbsp;</b></th> <th class="table-description" style="text-align: center;">Household Savings Rate as % of Disposable Household Income</th> <th class="table-description" style="text-align: center;">Basic Money Management Score: 2014H1</th> </tr><tr><td><b>Japan</b></td> <td style="text-align: center;">0.6%</td> <td style="text-align: center;">55</td> </tr><tr><td><b>Australia</b></td> <td style="text-align: center;">9.3%</td> <td style="text-align: center;">73</td> </tr><tr><td><b>South Korea</b></td> <td style="text-align: center;">5.3%</td> <td style="text-align: center;">57</td> </tr></tbody></table> <p><b>Source: OECD 2014 Forecast, MasterCard Financial Literacy Index 2014H1 Survey Results</b></p> <p>Secondly, not only has the growth in real wages been fairly stagnant, the implementation of the April sales tax hike from 5% to 8% would have inevitably make it more challenging for consumers to save and keep up with costlier bills and living expenses.</p> 2.2. FINANCIAL PLANNING<p>As an assessment of consumers’ level of knowledge about financial products, services, and concepts and their ability to plan for long-term financial needs such as retirement and unexpected events, <i>Financial Planning</i> continues to be the strongest among the 3 financial literacy components with the regional average score consistently above the 70-point mark since 2010H2. However, the latest survey results suggest a slight deterioration in financial planning know-how across the region. With the exception of Taiwan (up 1 point to 84) and Vietnam (up 1 point to 81), the score for all other 14 markets declined, bringing the regional average score down 2 points from the previous survey to 75.</p> <p>After remaining in 1<sup>st</sup> place for the previous 2 years, Myanmar retreats to 3<sup>rd</sup> place in the region with the score shedding 7 points from the prior survey to 81, effectively putting the two strongest markets Vietnam (81) and Taiwan (84) ahead at 2<sup>nd</sup> and 1<sup>st</sup> place, respectively. A marked deterioration in financial planning acumen is also noted among Bangladeshi consumers with a score of 69 (down 7 points), downgrading its ranking from among the top 10<sup>th</sup> to 14<sup>th</sup> place in the region. The scores for China (76) and Singapore (77) both declined by 3 points, while that for Japan (64) and Indonesia (70) are down by 4 and 5 points, respectively.&nbsp; Australia retreats to below the 70-point mark at 68 points (down 2 points), placing it in 15<sup>th</sup> place for the 3<sup>rd</sup> consecutive year.</p> <p style="text-align: center;"><u>Chart 1c: Asia Pacific – Financial Planning: Ranking 2013H1 vs. 2014H1</u></p> <p style="text-align: center;"><u><a target="_blank" href="/content/dam/intelligence/content-assets/FinancialPlanningComponent.jpg"><img width="602" height="304" src="/content/dam/intelligence/content-assets/FinancialPlanningComponent.jpg"></a></u></p> <p><b><i>Taiwan: Financial Planning Savviness Shines</i></b><br> After remaining in 2<sup>nd</sup> place in Asia Pacific for 3 consecutive years with scores consistently above the 80-point mark, Taiwan outshines all its peers in the latest survey in the ability to use skills and knowledge to make informed and effective financial decisions. Moving up to 1<sup>st</sup> place with a 1 point increase in score to 84, Taiwan is one of only two markets (other being Vietnam) whose financial planning score has increased. There are two reasons that may explain Taiwanese consumers’ prudence and active role in financial planning. First, data suggests that the country’s life insurance market has been experiencing robust growth with total gross written premiums of USD72.6 billion in 2012, a CAGR of 6.6% between 2008 and 2012 with the rate forecast to accelerate to CAGR of 7.8% for the five-year period 2012-2017<sup><a href="#5">5</a></sup>.&nbsp; This trend appears to be reflected in the Financial Literacy 2014H1 survey results whereby the score for “Insurance is important” is high at 89, suggesting that the rising recognition for insurance protection may be a contributing factor to the growth of the life insurance market in Taiwan.</p> <p><a target="_blank" href="/content/dam/intelligence/content-assets/TaiwanFinancialPlanning.png"><img width="605" height="277" src="/content/dam/intelligence/content-assets/TaiwanFinancialPlanning.png"></a></p> <p>Second, results from a recent research conducted by Manulife suggest that 7 out of 10 Taiwanese investors are not confident that their mandatory pensions will be sufficient to cover their retirement expenses. The study also reveals that one in four (26%) feel that they will need to draw down on their savings to fund their retirement<sup><a href="#6">6</a></sup>.&nbsp; This is reflected in MasterCard’s Financial Literacy results for the “Retirement Funds Needed” sub-component whereby the score for Taiwan is only 41. This lack of confidence and know-how may be prompting Taiwanese people to be active savers (score for “Save Regularly” is very high at 95) and prudent savers (score for “Emergency Savings” is very high at 95). In fact, data from Directorate General of Budget, Accounting and Statistics Taiwan (DGBAS) show personal savings in Taiwan to have increased by 9.96% (1424600 TWD Million to 1582300 TWD Million) from 2011 to 2012<sup><a href="#7">7</a></sup>.</p> <p><b><i>Myanmar: Prudent Savings, Growth of Insurance Sector Earmarked to Accelerate</i></b><br> The survey results show that Myanmar continues to score consistently higher than most of its regional peers in the savings and insurance-related categories of <i>Financial Planning</i> with a score of 81, placing it among the top 3 markets.</p> <p><a target="_blank" href="/content/dam/intelligence/content-assets/MyanmarFinancialPlanning.jpg"><img width="603" height="296" src="/content/dam/intelligence/content-assets/MyanmarFinancialPlanning.jpg"></a></p> <p>This could be due to the lack of social security benefits in the country, which has in turn inculcated a practice of prudent savings for costly essentials like healthcare, education and emergencies that are unforeseeable.</p> <p><a href="/content/dam/intelligence/content-assets/MyanmarFinancial.png" target="_blank"><img width="601" height="347" src="/content/dam/intelligence/content-assets/MyanmarFinancial.png"></a></p> <p>The results also show the people of Myanmar to have high regard for insurance, with “<i>Insurance is Important</i>” being among the highest for the last 3 consecutive surveys. We expect this trend to remain strong in the coming years, especially in view of the recent ending of the government-owned company <i>Myanma Insurance’s</i> 60-year monopoly of the country’s private insurance industry<sup><a href="#8">8</a></sup>.&nbsp; This significant milestone in market reforms will not only allow private and foreign insurance companies to enter the market, but will be beneficial to Myanmar consumers through heightened awareness of both life and general insurance concepts and products.</p> 2.3. INVESTMENT<p>Asia Pacific’s progress in the <i>Investment</i> component remains the weakest among the 3 components measured in the Financial Literacy Index with the score unchanged at 58 points from the previous survey. Little shifts in rankings across the 16 markets are noted, with China retaining 1<sup>st</sup> place for the 3<sup>rd</sup> consecutive year with a score of 68 points both regionally. Taiwan (66, up 3 points, rank 2<sup>nd</sup>) and Hong Kong (65, down 2 points, rank 3<sup>rd</sup>) have a swap in rankings while New Zealand remains in 4<sup>th</sup> place with a score of 62 (down 1 point).&nbsp; Indonesia improves surprisingly by 8 points to 55 points, moving ahead from 14<sup>th</sup> place to 12<sup>th</sup> in the region, and from 24<sup>th</sup> to 15<sup>th</sup>. Slight improvements are also achieved in Japan (41, up 2 points) and Korea (49, up 1 point).</p> <p style="text-align: center;"><u>Chart 1d: Asia Pacific – Investment: Ranking 2013H1 vs. 2014H1</u></p> <p><u><a href="/content/dam/intelligence/content-assets/InvestmentComponent.jpg" target="_blank"><img width="602" height="304" src="/content/dam/intelligence/content-assets/InvestmentComponent.jpg"></a></u></p> <p>As with the previous survey, questions from the <i>Investment</i> component are not asked of Myanmar respondents as Myanmar does not have a functioning stock market. Myanmar will set up a security exchange by 2015 with the help of the Tokyo Stock Exchange and Daiwa Securities Group.</p> <p><b><i>China: Top in Investment Know-How but Among Worst in Basic Money Management</i></b><br> It is interesting to note that although the Chinese top the rankings in the <i>Investment</i> component (score of 68, rank 1<sup>st</sup>), they fare comparatively worse when it comes to <i>Basic Money Management</i> matters (score of 58, rank 11<sup>th</sup>). We also observe China’s <i>Investment</i> scores to have plateaued over the last 3 surveys at around 68 points, suggesting muted progress being made.</p> <p><a href="/content/dam/intelligence/content-assets/ChinaInvestmentScores.jpg" target="_blank"><img width="600" height="444" src="/content/dam/intelligence/content-assets/ChinaInvestmentScores.jpg"></a></p> <p>The scores for the 5 <i>Investment</i> sub-component questions also underscore some degree of literacy weakness in relation to understanding of diversification and inflation concepts as shown in the table below. In fact, the results show this to be apparent across all markets.</p> <p><a href="/content/dam/intelligence/content-assets/China2014H1.png" target="_blank"><img width="600" height="271" src="/content/dam/intelligence/content-assets/China2014H1.png"></a></p> 2.4. FINANCIAL LITERACY INDEX: DEMOGRAPHIC ANALYSIS<p><b><i>A. </i></b><b><i>By Age</i></b></p> <p>A demographic analysis by age breakdown shows consumers aged 30+ from New Zealand (73) and Taiwan (73) to be the most financial literate in the region, followed by Australia (72) and Hong Kong (71).&nbsp; The results show that in general, consumers 30 years and above from developed markets such as Australia, Hong Kong, New Zealand, Singapore and Taiwan to have progressed further in financial literacy than those in emerging markets such as India, Indonesia, Thailand, Vietnam and Bangladesh.</p> <p style="text-align: center;"><u>Chart 2a: Asia Pacific – 2014H1 Financial Literacy Index: Comparison <b><i>by Age</i></b></u></p> <p style="text-align: center;"><u><b><i><a href="/content/dam/intelligence/content-assets/FinancialLiteraryIndexAge.jpg" target="_blank"><img width="610" height="308" src="/content/dam/intelligence/content-assets/FinancialLiteraryIndexAge.jpg"></a></i></b></u></p> <p>Considerable differences in financial know-how are observed between the young (aged &lt;30) and more mature (aged 30+) cohorts in Australia, Japan, Korea, New Zealand and Myanmar.</p> <table cellspacing="0" cellpadding="1" border="1"> <tbody><tr><th class="table-description"><b><br type="_moz"> </b></th> <th class="table-description"><b>Score for <i>Young</i></b> <b>(age &lt;30)</b></th> <th class="table-description"><b>Score for <i>Matured</i></b> <b>(aged 30+)</b></th> <th class="table-description"><b>Difference in Score</b></th> </tr><tr><td><b>Australia</b></td> <td style="text-align: center;">63</td> <td style="text-align: center;">72</td> <td style="text-align: center;">9</td> </tr><tr><td><b>Myanmar</b></td> <td style="text-align: center;">61</td> <td style="text-align: center;">69</td> <td style="text-align: center;">8</td> </tr><tr><td><b>New Zealand</b></td> <td style="text-align: center;">65</td> <td style="text-align: center;">73</td> <td style="text-align: center;">8</td> </tr><tr><td><b>Japan</b></td> <td style="text-align: center;">51</td> <td style="text-align: center;">57</td> <td style="text-align: center;">6</td> </tr><tr><td><b>Korea</b></td> <td style="text-align: center;">57</td> <td style="text-align: center;">63</td> <td style="text-align: center;">6</td> </tr><tr><td><b>Vietnam</b></td> <td style="text-align: center;">62</td> <td style="text-align: center;">67</td> <td style="text-align: center;">5</td> </tr></tbody></table> <p><b><i>Myanmar: Rising Opportunities Set to Augment Financial Know-How</i></b><br> It is encouraging to note that Myanmar people above 30 years old are making considerable progress in their financial know-how with a score of 69, bringing them close to or at par with those from the developed economies of Singapore (69) and Hong Kong (71), and surpassing developed Japan (57) and South Korea (63). This progress is likely to accelerate in the future amidst accelerated new market reforms initiatives, including: (i) recent financial aid of USD55 million received by the country from the World Bank, Australia and the UK in April 2014 as part of the country’s effort in modernizing its public financial management system, and (ii) the Asian Development Bank (ADB)’s pledged assistance in infrastructure development in technology, finance and communication<sup><a href="#9">9</a></sup>.<br> </p> <p><b><i>B.&nbsp; </i></b><b><i>By Work Status</i></b></p> <p>With the exception of India and Bangladesh, consumers who are “Working” exhibit more superior financial literacy skills than those who are “Not Working”. This is also especially apparent in the developed markets where working Taiwanese (74) and Kiwis (73) are the most financial savvy, followed by the Australians (71), Hong Kongers (71), and Malaysians (70). This may be explained by various reasons: (i) working people tend to be more accustomed to budgeting and managing their expenditure as a part of their working life, and (ii) working people are more knowledgeable about financial products and concepts such as investment, diversification, retirement planning, and insurance due to the greater exposure and experiences associated with their working life (e.g. corporate insurance, mandatory pension funds, investment in stocks, financial risks, opportunity to attend career courses and seminars).</p> <p>Conversely, those that are not working and/or in emerging markets gain less exposure to financial products and concepts, perhaps due to the undeveloped financial systems and institutions in the market they live in. The lack of a regular stream of income also means there is less likelihood of ownership of investment products such as stocks and shares, and insurance products such as life and general insurance, in turn leading to less awareness and understanding of such financial concepts.</p> <p style="text-align: center;"><u>Chart 2b: Asia Pacific – 2014H1 Financial Literacy Index: Comparison by <b><i>Work Status</i></b></u></p> <p style="text-align: center;"><u><b><i><a target="_blank" href="/content/dam/intelligence/content-assets/FinancialLiteraryIndexWork.jpg"><img width="600" height="300" src="/content/dam/intelligence/content-assets/FinancialLiteraryIndexWork.jpg"></a></i></b></u></p> <p><b><i>C.&nbsp; By Household Income</i></b></p> <p>The findings show that consumers from developed countries commanding higher than average household income are better equipped with financial know-how than those who earn the average or less than average income from emerging markets.&nbsp; This is evident across all 7 developed markets.&nbsp; With scores of 80, consumers from New Zealand and Taiwan are tied in 1<sup>st</sup> place, followed by consumers from Australia (74), Hong Kong and Singapore (72), South Korea (71) and Japan (66).</p> <p style="text-align: center;"><u>Chart 2c: Asia Pacific – 2014H1 Financial Literacy Index: Comparison by <b><i>HH Income</i></b></u></p> <p style="text-align: center;"><u><b><i><a href="/content/dam/intelligence/content-assets/FinancialLiteraryHH.jpg" target="_blank"><img width="602" height="301" src="/content/dam/intelligence/content-assets/FinancialLiteraryHH.jpg"></a></i></b></u></p> <p>A breakdown of the top 3 markets’ component scores reveals the following observations:</p> <ul> <li>Kiwis earning more than the average household income have the best <i>Basic Money Management </i>skills and knowledge (82), surpassing the regional average score by 15 points.</li> <li>In terms of <i>Financial Planning</i> acumen, Taiwanese consumers have a clear lead with a score of 88 ahead of New Zealand (79) and Australia (75).</li> <li>Consumers with higher earning power from Taiwan (73) and New Zealand (74) are nearly equally knowledgeable when it comes to understanding of financial concepts, products, and investment risk management.&nbsp;&nbsp;</li> </ul> <p><a href="/content/dam/intelligence/content-assets/ComponentScoresTop3.jpg" target="_blank"><img width="608" height="260" src="/content/dam/intelligence/content-assets/ComponentScoresTop3.jpg"></a></p> <p>There are a myriad of reasons why higher income earners have higher financial literacy aptitudes as Illustrated in the diagram below.</p> <p><a href="/content/dam/intelligence/content-assets/FactorsContributingToLiteracy.png" target="_blank"><img width="501" height="162" src="/content/dam/intelligence/content-assets/FactorsContributingToLiteracy.png"></a></p> <p><b><i>D.&nbsp; </i></b><b><i>Gender Gap (Female/Male)</i></b></p> <p>With the exception of Taiwan, the financial literacy gender gap between female and male consumers has widened marginally in Asia Pacific, with the disparity score declining by 1 point to 98. Across the 16 Asia Pacific markets, the gender disparity gap is most pronounced in the 6 developed markets (excluding Taiwan), suggesting that women in these economies have not made as much progress in financial literacy as compared to their male counterparts. In contrast, gender parity in financial literacy is not only more prominent within emerging markets, women in these countries have also been able to remain nearly at par with their male counterparts in literacy proficiency. This is evident in countries such as China, India, Indonesia, Malaysia, Vietnam and Bangladesh where the difference in scores between female and male is only slight.<br> </p> <p style="text-align: center;"><u>Chart 2d: Asia Pacific – 2014H1 Financial Literacy Index: <i>Gender Gap (Female/Male)</i></u></p> <p style="text-align: center;"><u><i><a href="/content/dam/intelligence/content-assets/FinancialLiteraryGender.jpg" target="_blank"><img width="602" height="302" src="/content/dam/intelligence/content-assets/FinancialLiteraryGender.jpg"></a></i></u></p> <p>As shown in the table below, the gender parity gap in South Korea is the widest (97 for 2013H1 vs. 91 for 2014H1), followed by Hong Kong and Australia. In Japan, we observe that compared to the other 6 developed markets, Japanese women are the closest to their male counterparts in terms of parity in financial literacy.<br> </p> <table cellspacing="0" cellpadding="1" border="1"> <tbody><tr><th class="table-description"><b><br type="_moz"> </b></th> <th style="text-align: center;" class="table-description"><b>Financial Literacy Score for <i>2013H1</i></b></th> <th style="text-align: center;" class="table-description"><b>Financial Literacy Score for <i>2014H1</i></b></th> <th style="text-align: center;" class="table-description"><b>Gap Widened by</b></th> </tr><tr><td><b>South Korea</b></td> <td style="text-align: center;">97</td> <td style="text-align: center;">91</td> <td style="text-align: center;">6</td> </tr><tr><td><b>Hong Kong</b></td> <td style="text-align: center;">99</td> <td style="text-align: center;">94</td> <td style="text-align: center;">5</td> </tr><tr><td><b>Australia</b></td> <td style="text-align: center;">98</td> <td style="text-align: center;">94</td> <td style="text-align: center;">4</td> </tr><tr><td><b>Singapore</b></td> <td style="text-align: center;">96</td> <td style="text-align: center;">94</td> <td style="text-align: center;">2</td> </tr><tr><td><b>Japan</b></td> <td style="text-align: center;">100</td> <td style="text-align: center;">99</td> <td style="text-align: center;">1</td> </tr></tbody></table> <p>The gender gap between female and male in financial proficiency within developed markets could be due to the interplay of various factors:</p> <ul> <li>The proliferation of increasingly more sophisticated and complex financial instruments and systems in developed markets with which women are less familiar.</li> <li>For women in developed countries who are working, married and/or with children, the time afforded to day-to-day budgeting and tracking of expenditure may have diminished.</li> </ul> <p>In contrast, the reason why women in emerging markets are able to make more notable progress towards gender parity could be due to the following reasons:</p> <ul> <li>The financial systems, institutions and instruments such as credit facilities, online banking and payments, purchases of bonds, shares and stocks in emerging markets are likely to be at an infancy stage and much less sophisticated. Under these conditions, women and men are more likely to be equally aware and informed about financial matters such as insurance and investment.</li> <li>Women in emerging markets are likely to reside in households where the income level is low, making it necessary to judiciously set aside money and track expenditure on a daily basis ahead of plans for big item purchases such as education, health and entertainment (e.g. holidays)</li> </ul> CONCLUSION<p>The latest scores for the 2014H1 Financial Literacy Survey show a slight pull back in the progress towards financial wellbeing in Asia Pacific (down 1 point from previous survey to 65). Developed markets continue to take the lead in financial know-how, with Taiwan advancing 2 spots to 1<sup>st</sup> place (73), followed by New Zealand (71) and Hong Kong (70) in 2<sup>nd</sup> and 3<sup>rd</sup> place, respectively. Asia Pacific’s decline in score is mainly weighed down by the drop in scores across 12 of the 16 markets, placing the region on a downtrend for the 4<sup>th</sup> consecutive time since the survey commenced in 2010H2.</p> <p>In Asia Pacific, the scores for <i>Basic Money Management</i> (63) and <i>Investment</i> (58) remain unchanged, while that for <i>Financial Planning</i> is down 2 points to 75.&nbsp; In money management matters, emerging markets continue to make forward strides, while Taiwan is the only developed market that made some progress. Japan’s performance in money management remains disappointing, declining for the 4<sup>th</sup> time in a row from 61 points the previous survey to 55 – a trend that may be attributed to an the aging population which is making it hard for elderly consumers to save and keep up with bills, as well as stagnant wage growth which has been further compounded by the April sales tax hike. A demographic breakdown of Asia Pacific reveals that consumers who earn higher than average income levels and are working possess more superior levels of financial literacy due to greater exposure to and experience with financial products and concepts such as investment and financial and retirement planning. With the exception of Taiwan, the gender disparity gap is most pronounced in the 6 developed Asia Pacific markets, a factor that could be attributed to the proliferation of increasingly more sophisticated and complex financial instruments and systems in developed countries with which women may be less familiar.</p> <p style="text-align: center;">[End of Report]</p> <p><a name="1"></a><i>[1] There 16 countries in Asia Pacific are: Australia, New Zealand, China, Hong Kong, Taiwan, Japan, Korea, Bangladesh, Malaysia, Philippines, Thailand, Indonesia, Singapore, Vietnam, India and Myanmar. Bangladesh and Myanmar are new additions to the list of countries. As coverage of these two countries only began in 2012 H2, all references to 2012 H1 data for these two countries are actually 2012 H2.</i></p> <p><a name="2"></a><i>[2] Emerging markets include China, India, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Bangladesh &amp; Myanmar</i></p> <p><i><a name="3"></a>[3] Advanced economies include Australia, Hong Kong, Japan, South Korea, New Zealand, Singapore &amp;Taiwan</i></p> <p><a name="4"></a><i>[4] “Life Insurance in Taiwan”, Report Buyer, Jan 2014, [Online] <a href="https://www.reportbuyer.com/product/171675/life-insurance-in-taiwan.html" target="_blank">https://www.reportbuyer.com/product/171675/life-insurance-in-taiwan.html</a></i></p> <p><a name="5"></a><i>[5] “Life Insurance in Taiwan”, Report Buyer, Jan 2014, [Online] <a href="https://www.reportbuyer.com/product/171675/life-insurance-in-taiwan.html" target="_blank">https://www.reportbuyer.com/product/171675/life-insurance-in-taiwan.html</a></i></p> <p><a name="6"></a><i>[6] Manulife Investor Sentiment Index in Asia, 2014</i></p> <p><a name="7"></a><i>[7] DGBAS, 2012, Directorate General of Budget, Accounting and Statistics - Taiwan</i></p> <p><a name="8"></a><i>[8] “Private Insurance Industry Finds Its Feet”, The Irrawaddy News, Nov 15 2013, [Online] http://www.irrawaddy.org/lifestyle/private-insurance-industry-finds-feet.html</i></p> <p><a name="9"></a><i>[9] Myanmar Business Network, “Myanmar gets more support from world financial institutions”, May 2014, [Online] <a href="http://www.myanmar-business.org/2014/05/myanmar-gets-more-support-from-world.html" target="_blank">http://www.myanmar-business.org/2014/05/myanmar-gets-more-support-from-world.html</a></i></p> The Financial Literacy Index comprises questions covering three components: Basic Money Management (50% weight) which examines respondents’ skills with regards to budgeting, savings, and responsibility of credit usage; Financial Planning (30% weight) which assesses knowledge about financial products, services, and concepts, and ability to plan for long-term financial needs; and Investment (20% weight) which determines respondents’ basic understanding of the various risks associated with investment, different investment products and skills required. A Financial Literacy Index Score for each market is calculated out of the weighted sum of the 3 components. The results reveal that progress towards improving financial well-being remains stagnant in the majority of markets in Asia Pacific.http://www1.mastercard.com/content/intelligence/en/research/reports/2015/mastercard-financial-literacy-index-report-2014h12015-04-13T16:00:00.000Z2015-04-13T16:00:00.000ZSingle and Young Consumers in Asia/Pacific Plan to Save More: MasterCard Survey Market Highlights (Asia/Pacific)<p><b>Australia</b><br> </p> <ul> <li>Female consumers (53%) in Australia are planning to save more compared to their male counterparts (50%) in the next six months.</li> <li>Younger consumers between the ages of 18 to 29 years old (66%) are planning to save more in the next six months compared to their older counterparts – 30 to 44 years (48%), 45 to 54 years (51%) and 55 years and above (33%).</li> <li>The economic uncertainty has caused 47% of Australian consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. 53% of Australian consumers however, do not see this as the main reason for saving more/same in the next six months. Among the different age groups, those in the 18-29 age bracket (52%) are most concerned about saving for a rainy day. When compared with last year’s findings, this highlights a shift in concern about economic uncertainty from the 30-44 age bracket to their younger counterparts.</li> <li>Consistent with our previous survey (in January 2010), Australian consumers are once again also saving for buying or upgrading property (39%), international personal air travel (37%) and investments (29%). However from being the third highest reason why Australian consumers were saving more this time last year, retirement (21%) is influencing consumer to save less this year.</li> <li>The majority of Australian consumers (29%) plan to save between 1-10% of their income in the next six months.</li> </ul> <p><b>China</b><br> </p> <ul> <li>A greater proportion of male consumers (43%) surveyed in China are planning to save more compared to their female counterparts (42%) in the next six months. This is a drastic increase from this time last year where only 15% of male consumers and 7% of female consumers planned to save more in the next six months.</li> <li>Younger consumers between the ages of 18 to 29 years old (51%) are planning to save more in the next six months compared to their older counterparts – 30 to 44 years (44%), 45 to 54 years (23%) and 55 years and above (15%). Compared to this time last year, this is an increase across the board for China consumers.</li> <li>The economic uncertainty has caused 80% of Chinese consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. Among the different age groups, those in the 45-54 age bracket (86%) are most concerned about saving for a rainy day.</li> <li>Chinese consumers are also saving for investments (37%), buying or upgrading property (35%), and consumer electronics (20%).</li> <li>The majority of Chinese consumers (20%) plan to save between 21-30 % of their income in the next six months.<br> </li> </ul> <div><b>Hong Kong</b></div> <div><b><br type="_moz"> </b></div> <ul> <li>A similar proportion of male consumers (42%) and female consumers (41%) surveyed in Hong Kong are planning to save more in the next six months. This is more than a 15% increase from this time last year.</li> <li>Younger consumers between the ages of 18 to 29 years old (57%) are planning to save more in the next six months compared to their older counterparts – 30 to 44 years (37%), 45 to 54 years (35%) and 55 years and above (31%).</li> <li>The economic uncertainty has caused 66% of consumers from Hong Kong to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. Among the different age groups, those above 55 years and above (73%) are most concerned about saving for a rainy day.</li> <li>Consumers from Hong Kong are also saving for investments (59%), retirement (51%) and international personal air travel (50%).</li> <li>The majority of consumers from Hong Kong (26%) plan to save between 11-20% of their income in the next six months. This is an increase from last year, where the majority of consumers from Hong Kong (26%) planned to save between 1-10% of their income in the next six months.<br> </li> </ul> <div><b>India</b></div> <div><b><br type="_moz"> </b></div> <ul> <li>Female consumers (38%) in India are planning to save more compared to their male counterparts (34%) in the next six months.</li> <li>Younger consumers between the ages of 18 to 29 years old (40%) and consumers between the ages of 30 to 44 years (36%) are planning to save more in the next six months compared to their older counterparts – 45 to 54 years (31%) and 55 years and above (31%).</li> <li>The economic uncertainty has caused 96% of Indian consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. This is an increase of over 10% of consumers. Among the different age groups, those in the 55 years and above bracket (98%) are most concerned about saving for a rainy day, taking over those in the 18-29 age bracket who were the most concerned about this last time. However all of the other age groups are also concerned about saving for a rainy day 18-29 years old (55%), 30 to 44 years old (44%), and 45 to 54 years old (44%).</li> <li>Indian consumers are also saving for investments (59%), buying or upgrading property (44%), consumer electronics (33%) and retirement (33%).</li> <li>The majority of Indian consumers (41%) plan to save between 1-10% of their income in the next six months. This is a move towards a lower percentage of saving compared to last year, where 39% of Indian consumers planned to save between 11-20% of their income in the next 6 months.<br> </li> </ul> <div><b>Indonesia</b></div> <div><b><br type="_moz"> </b></div> <ul> <li>A greater proportion of female consumers (51%) surveyed in Indonesia are planning to save more compared to their male counterparts (42%) in the next six months.</li> <li>Younger consumers between the ages of 18 to 29 years old (55%) are planning to save more in the next six months compared to their older counterparts – 30 to 44 years (44%), 45 to 54 years (44%) and 55 years and above (22%).</li> <li>The economic uncertainty has caused 75% of Indonesian consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. Among the different age groups, those in the 55 years and above (79%) and the 18-29 age bracket (78%) are most concerned about saving for a rainy day.</li> <li>Indonesian consumers are also saving for investments (70%), personal or children’s education (30%), retirement (24%) and buying property (24%). Compared to last year, personal or children’s education is a new addition to the list of top reasons why Indonesian consumers are saving.</li> <li>The majority of Indonesian consumers (44%) plan to save between 1-10% of their income in the next six months.</li> </ul> <div><b>Japan</b></div> <div><b><br type="_moz"> </b></div> <ul> <li>A similar proportion of male consumers (29%) and female consumers (28%) surveyed in Japan are planning to save more in the next six months.</li> <li>Consumers between the ages of 18 to 29 years old (44%) are planning to save more in the next six months compared to their older counterparts – 30 to 44 years (34%), 45 to 54 years (13%) and 55 years and above (18%). Since last year, the percentage of Japanese consumers aged 18-29 who planned to save more in the next 6 months has more than doubled.</li> <li>The economic uncertainty has caused 78% of Japanese consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. Among the different age groups, those in the 30-44 age bracket (85%) are most concerned about saving for a rainy day.</li> <li>Japanese consumers are also saving for retirement (51%), consumer electronics (32%), buying or upgrading property (29%) and international personal air travel (29%).</li> <li>The majority of Japanese consumers (26%) plan to save between 1-10% of their income in the next six months.</li> </ul> <div><b>Korea</b></div> <div><b><br type="_moz"> </b></div> <ul> <li>A similar proportion of female consumers (42%) and male consumers (43%) surveyed in Korea are planning to save more in the next six months. This is almost double of last year’s Korean consumers who planned to save more.</li> <li>Younger consumers between the ages of 18 to 29 years old (58%) are planning to save more in the next six months compared to their older counterparts – 30 to 44 years (46%), 45 to 54 years (29%) and 55 years and above (17%).</li> <li>The economic uncertainty has caused 80% of Korean consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. This is more than a 30% increase since last year. Among the different age groups, those in the 55 years and above bracket (87%) are most concerned about saving for a rainy day. This is a shift from last year, where those in the 30-44 age bracket were most concerned about saving for a rainy day.</li> <li>Korean consumers are also saving for retirement (55%), buying property (52%) and investments (38%).</li> <li>The majority of Korean consumers (28%) plan to save between 11-20% of their income in the next six months. This is a decrease in planned savings compared to last year where the majority of Korean consumers planned to save between 21-30% of their income.</li> </ul> <div><b>Malaysia</b></div> <div><b><br type="_moz"> </b></div> <ul> <li>Female consumers (51%) surveyed in Malaysia are planning to save more compared to their male counterparts (49%) in the next six months. Both of these figures are more than double those of last year.</li> <li>Younger consumers between the ages of 18 to 29 years old (66%) are planning to save more in the next six months compared to their older counterparts – 30 to 44 years (49%), 45 to 54 years (34%) and 55 years and above (33%). Compared to this time last year, the percentages have increased across the board, but most significantly for the 18-29 age bracket, which increase 36%.</li> <li>The economic uncertainty has caused 50% of Malaysian consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. Among the different age groups, those in the 55 years and above bracket (90%) are most concerned about saving for a rainy day.</li> <li>Malaysian consumers are also saving for retirement (63%), investments (42%) and buying or upgrading property (32%).</li> <li>The majority of Malaysian consumers (31%) plan to save between 1-10% of their income in the next six months.</li> </ul> <div><b>New Zealand</b></div> <div><b><br type="_moz"> </b></div> <ul> <li>An equal proportion of female consumers (50%) and male consumers (50%) surveyed in New Zealand are planning to save more in the next six months.</li> <li>Younger consumers between the ages of 18 to 29 years old (66%) are planning to save more in the next six months compared to their older counterparts – 30 to 44 years (55%), 45 to 54 years (34%) and 55 years and above (41%).</li> <li>The economic uncertainty has caused 40% of New Zealander consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. 60% of New Zealander consumers however, do not see this as the main reason for saving more/same in the next six months. Among the different age groups, those in the 45-54 age bracket (55%) are most concerned about saving for a rainy day.</li> <li>New Zealander consumers are also saving for international personal air travel (45%), retirement (36%) and buying or upgrading property (35%).</li> <li>The majority of New Zealander consumers (40%) plan to save between 1-10% of their income in the next six months.</li> </ul> <div><b>Philippines</b></div> <div><b><br type="_moz"> </b></div> <ul> <li>A greater proportion of male consumers (78%) surveyed in the Philippines are planning to save more compared to their female counterparts (69%) in the next six months.</li> <li>Younger consumers between the ages of 18 to 29 years old (91%) are planning to save more in the next six months compared to their older counterparts – 30 to 44 years (73%), 45 to 54 years (70%) and 55 years and above (35%).</li> <li>The economic uncertainty has caused 82% 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 45-54 age bracket (86%) are most concerned about saving for a rainy day.</li> <li>Filipino consumers are also saving for investments (59%), buying or upgrading property (55%) and retirement (45%).</li> <li>The majority of Filipino consumers (30%) plan to save between 1-10% of their income in the next six months.</li> </ul> <div><b>Singapore</b></div> <div><b><br type="_moz"> </b></div> <ul> <li>A greater proportion of male consumers (54%) surveyed in Singapore are planning to save more compared to their female counterparts (48%) in the next six months.</li> <li>Younger consumers between the ages of 18 to 29 years old (69%) are planning to save more in the next six months compared to their older counterparts – 30 to 44 years (48%), 45 to 54 years (41%) and 55 years and above (20%).</li> <li>The economic uncertainty has caused 67% of Singaporean consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. Among the different age groups, those in the 30-44 (70%) and 45-54 age brackets (70%) are most concerned about saving for a rainy day.</li> <li>Singaporean consumers are also saving for retirement (57%), investments (48%) and buying or upgrading property (42%)</li> <li>The majority of Singaporean consumers (29%) plan to save between 11-20% of their income in the next six months. This is a lower percentage of saving than this time last year, when the majority of Singaporean consumers planned to save between 21%-30% of their income in the next six months.</li> </ul> <div><b>Taiwan</b></div> <div><b><br type="_moz"> </b></div> <ul> <li>A greater proportion of female consumers (49%) surveyed in Taiwan are planning to save more compared to their male counterparts (38%) in the next six months.</li> <li>Younger consumers between the ages of 18 to 29 years old (63%) are planning to save more in the next six months compared to their older counterparts – 30 to 44 years (35%), 45 to 54 years (34%) and 55 years and above (37%).</li> <li>The economic uncertainty has caused 78% of Taiwanese consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. Among the different age groups, those in the 30-44 age bracket (81%) are most concerned about saving for a rainy day.</li> <li>Taiwanese consumers are also saving for retirement (55%), investments (55%) and buying or upgrading property (48%).</li> <li>The majority of Taiwanese consumers (24%) plan to save between 11-20% of their income in the next six months.</li> </ul> <div><b>Thailand</b></div> <div><b><br type="_moz"> </b></div> <ul> <li>A greater proportion of male consumers (55%) surveyed in Thailand are planning to save more compared to their female counterparts (49%) in the next six months.</li> <li>Younger consumers between the ages of 18 to 29 years old (69%) are planning to save more in the next six months compared to their older counterparts – 30 to 44 years (53%), 45 to 54 years (41%) and 55 years and above (29%).</li> <li>The economic uncertainty has caused 91% of Thai consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. Among the different age groups, those in the 18-29 age bracket (94%) are most concerned about saving for a rainy day.</li> <li>Thai consumers are also saving for retirement (40%), investments (38%) and buying or upgrading property (24%).</li> <li>The majority of Thai consumers (42%) plan to save between 1-10% of their income in the next six months.</li> </ul> <div><b>Vietnam</b></div> <div><b><br type="_moz"> </b></div> <ul> <li>A greater proportion of female consumers (45%) surveyed in Vietnam are planning to save more compared to their male counterparts (43%) in the next six months.</li> <li>Consumers between the ages of 45 to 54 years old (48%) are planning to save more in the next six months compared to their counterparts – 18 to 29 years (42%), 30 to 44 years (44%) and 55 years and above (41%).</li> <li>The economic uncertainty has caused 82% of Vietnamese consumers to either maintain or increase their level of savings in preparation for unforeseen emergency expenditures. Among the different age groups, those in the 55 years and above age bracket (91%) are most concerned about saving for a rainy day. This is a dramatic shift from last year, where those in the 18-30 age bracket (90%)were the most concerned about saving for a rainy day</li> <li>Vietnamese consumers are also saving for consumer electronics (39%), buying or upgrading property (32%) and purchase of white goods (25%)</li> <li>The majority of Vietnamese consumers (33%) plan to save between 11-20% of their income in the next six months. This is an increase from last year when the majority of Vietnamese consumers (30%) plan to save between 1-10% of their income in the next six months</li> </ul> MasterCard and its Suite of Research Properties <p>MasterCard puts out a series of ongoing consumer surveys and research Indices in the Asia/Pacific, Middle East and Africa. These include the MasterCard Survey on Consumer Purchasing Priorities, the MasterCard Worldwide Index of Consumer Purchasing Resilience, the MasterCard Worldwide Index of Consumer Confidence and MasterCard Worldwide Index of Women’s Advancement.</p> <p>Besides these, MasterCard also regularly releases its Insights reports; the series is part its ongoing research and analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 70 Insights reports have been produced since 2004. MasterCard has also released a series of four books on Asian consumer insights, authored by its Asia/Pacific economist, Dr. Yuwa Hedrick-Wong and published by John Wiley &amp; Sons.</p> <p>The MasterCard Indexes and Insights reports are available at <a href="http://www.masterintelligence.com">www.masterintelligence.com</a></p> About MasterCard Worldwide <p>MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 22 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information, go to www.mastercard.com. Follow us on Twitter: @mastercardnews. </p> Contacts<p><b>Linda Lee</b>,<br> Weber Shandwick Worldwide <br> <a href="mailto:linlee@webershandwick.com" target="_blank">linlee@webershandwick.com</a><br> (65) 6825- 8016</p> <p><b>Vani Viswanathan<br> </b>Weber Shandwick Worldwide<br> <a href="mailto:vviswanathan@webershandwick.com" target="_blank">vviswanathan@webershandwick.com</a><br> (65) 6825- 8053</p> <p>&nbsp;</p> The MasterCard survey on Consumer Purchasing Priorities – Money Management helps us to understand consumers’ saving and spending priorities. This survey was conducted between mid March and April 2010 and involved 10,920 consumers in 24 markets across Asia/Pacific, Middle East and Africa.http://www1.mastercard.com/content/intelligence/en/research/press-release/2010/single-and-young-consumers-in-asia-pacific-plan-to-save-more--ma2010-07-22T16:00:00.000Z2010-07-22T16:00:00.000ZMasterCard Launches Inaugural Index of Financial Literacy in Asia/Pacific Catherine Yuen, Gloria Lai Hong Kong Women Rank High in Investment and Basic Money Management Components<p><b><i>Hong Kong, 7 March 2011</i></b>: Women in Hong Kong ranked in the top five for Investment and Basic Money Management across Asia/Pacific, however they were outshined by their counterparts in terms of Financial Planning skills, according to MasterCard Worldwide’s inaugural Index of Financial Literacy released today.</p> <p>The MasterCard Index of Financial Literacy is based on a survey of consumers from 24 markets<sup>[<a href="#1">1</a>]</sup> across Asia/Pacific Middle East Africa (APMEA). It comprises three major components: Basic Money Management, which examines the respondents’ skills in terms of budgeting, savings and responsibility of credit usage; Financial Planning, which assesses their knowledge of financial products, services, concepts and ability to make long-term plans for financial needs; and Investment, which indicates their basic understanding of the various investment risks and different investment products, and if they have the necessary skills.</p> <p>Hong Kong women had the third and fourth highest scores in Basic Money Management (71.0) and Investment (60.9) respectively across Asia/Pacific. However, they were particularly weak in Financial Planning as indicated by their score of 67.8, which is near the bottom of the ranking for that component in Asia/Pacific and below the regional average (74.6). They ranked eighth in the overall Financial Literacy Index with an Index score of 68.0.</p> <p>In Asia/Pacific, women scored the best in Financial Planning (74.6), followed by Basic Money Management (63.9) and Investment (56.7). They are financially savvy to some extent, in particular among the over-30, married, working group, but the level of financial literacy in women can be raised further, especially among the younger generation.</p> <p>“With the financial world becoming increasingly complex, there is a compelling need for women to be more financially confident and competent,” observed Jeroen van Son, Head of Hong Kong &amp; Macau, MasterCard Worldwide.&nbsp; “This new MasterCard Index has certainly provided us with fresh insights into women’s aptitude for, and knowledge of, managing their finances. It is encouraging to see that women in Hong Kong scored high in basic money management and investment, reinforcing Hong Kong as an international finance hub,”</p> <p>The MasterCard Index of Financial Literacy is calculated from the weighted sum of the three components (Basic Money Management, Financial Planning and Investment), with 100 as the maximum score in financial literacy and zero as the lowest possible score. The survey was conducted between 13 September and 11 November 2010 and will continue to be conducted on an annual basis.</p> <p><a name="1"></a>[1] <i>Markets surveyed include Australia, China, Egypt, Hong Kong, India, Indonesia, Japan, Kenya, Kuwait, Lebanon, Malaysia, Morocco, New Zealand, Nigeria, Philippines, Qatar, Saudi Arabia, South Africa, South Korea, Singapore, Taiwan, Thailand, United Arab Emirates and Vietnam.</i></p> <p></p> Additional Key Highlights<ul> <li>China (60.1) reflected a lower Financial Literacy score among women. Chinese women were particularly weak in Basic Money Management and Investment (both 54.4), near the bottom of the ranking for these two components in Asia/Pacific.</li> <li>Taiwan (68.7) in sixth place did relatively well in terms of Financial Planning (82.4) and Investment (61.3) – it ranked third in Asia/Pacific for both components.</li> <li>Thai women topped the Financial Literacy Index with an Index score of 73.9. They had the highest scores in Financial Planning (87.0) and Investment (69.3), outshining their peers in the other 13 Asia/Pacific markets surveyed.</li> <li>Also noteworthy were Vietnamese women, who took fourth place, with an overall Index score of 70.1.</li> </ul> <p></p> MasterCard Worldwide Index of Financial Literacy (Women)<table border="1" cellspacing="0" cellpadding="0"> <tbody><tr><th class="table-description" colspan="2" rowspan="3"><b>Ranking</b></th> <th class="table-description" colspan="4"><b>Scores</b></th> </tr><tr><th class="table-description" rowspan="2"><b>Overall Financial Literacy Index</b></th> <th class="table-description" colspan="3"><b>Components of Financial Literacy Index</b></th> </tr><tr><th class="table-description"><b>Basic Money Management</b></th> <th class="table-description"><b>Financial Planning</b></th> <th class="table-description"><b>Investment</b></th> </tr><tr><th class="table-description" colspan="2"><b><i>Asia/Pacific </i></b></th> <td><i>65.7</i></td> <td><i>63.9</i></td> <td><i>74.6</i></td> <td><i>56.7</i></td> </tr><tr><td><b>1</b></td> <td>Thailand</td> <td>73.9</td> <td>67.9</td> <td>87.0</td> <td>69.3</td> </tr><tr><td><b>2</b></td> <td>New Zealand</td> <td>71.3</td> <td>76.7</td> <td>72.9</td> <td>55.2</td> </tr><tr><td><b>3</b></td> <td>Australia</td> <td>70.2</td> <td>75.8</td> <td>69.0</td> <td>58.3</td> </tr><tr><td><b>4</b></td> <td>Vietnam</td> <td>70.1</td> <td>65.4</td> <td>82.8</td> <td>62.7</td> </tr><tr><td><b>5</b></td> <td>Singapore</td> <td>69.4</td> <td>70.0</td> <td>80.4</td> <td>51.5</td> </tr><tr><td><b>6</b></td> <td>Taiwan</td> <td>68.7</td> <td>63.4</td> <td>82.4</td> <td>61.3</td> </tr><tr><td><b>7</b></td> <td>Philippines</td> <td>68.2</td> <td>66.6</td> <td>79.2</td> <td>55.6</td> </tr><tr><td><b>8</b></td> <td>Hong Kong</td> <td>68.0</td> <td>71.0</td> <td>67.8</td> <td>60.9</td> </tr><tr><td><b>9</b></td> <td>Indonesia</td> <td>66.5</td> <td>62.1</td> <td>79.1</td> <td>58.6</td> </tr><tr><td><b>10</b></td> <td>Malaysia</td> <td>66.0</td> <td>64.3</td> <td>75.0</td> <td>56.6</td> </tr><tr><td><b>11</b></td> <td>India</td> <td>61.4</td> <td>58.8</td> <td>67.6</td> <td>58.9</td> </tr><tr><td><b>12</b></td> <td>China</td> <td>60.1</td> <td>54.4</td> <td>73.3</td> <td>54.4</td> </tr><tr><td><b>13</b></td> <td>Japan</td> <td>59.9</td> <td>61.7</td> <td>71.2</td> <td>38.4</td> </tr><tr><td><b>14</b></td> <td>Korea</td> <td>55.9</td> <td>51.1</td> <td>65.7</td> <td>53.1</td> </tr></tbody></table> MasterCard and its Suite of Research Properties <p>The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the&nbsp;MasterCard Worldwide Index of Women’s Advancement, Online Shopping,&nbsp;Index of Financial Literacy, and the&nbsp;<a href="http://newsroom.mastercard.com/digital-press-kits/mastercard-global-destination-cities-index-2013/" target="_blank"><b>Index of Global Destination Cities</b></a>. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending&nbsp;and a series on&nbsp;Consumer Purchasing Priorities&nbsp;(covering&nbsp;Travel,&nbsp;Dining &amp; Entertainment, Education,&nbsp;Money Management,&nbsp;Luxury&nbsp;and General Shopping).</p> <p>MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.</p> <p>MasterCard has also released a series of four books on Asian consumer insights, authored by&nbsp;<a href="http://newsroom.mastercard.com/people/dyuwa/" target="_blank"><b>Dr. Yuwa Hedrick-Wong</b></a>, Global Economic Advisor for MasterCard Worldwide and published by John Wiley &amp; Sons.</p> About MasterCard Worldwide<p><a href="http://www.mastercard.com/index.html" target="_blank"><b>MasterCard</b></a>&nbsp;(NYSE: MA),&nbsp;<a href="http://www.mastercard.com/" target="_blank"><b>www.mastercard.com</b></a>,<b>&nbsp;</b>is a technology company in the global payments industry. We operate&nbsp;the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter <a href="https://twitter.com/#!/MasterCardNews" target="_blank"><b>@MasterCardNews</b></a><b>,&nbsp;</b>join the discussion on the&nbsp;<a href="http://newsroom.mastercard.com/blog/" target="_blank"><b>Cashless Conversations Blog</b></a>&nbsp;and&nbsp;<a href="http://newsroom.mastercard.com/subscribe/" target="_blank"><b>subscribe</b></a>&nbsp;for the latest <a href="http://newsroom.mastercard.com/" target="_blank"><b>news</b></a>.</p> The MasterCard Index of Financial Literacy is based on a survey of consumers from 24 markets across Asia/Pacific Middle East Africa (APMEA).http://www1.mastercard.com/content/intelligence/en/research/press-release/2011/mastercard-launches-inaugural-index-of-financial-literacy-in-asia-pacific02011-03-06T16:00:00.000Z2011-03-06T16:00:00.000ZMasterCard Launches Inaugural Index of Financial Literacy in Asia/Pacific Eva Lee, Esther Lin Taiwanese Women Rank Sixth on Financial Literacy Index, topping Hong Kong and China<p><b><i>Taiwan, </i></b><b><i>7 March 2011</i></b>: Just how much do women across Asia/Pacific know about managing finances? MasterCard Worldwide’s inaugural Index of Financial Literacy released today highlights that women across Asia/Pacific are financially savvy to some extent, in particular among the over-30, married, working group, but that the level of financial literacy in women can be raised further, especially among the younger generation.</p> <p>Taiwanese women ranked sixth in the MasterCard Worldwide’s Index of Financial Literacy among 14 markets surveyed in Asia/Pacific. Women in Taiwan had an index score of 68.7which is higher than that of Hong Kong’s 68.0 and China’s 60.1. At the same time, Taiwan also outshined counterparts in developed markets like Korea (55.9) and Japan (59.9) which makes up the lower spectrum of the Index.</p> <p>The MasterCard Index of Financial Literacy is based on a survey of consumers from 24 markets<sup>[<a href="#1">1</a>]</sup> across Asia/Pacific Middle East Africa (APMEA). It comprises three major components: Basic Money Management, which examines the respondents’ skills in terms of budgeting, savings and responsibility of credit usage; Financial Planning, which assesses their knowledge of financial products, services, concepts and ability to make long-term plans for financial needs; and Investment, which indicates their basic understanding of the various investment risks, different investment products and if they have the necessary skills.</p> <p>The Index score is calculated from the weighted sum of the three components, with 100 as the maximum score in financial literacy and zero as the lowest possible score. The survey was conducted between 13 September and 11 November 2010 and will continue to be conducted on an annual basis.</p> <p>Of the three components that make up the survey, women across Asia/Pacific as a whole scored the best in Financial Planning 74.6), followed by Basic Money Management (63.9) and Investment (56.7).</p> <p>Taiwanese women were ahead of their peers in Hong Kong and China given that the survey results reflected that the respondents held a higher level of knowledge relating to financial services, products and investments in a recovering global economy. Taiwan ranked third in both Financial Planning (82.4) and Investments (61.3) across Asia/Pacific, trailing&nbsp; Thailand and Vietnam. Women in Hong Kong had however scored better in Basic Money Management as compared to women in Taiwan and China.</p> <p>“The survey results have provided insights to the level of financial literacy in Taiwanese women and also pointed to the fact that financial knowledge in women is not to be overlooked especially when the economy is improving. At MasterCard we believe in the empowerment of women and part of our efforts on that front is encouraging women to manage their finances in a smart way,” said Julie Yang, Head of Taiwan, MasterCard Worldwide.</p> <p><a name="1"></a>[1] <i>Markets surveyed include Australia, China, Egypt, Hong Kong, India, Indonesia, Japan, Kenya, Kuwait, Lebanon, Malaysia, Morocco, New Zealand, Nigeria, Philippines, Qatar, Saudi Arabia, South Africa, South Korea, Singapore, Taiwan, Thailand, United Arab Emirates and Vietnam.</i></p> <p></p> Project Inspire: 5 Minutes to Change the World<p>Separately, Singapore National Committee for UN Women (UN Women Singapore) and MasterCard have joint hands to launch <i>Project Inspire: 5 Minutes to Change the World</i> as the world commemorates 100 years of International Women’s Day.<b> </b>This year-long digital and social media driven initiative aims to connect and inspire young people across the world to share their life-changing ideas and fulfill their visions of a better world for disadvantaged women and children.</p> <p>The initiative supports the heightened need to devote resources to the empowerment of women. Despite great strides in their socio-economic standing over the past 100 years, statistics show that women account for 70% of the world’s poor. They work two-thirds of the world’s working hours but earn only 10% of the income and own 1% of the world’s property. Giving these disadvantaged women more opportunities to stand on their own feet has enormous socio-economic ramifications, as empowering women fuels economies, spurring productivity and growth.</p> <p>Project Inspire presents 18-35 year olds with a 5-minute platform to pitch their inspired idea to the world and win a US$25,000 grant. The grant will be used to bring to life the winning idea and empower disadvantaged women or children in Asia/Pacific, Middle East and Africa through education, skills training, financial inclusion or social entrepreneurship. In addition, special recognition will be given to the best Financial Literacy/Livelihood proposal, which will be awarded a US$10,000 start-up grant.</p> <p>People with a passion to make a difference will be encouraged to visit</p> <p><a target="_blank" href="http://www.5minutestochangetheworld.org/"><b>www.5minutestochangetheworld.org</b></a> to submit a 5-minute video or written pitch articulating their idea and how they will use the grant to implement it. A shortlist of 10 finalists will have to convince a global voting audience of the merits of their proposal, and present live in Singapore to an expert judging panel at the end of August 2011, when the winner will be announced.</p> <p>Finalists will also get the opportunity to attend a workshop on sustainable social entrepreneurship and hone their presentation skills through a training session with professional consultants.&nbsp;</p> <p></p> MasterCard Worldwide Index of Financial Literacy (Women)<table border="1" cellspacing="0" cellpadding="0"> <tbody><tr><th class="table-description" colspan="2" rowspan="3"><b>Ranking</b></th> <th class="table-description" colspan="4"><b>Scores</b></th> </tr><tr><th class="table-description" rowspan="2"><b>Overall Financial Literacy Index</b></th> <th class="table-description" colspan="3"><b>Components of Financial Literacy Index</b></th> </tr><tr><th class="table-description"><b>Basic Money Management</b></th> <th class="table-description"><b>Financial Planning</b></th> <th class="table-description"><b>Investment</b></th> </tr><tr><th class="table-description" colspan="2"><b><i>Asia/Pacific </i></b></th> <td><i>65.7</i></td> <td><i>63.9</i></td> <td><i>74.6</i></td> <td><i>56.7</i></td> </tr><tr><td><b>1</b></td> <td>Thailand</td> <td>73.9</td> <td>67.9</td> <td>87.0</td> <td>69.3</td> </tr><tr><td><b>2</b></td> <td>New Zealand</td> <td>71.3</td> <td>76.7</td> <td>72.9</td> <td>55.2</td> </tr><tr><td><b>3</b></td> <td>Australia</td> <td>70.2</td> <td>75.8</td> <td>69.0</td> <td>58.3</td> </tr><tr><td><b>4</b></td> <td>Vietnam</td> <td>70.1</td> <td>65.4</td> <td>82.8</td> <td>62.7</td> </tr><tr><td><b>5</b></td> <td>Singapore</td> <td>69.4</td> <td>70.0</td> <td>80.4</td> <td>51.5</td> </tr><tr><td><b>6</b></td> <td>Taiwan</td> <td>68.7</td> <td>63.4</td> <td>82.4</td> <td>61.3</td> </tr><tr><td><b>7</b></td> <td>Philippines</td> <td>68.2</td> <td>66.6</td> <td>79.2</td> <td>55.6</td> </tr><tr><td><b>8</b></td> <td>Hong Kong</td> <td>68.0</td> <td>71.0</td> <td>67.8</td> <td>60.9</td> </tr><tr><td><b>9</b></td> <td>Indonesia</td> <td>66.5</td> <td>62.1</td> <td>79.1</td> <td>58.6</td> </tr><tr><td><b>10</b></td> <td>Malaysia</td> <td>66.0</td> <td>64.3</td> <td>75.0</td> <td>56.6</td> </tr><tr><td><b>11</b></td> <td>India</td> <td>61.4</td> <td>58.8</td> <td>67.6</td> <td>58.9</td> </tr><tr><td><b>12</b></td> <td>China</td> <td>60.1</td> <td>54.4</td> <td>73.3</td> <td>54.4</td> </tr><tr><td><b>13</b></td> <td>Japan</td> <td>59.9</td> <td>61.7</td> <td>71.2</td> <td>38.4</td> </tr><tr><td><b>14</b></td> <td>Korea</td> <td>55.9</td> <td>51.1</td> <td>65.7</td> <td>53.1</td> </tr></tbody></table> MasterCard and its Suite of Research Properties <p>The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the&nbsp;MasterCard Worldwide Index of Women’s Advancement, Online Shopping,&nbsp;Index of Financial Literacy, and the&nbsp;<a href="http://newsroom.mastercard.com/digital-press-kits/mastercard-global-destination-cities-index-2013/" target="_blank"><b>Index of Global Destination Cities</b></a>. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending&nbsp;and a series on&nbsp;Consumer Purchasing Priorities&nbsp;(covering&nbsp;Travel,&nbsp;Dining &amp; Entertainment, Education,&nbsp;Money Management,&nbsp;Luxury&nbsp;and General Shopping).</p> <p>MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.</p> <p>MasterCard has also released a series of four books on Asian consumer insights, authored by&nbsp;<a href="http://newsroom.mastercard.com/people/dyuwa/" target="_blank"><b>Dr. Yuwa Hedrick-Wong</b></a>, Global Economic Advisor for MasterCard Worldwide and published by John Wiley &amp; Sons.</p> About MasterCard Worldwide<p><a href="http://www.mastercard.com/index.html" target="_blank"><b>MasterCard</b></a>&nbsp;(NYSE: MA),&nbsp;<a href="http://www.mastercard.com/" target="_blank"><b>www.mastercard.com</b></a>,<b>&nbsp;</b>is a technology company in the global payments industry. We operate&nbsp;the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter <a href="https://twitter.com/#!/MasterCardNews" target="_blank"><b>@MasterCardNews</b></a><b>,&nbsp;</b>join the discussion on the&nbsp;<a href="http://newsroom.mastercard.com/blog/" target="_blank"><b>Cashless Conversations Blog</b></a>&nbsp;and&nbsp;<a href="http://newsroom.mastercard.com/subscribe/" target="_blank"><b>subscribe</b></a>&nbsp;for the latest <a href="http://newsroom.mastercard.com/" target="_blank"><b>news</b></a>.</p> The MasterCard Index of Financial Literacy is based on a survey of consumers from 24 markets across Asia/Pacific Middle East Africa (APMEA).http://www1.mastercard.com/content/intelligence/en/research/press-release/2011/mastercard-launches-inaugural-index-of-financial-literacy-in-asia-pacific12011-03-06T16:00:00.000Z2011-03-06T16:00:00.000ZChinese Consumers Remain Fiscally Conservative: MasterCard Survey Huanyu Wu, Tang Fei92% of Mainland Chinese Plan to Save the Same Amount or More in the Next Six Months<p><b><i>Beijing, </i></b><b><i>16</i></b><b><i> </i></b><b><i>November,</i></b><b><i> 2012</i></b> – According to the latest <a href="http://newsroom.mastercard.com/asia-pacific/" target="_blank"><b>MasterCard</b></a> survey on Consumer Purchasing Priorities – Money Management, eight out of ten Mainland Chinese consumers plan on saving the same amount or more in the next six months for precautionary purposes, which is similar to the proportion of consumers in Taiwan (79%) and Hong Kong (71%). Interestingly, half of Mainland Chinese respondents currently own a MasterCard credit card, representing a three-fold increase compared to last year, while Hong Kong and Taiwan also witnessed a modest increase in the amount of MasterCard cardholders compared to the previous year.</p> <p>The latest survey shows that money management strategies are conservative throughout Greater China. For instance, consumers in Mainland China plan to save an average of 26% of their income in the next six months, followed closely by Taiwan (23%) and Hong Kong (21%). Interestingly, Hong Kong (94%) had the largest proportion of respondents planning to save the same amount or more in the next six months, followed by Mainland China (92%) and Taiwan (80%).</p> <p>While most respondents in Mainland China are saving for investments (59%), the majority of consumers in Hong Kong (60%) and Taiwan (51%) are setting aside a portion of their income for retirement. Interestingly, 53% of the Mainland Chinese respondents in 2012 saved for international travel, compared to 18% last year.</p> Top 7 Reasons for Saving in Greater China<table width="391" cellspacing="0" cellpadding="0" border="1"> <tbody><tr><th class="table-description"><b><br type="_moz"> </b></th> <th class="table-description"><b>Item</b></th> <th class="table-description"><b>Mainland China</b></th> <th class="table-description"><b>Hong Kong</b></th> <th class="table-description"><b>Taiwan</b></th> </tr><tr><td><b>1</b></td> <td>Investments</td> <td>59</td> <td>58</td> <td>50</td> </tr><tr><td><b>2</b></td> <td>International Travel</td> <td>53</td> <td>55</td> <td>41</td> </tr><tr><td><b>3</b></td> <td>Consumer Electronics</td> <td>51</td> <td>28</td> <td>31</td> </tr><tr><td><b>4</b></td> <td>Renovation</td> <td>48</td> <td>39</td> <td>43</td> </tr><tr><td><b>5</b></td> <td>Major Appliances</td> <td>27</td> <td>20</td> <td>16</td> </tr><tr><td><b>6</b></td> <td>Retirement</td> <td>26</td> <td>60</td> <td>51</td> </tr><tr><td><b>7</b></td> <td>Car/Motorcycle</td> <td>22</td> <td>12</td> <td>19</td> </tr></tbody></table> <p>Across Greater China, 95% of Mainland Chinese expressed confidence in their ability to personally manage their daily finances, compared to respondents in Taiwan (92%) and Hong Kong (88%). Mainland China (35%), for instance, has the highest proportion of respondents currently using mobile applications to manage their money, with Hong Kong (22%) and Taiwan (15%) trailing close behind.&nbsp;</p> <p>Moreover, Mainland Chinese are generally highly involved in investment decision making, with 83% regularly monitoring their investments and the same proportion of respondents comparing information prior to purchasing a financial product.</p> <p>“According to the latest survey, respondents across Greater China are taking a prudent financial approach by regularly monitoring their expenditures, savings and investments. We have also found an interesting fact that international travel has become one of the main reasons for Mainland Chinese consumers to save regularly,” said <b><a href="http://newsroom.mastercard.com/people/lhai/" target="_blank">Ling Hai</a>,</b> Division President, Greater China, MasterCard Worldwide. “To step into consumers’ shoes, we have taken a proactive approach. We recently collaborated with several major Chinese banks to introduce new card offers to make payments simpler, smarter and safer for our customers traveling or studying overseas. To name a few: <a href="http://www.icbc.com.cn/ICBC/Bank%20Card/Introduction/CreditCard/ICBCMultiCurrencyCreditCard/" target="_blank"><b>ICBC Multi-Currency Credit Card</b>,</a> China Everbright Bank Euro MasterCard and the <a href="https://www.citibank.com.cn/ICARD/minisite/index.html" target="_blank"><b>Citibank’s PremierMiles card</b></a>.”</p> Additional findings from the MasterCard survey on Consumer Purchasing Priorities – Money Management include:<ul> <li>Most Mainland Chinese respondents are willing to plan their finances, as nine out of 10 respondents believe that individuals should regularly save a portion of their monthly income. More than eight out of 10 respondents also believe that it is never too early to have a financial plan, and that they should take out insurance to be prepared for the unexpected.&nbsp; </li> <li>Mainland Chinese consumers spent an average of 39% of their income on household expenses. In contrast, consumers in Taiwan and Hong Kong spent 44% and 37%, respectively.</li> <li>On average, Mainland Chinese respondents believe that they can retire with sufficient financial means at 54 years old, while Hong Kong and Taiwanese respondents indicate they can retire at 62 years old and 59 years old, respectively.&nbsp;</li> </ul> <p>The latest survey, which was conducted from the end of April to early June, 2012, involved 11,376 consumers from 25 markets with 845 respondents in China, 421 in Taiwan and 409 in Hong Kong. Data was collected via online surveys, face-to-face, and Computer Assisted Telephone interviews, with the questionnaire translated to the local language wherever appropriate and necessary. <i>The Index and its accompanying reports do not represent MasterCard financial performance.</i></p> MasterCard and its Suite of Research Properties<p>The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the&nbsp;MasterCard Worldwide Index of Women’s Advancement, Online Shopping,&nbsp;Index of Financial Literacy, and the&nbsp;<a href="http://newsroom.mastercard.com/digital-press-kits/mastercard-global-destination-cities-index-2013/" target="_blank"><b>Index of Global Destination Cities</b></a>. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending&nbsp;and a series on&nbsp;Consumer Purchasing Priorities&nbsp;(covering&nbsp;Travel,&nbsp;Dining &amp; Entertainment, Education,&nbsp;Money Management,&nbsp;Luxury&nbsp;and General Shopping).</p> <p>MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.</p> <p>MasterCard has also released a series of four books on Asian consumer insights, authored by&nbsp;<a href="http://newsroom.mastercard.com/people/dyuwa/" target="_blank"><b>Dr. Yuwa Hedrick-Wong</b></a>, Global Economic Advisor for MasterCard Worldwide and published by John Wiley &amp; Sons.</p> About MasterCard Worldwide<p><a href="http://www.mastercard.com/index.html" target="_blank"><b>MasterCard</b></a>&nbsp;(NYSE: MA),&nbsp;<a href="http://www.mastercard.com/" target="_blank"><b>www.mastercard.com</b></a>,<b>&nbsp;</b>is a technology company in the global payments industry. We operate&nbsp;the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter <a href="https://twitter.com/#!/MasterCardNews" target="_blank"><b>@MasterCardNews</b></a><b>,&nbsp;</b>join the discussion on the&nbsp;<a href="http://newsroom.mastercard.com/blog/" target="_blank"><b>Cashless Conversations Blog</b></a>&nbsp;and&nbsp;<a href="http://newsroom.mastercard.com/subscribe/" target="_blank"><b>subscribe</b></a>&nbsp;for the latest <a href="http://newsroom.mastercard.com/" target="_blank"><b>news</b></a>.</p> <p>For more information on the latest MasterCard activities and promotions, log on to the official MasterCard Weibo site at:&nbsp; <a href="http://weibo.com/mastercardchina"><b>http://weibo.com/mastercardchina</b></a></p> <p style="text-align: center;"># # #</p> Contacts:<p>Huanyu Wu<br> MasterCard Worldwide<br> <a href="mailto:huanyu_wu@mastercard.com">huanyu_wu@mastercard.com</a><br> (86-10) 8519 9304</p> <p>Coco Xiaoyi Ji<br> Weber Shandwick Worldwide<br> <a href="mailto:CJI@webershandwick.com">CJI@webershandwick.com</a><br> (86-10) 8569-9959 / (86-10) 8569-9926<i></i></p> According to the latest MasterCard survey on Consumer Purchasing Priorities – Money Management, eight out of ten Mainland Chinese consumers plan on saving the same amount or more in the next six months for precautionary purposes, which is similar to the proportion of consumers in Taiwan (79%) and Hong Kong (71%).http://www1.mastercard.com/content/intelligence/en/research/press-release/2012/chinese-consumers-remain-fiscally-conservative--mastercard-surve2012-11-15T16:00:00.000Z2012-11-15T16:00:00.000ZNigerians Remain Committed to Saving for their Future, MasterCard Survey Reveals Ejura AuduNigerians Remain Committed to Saving for their Future, MasterCard Survey Reveals <p><b><i>Lagos, 25 October 2012</i></b> – Results of the latest <i>MasterCard Worldwide Survey on Consumer Purchasing Priorities - Money Management</i> has revealed that Nigerians continue to understand the importance of saving their money, with 95% of respondents committing to increasing their savings in the following six months.</p> <p>Compared to the previous year’s results, this latest finding represents an 8% increase on the 87% of respondents who had similarly committed to increasing their savings in 2011.</p> <p>Now in its second year in Nigeria, the <i>MasterCard Worldwide Survey on Consumer Purchasing Priorities – Money Management </i>includes a series of questions that investigates respondents’ financial planning over the course of the following six months and seeks to determine levels of basic money management skills in terms of budgeting and savings.</p> <p>The most recent survey was conducted between 24 April and 10 June 2012, and involved 11,376 respondents aged 18 to 64 across 25 markets spanning the Asia Pacific, Middle East and Africa regions. On the African continent, the survey was conducted in Egypt, Kenya, Morocco, Nigeria and South Africa.<sup>[<a href="#1">1</a>]</sup> <i>The Index and its accompanying reports do not represent MasterCard financial performance.</i></p> <p>When respondents were questioned about their primary reason for wanting to increase their rate of saving over the subsequent six months, 84% indicated that they were wary of the impact that global economic events may have on the Nigerian market and they felt they needed to prepare for unforeseen emergency expenditure.</p> <p>The survey established that a significant 95% of respondents believed that they should regularly save a portion of their monthly income. The allocation of their total salaries that they intended to save in the following six months was diverse, with 26% saving one-tenth or less, half of all respondents saving between 11-30%, and 11% saving more than one third of their salaries.</p> <p>“It is clear that Nigerians understand the importance of setting a portion of their monthly income aside,” says Omokehinde Ojomuyide, country manager, West Africa, MasterCard Worldwide. “In fact, it is one of the most important and necessary actions that any Nigerian can take to ensure their financial security.”</p> <p>The Central Bank of Nigeria (CBN) has emphasized this with its National Financial Inclusion Strategy, through which it <a href="http://www.thisdaylive.com/articles/cbn-targets-63m-savings-accounts-by-2020/115569/" target="_blank"><b>aims to achieve a total number of 63 million users of banks’ savings account products by 2020</b></a>, from the 21 million accounts that were active last year.</p> <p>Ojomuyide adds that investments, retirement planning, and buying or upgrading a property, were the most popular reasons for saving, with a large percentage of Nigerians saving for more than one purpose.</p> <p>Reinforcing the positive results around savings were the facts that 94% of respondents believed it was never too early to have a financial plan and 81% agreed financial planning was not just for the rich.</p> <p>However, the survey revealed that while large numbers of Nigerians understand the importance of planning and saving for their retirement years, and are setting money aside for that purpose, only 37% of respondents have calculated the total amount that they would need to retire to maintain their lifestyle when the time comes for them to stop working.</p> <p>“Many people think that saving for retirement is something that can be postponed for action later in life,” says Ojomuyide. “However, one of the first steps to take towards financial independence is making adequate preparations for when a person is no longer working, whether this retirement is by choice or from ill health – and the advice of a qualified and experienced financial planner will help Nigerians take the necessary steps to provide for their future.”</p> <p>The survey also indicated that Nigerians manage their money carefully and effectively. 94% believe that they have the ability and understanding to budget their day-day finances, 78% track their spending on a weekly basis and 83% regularly monitor the progress of their investments.</p> <p>“Even though the survey shows that Nigerians lag with planning for their retirement, it reveals that they understand the importance of budgeting and saving, and more importantly, they are taking steps to include these activities in their daily lives,” Ojomuyide says. “It is this awareness of personal finances, and the knowledge of how to manage money, that will help Nigerians embrace the CBN’s National Financial Inclusion Strategy and its Cashless Policy.”</p> <p>“Understanding the importance of managing money beyond immediate daily needs is the first step towards owning a bank account, which then opens up the benefits of broader financial inclusion,” she says. “This in turn makes the appeal of a cashless economy even more clear, as the dangers and inconvenience of cash are eliminated, and electronic payments are increasingly embraced.</p> <p>“MasterCard is working closely with government, financial institutions and merchants to make the CBN’s goals for a financially secure Nigeria reality, by making it easy, safer and more convenient for Nigerians of all income groups to put their savings to good use,” she concludes.</p> <p><b><i>#ENDS#</i></b></p> <p><b><i></i></b><i>[<a name="1"></a>1]&nbsp;<b>Asia Pacific</b>: Australia, China, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Phillipines, Singapore, Taiwan, Thailand and Vietnam. <b>Middle East</b>, Kuwait, Lebanon, Qatar, Saudi Arabia, United Arab Emirates. <b>Africa: </b>Egypt<b>, </b>Kenya, Morocco, Nigeria, South Africa</i></p> <p></p> <p></p> MasterCard and its Suite of Research Properties<p>The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the&nbsp;MasterCard Worldwide Index of Women’s Advancement, Online Shopping,&nbsp;Index of Financial Literacy, and the&nbsp;<a href="http://newsroom.mastercard.com/digital-press-kits/mastercard-global-destination-cities-index-2013/" target="_blank"><b>Index of Global Destination Cities</b></a>. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending&nbsp;and a series on&nbsp;Consumer Purchasing Priorities&nbsp;(covering&nbsp;Travel,&nbsp;Dining &amp; Entertainment, Education,&nbsp;Money Management,&nbsp;Luxury&nbsp;and General Shopping).</p> <p>MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.</p> About MasterCard Worldwide<p><a href="http://www.mastercard.com/index.html" target="_blank"><b>MasterCard</b></a>&nbsp;(NYSE: MA),&nbsp;<a href="http://www.mastercard.com/" target="_blank"><b>www.mastercard.com</b></a>,<b>&nbsp;</b>is a technology company in the global payments industry. We operate&nbsp;the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter <a href="https://twitter.com/#!/MasterCardNews" target="_blank"><b>@MasterCardNews</b></a><b>,&nbsp;</b>join the discussion on the&nbsp;<a href="http://newsroom.mastercard.com/blog/" target="_blank"><b>Cashless Conversations Blog</b></a>&nbsp;and&nbsp;<a href="http://newsroom.mastercard.com/subscribe/" target="_blank"><b>subscribe</b></a>&nbsp;for the latest <a href="http://newsroom.mastercard.com/" target="_blank"><b>news</b></a>.</p> Contacts:<p>Ejura Audu,<br> <a href="mailto:ejura.audu@quadrantcompany.com">ejura.audu@quadrantcompany.com</a>,<br> +234 803 494 6244</p> The MasterCard Survey on Consumer Purchasing Priorities – Money Management provides valuable insights into consumers’ savings and expenditure behavior and their understanding of basic money management concepts, financial planning and investments.http://www1.mastercard.com/content/intelligence/en/research/press-release/2012/nigerians-remain-committed-to-saving-for-their-future--mastercar2012-10-24T16:00:00.000Z2012-10-24T16:00:00.000ZTaiwanese Consumers Remain Fiscally Conservative: MasterCard Survey Stephanie Yang, Claire Ke80% of Taiwanese Plan to Save the Same Amount or More in the Next Six Months<p><b><i>Taiwan</i></b><b><i>, </i></b><b><i>21</i></b><b><i> </i></b><b><i>November</i></b><b><i> 2012</i></b> – According to the latest <a href="http://newsroom.mastercard.com/asia-pacific/" target="_blank"><b>MasterCard</b></a> survey on Consumer Purchasing Priorities – Money Management, 79% of Taiwanese consumers plan on saving the same amount or more in the next six months for precautionary purposes, which is similar to the proportion of consumers in Mainland China (78%) and Hong Kong (71%).</p> <p>The latest survey shows that money management strategies are conservative throughout Greater China. For instance, consumers in Mainland China plan to save an average of 26% of their income in the next six months, followed closely by Taiwan (23%) and Hong Kong (21%).</p> <p>The survey on Taiwanese respondents showed that the number one reason for saving was for retirement (51%). The second reason for saving was for investment (50%), followed by buying or renovating a house (43%).</p> <p>Interestingly, while the majority of consumers in Hong Kong (60%) and Taiwan (51%) are setting aside a portion of their income for retirement, most respondents in Mainland China are saving for investments (59%).</p> Top 7 Reasons for Saving in Greater China<table width="402" cellspacing="0" cellpadding="0" border="1"> <tbody><tr><th class="table-description"><b><br type="_moz"> </b></th> <th class="table-description"><b>Item</b></th> <th class="table-description"><b>Taiwan</b></th> <th class="table-description"><b>Hong Kong</b></th> <th class="table-description"><b>Mainland China</b></th> </tr><tr><td><b>1</b></td> <td>Retirement</td> <td>51</td> <td>60</td> <td>26</td> </tr><tr><td><b>2</b></td> <td>Investments</td> <td>50</td> <td>58</td> <td>59</td> </tr><tr><td><b>3</b></td> <td>Buying/Renovating a House</td> <td>43</td> <td>39</td> <td>48</td> </tr><tr><td><b>4</b></td> <td>International Travel</td> <td>41</td> <td>55</td> <td>53</td> </tr><tr><td><b>5</b></td> <td>Consumer Electronics</td> <td>31</td> <td>28</td> <td>51</td> </tr><tr><td><b>6</b></td> <td>Car/Motorcycle</td> <td>19</td> <td>12</td> <td>22</td> </tr><tr><td><b>7</b></td> <td>Major Appliances</td> <td>16</td> <td>20</td> <td>27</td> </tr></tbody></table> <p>Across Greater China, 92% of Taiwanese respondents expressed confidence in their ability to personally manage their daily finances, compared to respondents in Mainland China (95%) and Hong Kong (88%). Moreover, Taiwanese are generally highly involved in investment decision making, with 77% regularly monitoring their investments and a similar proportion comparing product information prior to purchasing a financial product (81%). Respondents aged 30-64 years old tend to be more investment-savvy.</p> <p>The survey also found that that the penetration rate of mobile applications used to manage money in Taiwan is low, with only 15% currently using them, while Mainland China (35%) has the highest proportion, with Hong Kong (22%) trailing close behind.</p> <p>“The latest MasterCard survey indicates that Taiwanese consumers understand the importance of financial planning, budgeting, saving, comparing and monitoring developments in the financial environment. Taiwanese consumers also continue to show that they understand the importance of planning and saving for their retirement years and set money aside for that purpose,” said Julie Yang, head of Taiwan, MasterCard Worldwide. “To help consumers proactively monitor their expenditure and keep track of their purchases, MasterCard continues to provide a wide range of simple, smart and safe payment solutions for Taiwanese consumers.”</p> Additional findings from the MasterCard survey on Consumer Purchasing Priorities – Money Management include:<ul> <li>Most Taiwanese respondents are willing to plan their finances, as nine out of 10 respondents believe that individuals should regularly save a portion of their monthly income. More than nine out of 10 respondents also believe that it is never too early to have a financial plan, and that they should take out insurance to be prepared for the unexpected.&nbsp;</li> <li>Taiwanese consumers spent an average of 44% of their income on household expenses. In contrast, consumers in Mainland China and Hong Kong spent 39% and 37%, respectively.</li> <li>On average, Taiwanese respondents believe that they can retire with sufficient financial means at 59 years old; while Hong Kong and Mainland Chinese respondents indicate they can retire at 62 years old and 54 years old, respectively.&nbsp;</li> </ul> <p>The latest survey, which was conducted from the end of April to early June, 2012, involved 11,376 consumers from 25 markets with 845 respondents in China, 421 in Taiwan and 409 in Hong Kong. Data was collected via online surveys, face-to-face, and Computer Assisted Telephone interviews, with the questionnaire translated to the local language wherever appropriate and necessary. <i>The Index and its accompanying reports do not represent MasterCard financial performance.</i></p> MasterCard and its Suite of Research Properties<p>The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the&nbsp;MasterCard Worldwide Index of Women’s Advancement, Online Shopping,&nbsp;Index of Financial Literacy, and the&nbsp;<a href="http://newsroom.mastercard.com/digital-press-kits/mastercard-global-destination-cities-index-2013/" target="_blank"><b>Index of Global Destination Cities</b></a>. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending&nbsp;and a series on&nbsp;Consumer Purchasing Priorities&nbsp;(covering&nbsp;Travel,&nbsp;Dining &amp; Entertainment, Education,&nbsp;Money Management,&nbsp;Luxury&nbsp;and General Shopping).</p> <p>MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.</p> <p>MasterCard has also released a series of four books on Asian consumer insights, authored by&nbsp;<a href="http://newsroom.mastercard.com/people/dyuwa/" target="_blank"><b>Dr. Yuwa Hedrick-Wong</b></a>, Global Economic Advisor for MasterCard Worldwide and published by John Wiley &amp; Sons.</p> About MasterCard Worldwide<p><a href="http://www.mastercard.com/index.html" target="_blank"><b>MasterCard</b></a>&nbsp;(NYSE: MA),&nbsp;<a href="http://www.mastercard.com/" target="_blank"><b>www.mastercard.com</b></a>,<b>&nbsp;</b>is a technology company in the global payments industry. We operate&nbsp;the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter <a href="https://twitter.com/#!/MasterCardNews" target="_blank"><b>@MasterCardNews</b></a><b>,&nbsp;</b>join the discussion on the&nbsp;<a href="http://newsroom.mastercard.com/blog/" target="_blank"><b>Cashless Conversations Blog</b></a>&nbsp;and&nbsp;<a href="http://newsroom.mastercard.com/subscribe/" target="_blank"><b>subscribe</b></a>&nbsp;for the latest <a href="http://newsroom.mastercard.com/" target="_blank"><b>news</b></a>.</p> Contacts:<p>Era Ogilvy Public Relations<br> Stephanie Yang <br> (886)2577-2100 Ext.602, <br> <a href="mailto:Stephaniehw.yang@eraogilvy.com">Stephaniehw.yang@eraogilvy.com</a></p> <p>Claire Ke <br> (886)2577-2100 Ext.609, <br> <a href="mailto:Clairelh.ke@eraogilvy.com">Clairelh.ke@eraogilvy.com</a></p> According to the latest MasterCard survey on Consumer Purchasing Priorities – Money Management, eight out of ten Mainland Chinese consumers plan on saving the same amount or more in the next six months for precautionary purposes, which is similar to the proportion of consumers in Taiwan (79%) and Hong Kong (71%).http://www1.mastercard.com/content/intelligence/en/research/press-release/2012/taiwanese-consumers-remain-fiscally-conservative--mastercard-sur2012-11-20T16:00:00.000Z2012-11-20T16:00:00.000ZChina Overtakes Hong Kong with the Most Proficient Investors in Asia/Pacific: MasterCard Index of Financial Literacy Georgette Tan, Rob O’Brien, Weber Mastercard Index of Financial Literacy<p><img src="/content/dam/intelligence/content-assets/mastercard-index-of-financial-literacy-2013.JPG"></p> <p></p> Methodology<p>The Index is based on a survey of consumers from 25 markets across APMEA and comprises questions covering three major components:</p> <p></p> <ul> <li>Basic Money Management (50% weight): To determine the level of basic money management skills in terms of budgeting, savings, and responsibility of credit usage.</li> </ul> <p></p> <ul> <li>Financial Planning (30% weight): To assess level of knowledge about financial products, services, and concepts, and ability to plan for long-term financial needs.</li> </ul> <p></p> <ul> <li>Investment (20% weight): To determine basic understanding of the various risks associated with investment, different investment products and skills required.</li> </ul> <p></p> <p>A Financial Literacy Index Score for each market was calculated out of the weighted sum of the 3 components.</p> <p></p> <p>Regional Aggregates are calculated via the average of the individual country components before applying the weights described above.</p> <p>Interviews for the MasterCard Financial Literacy Index were conducted via internet surveys, personal, telephone and Computer Aided Telephone interviews, with the questionnaire translated to the local language wherever appropriate and necessary.</p> <p></p> MasterCard and its Suite of Research Properties<p>The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the&nbsp;MasterCard Worldwide Index of Women’s Advancement, Online Shopping,&nbsp;Index of Financial Literacy, and the&nbsp;<a href="http://newsroom.mastercard.com/digital-press-kits/mastercard-global-destination-cities-index-2013/" target="_blank"><b>Index of Global Destination Cities</b></a>. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending&nbsp;and a series on&nbsp;Consumer Purchasing Priorities&nbsp;(covering&nbsp;Travel,&nbsp;Dining &amp; Entertainment, Education,&nbsp;Money Management,&nbsp;Luxury&nbsp;and General Shopping).</p> <p>MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.</p> <p>MasterCard has also released a series of four books on Asian consumer insights, authored by&nbsp;<a href="http://newsroom.mastercard.com/people/dyuwa/" target="_blank"><b>Dr. Yuwa Hedrick-Wong</b></a>, Global Economic Advisor for MasterCard Worldwide and published by John Wiley &amp; Sons.</p> <p></p> About Mastercard<p><a href="http://www.mastercard.com/index.html" target="_blank"><b>MasterCard</b></a>&nbsp;(NYSE: MA),&nbsp;<a href="http://www.mastercard.com/" target="_blank"><b>www.mastercard.com</b></a>,<b>&nbsp;</b>is a technology company in the global payments industry. We operate&nbsp;the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter <a href="https://twitter.com/#!/MasterCardNews" target="_blank"><b>@MasterCardNews</b></a><b>,&nbsp;</b>join the discussion on the&nbsp;<a href="http://newsroom.mastercard.com/blog/" target="_blank"><b>Cashless Conversations Blog</b></a>&nbsp;and&nbsp;<a href="http://newsroom.mastercard.com/subscribe/" target="_blank"><b>subscribe</b></a>&nbsp;for the latest <a href="http://newsroom.mastercard.com/" target="_blank"><b>news</b></a>.</p> Contacts<p>Georgette Tan<br> MasterCard<br> <a href="mailto:georgette_tan@mastercard.com">georgette_tan@mastercard.com</a><br> +65 6390 5971<br> <br> Rob O’Brien<br> Weber Shandwick<br> <a href="mailto:robrien@webershandwick.com">robrien@webershandwick.com</a><br> +65 6825 8064<br> </p> The MasterCard Index of Financial Literacy is based on a survey conducted between April 2013 and May 2013 with 7756 respondents aged 18 – 64 in 16 Asia/Pacific markets. This is the 4th survey of Financial Literacy conducted since 2010.http://www1.mastercard.com/content/intelligence/en/research/press-release/2013/china-overtakes-hongkong-with-the-most-proficient-investors-in-asia-pacific-mastercard-index-of-financial-literacy2013-07-02T16:00:00.000Z2013-07-02T16:00:00.000ZNew Zealand Fast Becoming a Cashless Society Julian Light, Amy O’RourkeAbout the research<p>The MasterCard Worldwide Survey on Consumer Purchasing Priorities provides valuable insights into consumers’ savings and expenditure behaviour and their discretionary spending priorities. In particular, the series covers Consumer Purchasing Priorities including Travel, Dining &amp; Entertainment, Education, Money Management, Luxury and General Shopping. The 500 respondents are New Zealand residents between 18-64 years old owning a bank account and who access the internet at least once a week.</p> <p>The results of this survey do not represent the financial performance of MasterCard.</p> <p></p> MasterCard and its Suite of Research Properties<p>The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the&nbsp;MasterCard Worldwide Index of Women’s Advancement, Online Shopping,&nbsp;Index of Financial Literacy, and the&nbsp;<a href="http://newsroom.mastercard.com/digital-press-kits/mastercard-global-destination-cities-index-2013/" target="_blank"><b>Index of Global Destination Cities</b></a>. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending&nbsp;and a series on&nbsp;Consumer Purchasing Priorities&nbsp;(covering&nbsp;Travel,&nbsp;Dining &amp; Entertainment, Education,&nbsp;Money Management,&nbsp;Luxury&nbsp;and General Shopping).</p> <p>MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.</p> <p>MasterCard has also released a series of four books on Asian consumer insights, authored by&nbsp;<a href="http://newsroom.mastercard.com/people/dyuwa/" target="_blank"><b>Dr. Yuwa Hedrick-Wong</b></a>, Global Economic Advisor for MasterCard Worldwide and published by John Wiley &amp; Sons.</p> About MasterCard<p><a href="http://www.mastercard.com/index.html" target="_blank"><b>MasterCard</b></a>&nbsp;(NYSE: MA),&nbsp;<a href="http://www.mastercard.com/" target="_blank"><b>www.mastercard.com</b></a>,<b>&nbsp;</b>is a technology company in the global payments industry. We operate&nbsp;the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter <a href="https://twitter.com/#!/MasterCardNews" target="_blank"><b>@MasterCardNews</b></a><b>,&nbsp;</b>join the discussion on the&nbsp;<a href="http://newsroom.mastercard.com/blog/" target="_blank"><b>Cashless Conversations Blog</b></a>&nbsp;and&nbsp;<a href="http://newsroom.mastercard.com/subscribe/" target="_blank"><b>subscribe</b></a>&nbsp;for the latest <a href="http://newsroom.mastercard.com/" target="_blank"><b>news</b></a>.</p> Media contacts<p>Julian Light<br> Acumen Republic<br> T: 04 494 5146<br> E: <a href="mailto:jlight@acumenrepublic.com">jlight@acumenrepublic.com</a><br> </p> <p>Amy O’Rourke<br> Acumen Republic<br> T: 09 354 0584<br> E: <a href="mailto:aorourke@acumenrepublic.com">aorourke@acumenrepublic.com</a><br> </p> The MasterCard Survey on Consumer Purchasing Priorities – Money Management provides valuable insights into the Asia/Pacific consumers’ savings and expenditure behavior and their understanding of basic money management concepts, financial planning and investments.http://www1.mastercard.com/content/intelligence/en/research/press-release/2013/new-zealand-fast-becoming-a-cashless-society2013-03-31T16:00:00.000Z2013-03-31T16:00:00.000ZThe Majority of Indonesians Save Money For The Future: MasterCard Survey Julianty Moeljono, Thoriq HuseinMasterCard and its Suite of Research Properties<p>The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the&nbsp;MasterCard Worldwide Index of Women’s Advancement, Online Shopping,&nbsp;Index of Financial Literacy, and the&nbsp;<a href="http://newsroom.mastercard.com/digital-press-kits/mastercard-global-destination-cities-index-2013/" target="_blank"><b>Index of Global Destination Cities</b></a>. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending&nbsp;and a series on&nbsp;Consumer Purchasing Priorities&nbsp;(covering&nbsp;Travel,&nbsp;Dining &amp; Entertainment, Education,&nbsp;Money Management,&nbsp;Luxury&nbsp;and General Shopping).</p> <p>MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.</p> <p>MasterCard has also released a series of four books on Asian consumer insights, authored by&nbsp;<a href="http://newsroom.mastercard.com/people/dyuwa/" target="_blank"><b>Dr. Yuwa Hedrick-Wong</b></a>, Global Economic Advisor for MasterCard Worldwide and published by John Wiley &amp; Sons.</p> About MasterCard <p><a href="http://www.mastercard.com/index.html" target="_blank"><b>MasterCard</b></a>&nbsp;(NYSE: MA),&nbsp;<a href="http://www.mastercard.com/" target="_blank"><b>www.mastercard.com</b></a>,<b>&nbsp;</b>is a technology company in the global payments industry. We operate&nbsp;the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter <a href="https://twitter.com/#!/MasterCardNews" target="_blank"><b>@MasterCardNews</b></a><b>,&nbsp;</b>join the discussion on the&nbsp;<a href="http://newsroom.mastercard.com/blog/" target="_blank"><b>Cashless Conversations Blog</b></a>&nbsp;and&nbsp;<a href="http://newsroom.mastercard.com/subscribe/" target="_blank"><b>subscribe</b></a>&nbsp;for the latest <a href="http://newsroom.mastercard.com/" target="_blank"><b>news</b></a>.</p> Contacts<p>Julianty Moeljono,<br> MasterCard Worldwide,<br> <a href="mailto:julianty_moeljono@mastercard.com">julianty_moeljono@mastercard.com</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p> <p>Thoriq Husein,<br> Weber Shandwick,<br> <a href="mailto:thusein@webershandwick.com">thusein@webershandwick.com</a>,<br> +62 818 772 554</p> The MasterCard Survey on Consumer Purchasing Priorities – Money Management provides valuable insights into the Asia/Pacific consumers’ savings and expenditure behavior and their understanding of basic money management concepts, financial planning and investments.http://www1.mastercard.com/content/intelligence/en/research/press-release/2013/the-majority-of-indonesians-save-money-for-the-future--mastercar2013-04-21T16:00:00.000Z2013-04-21T16:00:00.000ZWomen in Asia’s Emerging Markets Take Reins on Household Finances: MasterCard Survey Georgette Tan, Robert O’BrienBig purchasing decisions<p>Women from Korea, Indonesia and Vietnam led the region with more women managing all four aspects of decision making at home compared to their male counterparts, but this was especially apparent when making decisions around their children’s education – 59.8%, 57.0% and 53.2% of women in Korea, Indonesia and Vietnam respectively. A majority of women in Korea (53.2%), Indonesia (52.2%) and Vietnam (50.1%) also made the call on big purchases.</p> <p>“The survey shows a division of responsibilities in most households; when it comes to home finances, women are generally a force to be reckoned with – they are better at managing the budget and better at making key financial decisions that impact the family such as a child’s education,” says <b><a target="_blank" href="http://newsroom.mastercard.com/people/gtan/">Georgette Tan, group head, Communications, Asia/Pacific, Middle East &amp; Africa</a><a href="http://newsroom.mastercard.com/people/gtan/">, MasterCard</a></b>. “Obviously, this doesn’t marginalise the role of men as financial decision makers – they’re the home savers and investors, which are both important roles in terms of long-term financial stability.”</p> <p>From 28-29 March 2013, the <b><a target="_blank" href="http://www.wilforumasia.com/about-wil/">3rd Annual Women in Leadership Asia (WIL) Forum</a> </b>will be held in Kuala Lumpur and MasterCard is proud to be supporting this event.</p> <p>For the full report go to: <b><a href="http://www.masterintelligence.com/">www.masterintelligence.com</a></b></p> <p style="text-align: center;"><a target="_blank" href="/content/dam/intelligence/content-assets/WomenTakeOnHouseholdFinances.jpg"><img width="447" height="233" src="/content/dam/intelligence/content-assets/WomenTakeOnHouseholdFinances.jpg"></a></p> MasterCard and its Suite of Research Properties<p>The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the&nbsp;MasterCard Worldwide Index of Women’s Advancement, Online Shopping,&nbsp;Index of Financial Literacy, and the&nbsp;<a href="http://newsroom.mastercard.com/digital-press-kits/mastercard-global-destination-cities-index-2013/" target="_blank"><b>Index of Global Destination Cities</b></a>. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending&nbsp;and a series on&nbsp;Consumer Purchasing Priorities&nbsp;(covering&nbsp;Travel,&nbsp;Dining &amp; Entertainment, Education,&nbsp;Money Management,&nbsp;Luxury&nbsp;and General Shopping).</p> <p>MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.</p> <p>MasterCard has also released a series of four books on Asian consumer insights, authored by&nbsp;<a href="http://newsroom.mastercard.com/people/dyuwa/" target="_blank"><b>Dr. Yuwa Hedrick-Wong</b></a>, Global Economic Advisor for MasterCard Worldwide and published by John Wiley &amp; Sons.</p> About MasterCard<p><a href="http://www.mastercard.com/index.html" target="_blank"><b>MasterCard</b></a> (NYSE: MA), <a href="http://www.mastercard.com" target="_blank"><b>www.mastercard.com</b></a>,<b> </b>is a technology company in the global payments industry. We operate&nbsp;the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter <a href="https://twitter.com/#%21/MasterCardNews" target="_blank"><b>@MasterCardNews</b></a><b>, </b>join the discussion on the <a href="http://newsroom.mastercard.com/blog/" target="_blank"><b>Cashless Conversations Blog</b></a> and <a href="http://newsroom.mastercard.com/subscribe/" target="_blank"><b>subscribe</b></a> for the latest <a href="http://newsroom.mastercard.com/" target="_blank"><b>news</b></a>.</p> Contacts<p>Georgette Tan,<br> MasterCard Worldwide,<br> <a href="mailto:georgette_tan@mastercard.com">georgette_tan@mastercard.com</a>,<br> +65 6390 5971</p> <p>Robert O’Brien,<br> Weber Shandwick,<br> <a href="mailto:robrien@webershandwick.com">robrien@webershandwick.com</a>,<br> +65 6825 8064</p> The MasterCard Survey on Consumer Purchasing Priorities – Money Management provides valuable insights into the Asia/Pacific consumers’ savings and expenditure behavior and their understanding of basic money management concepts, financial planning and investments.http://www1.mastercard.com/content/intelligence/en/research/press-release/2013/women-in-asia_s-emerging-markets-take-reins-on-household-finance2013-03-26T16:00:00.000Z2013-03-26T16:00:00.000ZSouth Africans are Saving for Precautionary Measures– MasterCard Survey Looking towards retirement<p>When asked how much of their total monthly income they’re planning on saving over the next six months, the majority (45%) of respondents said between 1% and 10% of their total monthly income. Eighteen percent said they plan on saving between 11% and 20% of their income, which is closer to the industry-recommended <a href="http://www.moneymarketing.co.za/broad-principles-of-retirement-savings/" target="_blank">savings rate</a> for retirement, while just 7% plan to save between 21% and 30%.</p> <p>Half of respondents feel they can retire with enough financial support between the ages of 51 and 60, followed by 43% who said between the ages of 61 and 70. Interestingly, 5% believe they can retire before the age of 50. The average age of comfortable retirement was reported as 62, up two years from last year’s average of 60 years.</p> <p>Responding to statements on financial planning, the vast majority (88%) of respondents believe that ‘it is never too early to have a financial plan’. Conversely, just 20% of respondents believe that financial planning is ‘only for the rich’.</p> <p>Panaino says: “The survey indicates that South Africans are inclined to financial planning. This is a positive base from which to promote mindfulness and caution when it comes to managing money, and encouraging a habit of saving.”</p> South Africans are managing their money<p>Survey respondents were asked about the items they would cut back on in the event of a loss of household income. Dining out, entertainment and purchasing gifts were at the top of their lists, while 10% said they would cut back on their regular savings.</p> <p>Conversely, when questioned about how they would spend a cash windfall; respondents replied that adding to their savings was a top priority, ahead of taking an overseas trip or domestic holiday, paying off debt or spending on home renovations.</p> <p>South Africans responded well to statements gauging basic money management, with 88% believing ‘they should regularly save a portion of their monthly income’ and the same percentage agreeing that they have the ‘ability and understanding to budget day to day finances’. Just over two-thirds (72%) agree that it is prudent to have between three and six months’ cash savings in case of emergency, while 69% claim to keep track of their spending on a weekly/monthly basis.</p> <p>“Overall, the research results reveal that South Africans are largely aware of the need for careful money management,” Panaino says. “They understand the importance of budgeting and saving, and are prepared to cut back on spending should they be met with an unforeseen loss of income. This suggests that many consumers are still actively taking part in their financial planning and that they are committed to setting funds aside to look after their financial futures,” he concludes.</p> Looking further afield into Africa<p>Consumers in Kenya, Nigeria and Morocco were included in this year’s Survey of Consumer Purchasing Priorities: Money Management, resulting in the following key findings:</p> <ul> <li>A significant 92% of respondents across all four African countries agreed with the sentiment that they should regularly save some of their income.</li> <li>As highlighted, 47% percent of South African respondents said they were saving for their retirement. This is compared to only 24% of Kenyans and 31% of both Nigerians and Moroccans have the same plan.</li> <li>In South Africa, 35% of respondents said that they save through investments. Only 31% of Moroccans said the same. Kenyans (87%) and Nigerians (84%) seemed more likely to save through investing.</li> <li>&nbsp;An average 92% of respondents surveyed in the four African countries agreed that they have the ‘ability and understanding to budget their day to day finances’. This sentiment is strongest in Kenya (99%), followed by Nigeria (97%), South Africa (88%) and then Morocco (83%).</li> <li>Only 42% of Moroccans regularly monitor their investments, in comparison to 45% of South Africans, 87% of Kenyans and 92% of Nigerians.</li> </ul> MasterCard and its Suite of Research Properties<p>The MasterCard Index suite in Asia/Pacific, Middle East and Africa includes the long-running <a href="/content/intelligence/en/search.tagstart.ConsumerConfidence.tagend.html">MasterCard Index of Consumer Confidence</a>, as well as the <a href="/content/intelligence/en/search.tagstart.Women.tagend.html">MasterCard Index of Women’s Advancement</a>, <a href="/content/intelligence/en/search.tagstart.Shopping.tagend.html">MasterCard Survey on Online Shopping</a>, MasterCard Index of Financial Literacy, and the <a href="http://newsroom.mastercard.com/digital-press-kits/mastercard-global-destination-cities-index-2013/" target="_blank">MasterCard Index of Global Destination Cities</a>. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including <a href="/content/intelligence/en/search.tagstart.EthicalSpending.tagend.html">Ethical Spending</a> and a series on Consumer Purchasing Priorities (covering <a href="/content/intelligence/en/search.tagstart.Travel.tagend.html">Travel</a>, <a href="/content/intelligence/en/search.tagstart.Dining.tagend.html">Dining &amp; Entertainment</a>, <a href="/content/intelligence/en/search.tagstart.Education.tagend.html">Education</a>, <a href="/content/intelligence/en/search.tagstart.MoneyManagement.tagend.html">Money Management</a>, Luxury and General Shopping).</p> <p>MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004. MasterCard has also released a series of four books on Asian consumer insights, authored by <a href="http://newsroom.mastercard.com/people/dyuwa/" target="_blank">Dr. Yuwa Hedrick-Wong</a>, Global Economic Advisor for MasterCard and published by John Wiley &amp; Sons</p> About MasterCard<p><a href="http://www.mastercard.com/index.html" target="_blank"><b>MasterCard</b></a> (NYSE: MA), <a href="http://www.mastercard.com" target="_blank"><b>www.mastercard.com</b></a>, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter <a href="https://twitter.com/#!/MasterCardNews" target="_blank"><b>@MasterCardNews</b></a><b>, </b>join the discussion on the <a href="http://newsroom.mastercard.com/blog/" target="_blank"><b>Cashless Conversations Blog</b></a> and <a href="http://newsroom.mastercard.com/subscribe/" target="_blank"><b>subscribe</b></a> for the latest <a href="http://newsroom.mastercard.com/" target="_blank"><b>news</b></a>.</p> The MasterCard Survey on Consumer Purchasing Priorities - Money Management provides valuable insights into the APMEA consumers’ savings and expenditure behavior and their understanding of basic money management concepts, financial planning and investments.http://www1.mastercard.com/content/intelligence/en/research/press-release/2013/south-africans-are-saving-for-precautionary-measures2013-06-12T16:00:00.000Z2013-06-12T16:00:00.000ZYouth in Asia/Pacific’s Developing Markets More Money Savvy, But Still Work to Be Done: MasterCard Index of Financial Literacy Georgette Tan, MasterCard, +65 6390 5971, georgette_tan@mastercard.com Samantha Yong, Weber Shandwick, +65 6825 8053, samyong@webershandwick.com Methodology<p>The Index is based on a survey of consumers from 25 markets across Asia/Pacific, Middle East and Africa (APMEA) and comprises questions covering three major components:</p> <ul> <li>Basic Money Management (50% weight): To determine the level of basic money management skills in terms of budgeting, savings, and responsibility of credit usage.</li> <li>Financial Planning (30% weight): To assess level of knowledge about financial products, services, and concepts, and ability to plan for long-term financial needs.</li> <li>Investment (20% weight): To determine basic understanding of the various risks associated with investment, different investment products and skills required.</li> </ul> <p>A Financial Literacy Index Score for each market was calculated out of the weighted sum of the 3 components.</p> <p>Regional Aggregates are calculated via the average of the individual country components before applying the weights described above.</p> <p>Interviews for the MasterCard Financial Literacy Index were conducted via internet surveys, personal, telephone and Computer Aided Telephone interviews, with the questionnaire translated to the local language wherever appropriate and necessary.</p> MasterCard and its Suite of Research Properties<p>The MasterCard Index suite in Asia/Pacific, Middle East and Africa includes the long-running&nbsp;<a href="/content/intelligence/en/search.tagstart.ConsumerConfidence.tagend.html">MasterCard Index of Consumer Confidence</a>, as well as the&nbsp;<a href="/content/intelligence/en/search.tagstart.Women.tagend.html">MasterCard Index of Women’s Advancement</a>,&nbsp;<a href="/content/intelligence/en/search.tagstart.Shopping.tagend.html">MasterCard Survey on Online Shopping</a>, MasterCard Index of Financial Literacy, and the&nbsp;<a href="http://newsroom.mastercard.com/digital-press-kits/mastercard-global-destination-cities-index-2013/" target="_blank">MasterCard Index of Global Destination Cities</a>. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including&nbsp;<a href="/content/intelligence/en/search.tagstart.EthicalSpending.tagend.html">Ethical Spending</a>&nbsp;and a series on Consumer Purchasing Priorities (covering&nbsp;<a href="/content/intelligence/en/search.tagstart.Travel.tagend.html">Travel</a>,&nbsp;<a href="/content/intelligence/en/search.tagstart.Dining.tagend.html">Dining &amp; Entertainment</a>,&nbsp;<a href="/content/intelligence/en/search.tagstart.Education.tagend.html">Education</a>,&nbsp;<a href="/content/intelligence/en/search.tagstart.MoneyManagement.tagend.html">Money Management</a>, Luxury and General Shopping).</p> <p>MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004. MasterCard has also released a series of four books on Asian consumer insights, authored by&nbsp;<a href="http://newsroom.mastercard.com/people/dyuwa/" target="_blank">Dr. Yuwa Hedrick-Wong</a>, Global Economic Advisor for MasterCard and published by John Wiley &amp; Sons.</p> About MasterCard<p><b><a href="http://www.mastercard.com/index.html" target="_blank">MasterCard</a></b>&nbsp;(NYSE: MA),&nbsp;<b><a href="http://www.mastercard.com/" target="_blank">www.mastercard.com</a></b>,<b>&nbsp;</b>is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter&nbsp;<b><a href="https://twitter.com/#!/MasterCardNews" target="_blank">@MasterCardNews</a>,&nbsp;</b>join the discussion on the&nbsp;<b><a href="http://newsroom.mastercard.com/blog/" target="_blank">Cashless Pioneers Blog</a></b>&nbsp;and&nbsp;<b><a href="http://newsroom.mastercard.com/subscribe/" target="_blank">subscribe</a></b>&nbsp;for the latest news on the&nbsp;<a href="http://newsroom.mastercard.com/" target="_blank"><b>Engagement Bureau</b></a>.</p> Media Contacts<p><b>Georgette Tan</b><br> MasterCard<br> +65 6390 5971<br> <a href="mailto:georgette_tan@mastercard.com">georgette_tan@mastercard.com</a><br> </p> <p><b>Samantha Yong</b><br> Weber Shandwick<br> +65 6825 8053<br> <a href="mailto:samyong@webershandwick.com">samyong@webershandwick.com</a></p> The MasterCard Index of Financial Literacy is based on a survey conducted between April 2013 and May 2013 in 16 Asia/Pacific markets. During Global Money Week, MasterCard is releasing a special edition of the research focusing on youth financial literacy across the region. The survey polled consumers aged 18-29 on three aspects of financial literacy including their basic money management skills, investment knowledge and financial planning to determine the level of basic money management skills in terms of budgeting, savings, and responsibility of credit usage. The survey and its accompanying reports do not represent MasterCard financial performance.http://www1.mastercard.com/content/intelligence/en/research/press-release/2014/youth-in-asia-pacifics-developing-markets-more-money-savvy2014-03-12T16:00:00.000Z2014-03-12T16:00:00.000Z90% of Consumers in Asia Pacific Strive to be “Rainy Day” Ready Georgette TanMASTERCARD AND ITS SUITE OF RESEARCH PROPERTIES<p>The MasterCard Index suite in Asia/Pacific, Middle East and Africa includes the long-running <a href="http://www.masterintelligence.com/content/intelligence/en/search.tagstart.ConsumerConfidence.tagend.html" target="_blank">MasterCard Index of Consumer Confidence</a>, as well as the <a href="http://www.masterintelligence.com/content/intelligence/en/search.tagstart.Women.tagend.html" target="_blank">MasterCard Index of Women’s Advancement</a>, <a href="http://www.masterintelligence.com/content/intelligence/en/search.tagstart.Shopping.tagend.html" target="_blank">MasterCard Survey on Online Shopping</a>, MasterCard Index of Financial Literacy, and the <a href="http://newsroom.mastercard.com/digital-press-kits/mastercard-global-destination-cities-index-2013/" target="_blank">MasterCard Index of Global Destination Cities</a>. In addition to the indices, MasterCard’s research properties also include a range of consumer surveys including <a href="http://www.masterintelligence.com/content/intelligence/en/search.tagstart.EthicalSpending.tagend.html" target="_blank">Ethical Spending</a> and a series on Consumer Purchasing Priorities (covering <a href="http://www.masterintelligence.com/content/intelligence/en/search.tagstart.Travel.tagend.html" target="_blank">Travel</a>, <a href="http://www.masterintelligence.com/content/intelligence/en/search.tagstart.Dining.tagend.html" target="_blank">Dining &amp; Entertainment</a>, <a href="http://www.masterintelligence.com/content/intelligence/en/search.tagstart.Education.tagend.html" target="_blank">Education</a>, <a href="http://www.masterintelligence.com/content/intelligence/en/search.tagstart.MoneyManagement.tagend.html" target="_blank">Money Management</a>, Luxury and General Shopping).</p> <p>MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004. MasterCard has also released a series of four books on Asian consumer insights, authored by <a href="http://newsroom.mastercard.com/people/dyuwa/" target="_blank">Dr. Yuwa Hedrick-Wong</a>, Global Economic Advisor for MasterCard and published by John Wiley &amp; Sons.</p> ABOUT MASTERCARD<p><a href="http://www.mastercard.com/index.html" target="_blank">MasterCard</a>&nbsp;(NYSE: MA),&nbsp;<a href="http://www.mastercard.com/" target="_blank">www.mastercard.com</a>,&nbsp;is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter&nbsp;<a href="https://twitter.com/MasterCardAP" target="_blank">@MasterCardAP</a> and <a href="https://twitter.com/MasterCardNews" target="_blank">@MasterCardNews</a>,&nbsp;join the discussion on the&nbsp;<a href="http://newsroom.mastercard.com/asia-pacific/blog" target="_blank">Cashless Pioneers Blog</a>&nbsp;and&nbsp;<a href="http://newsroom.mastercard.com/asia-pacific/subscribe/" target="_blank">subscribe</a>&nbsp;for the latest news on the&nbsp;<a href="http://newsroom.mastercard.com/asia-pacific" target="_blank">Engagement Bureau</a>.</p> Contacts<p><b>Georgette Tan</b>,<br> MasterCard,<br> <a href="mailto:georgette_tan@mastercard.com">georgette_tan@mastercard.com</a>,<br> +65 6390 5971</p> <p><b>Samantha Yong,</b><br> Weber Shandwick,<br> <a href="mailto:samyong@webershandwick.com">samyong@webershandwick.com</a>,<br> +65 6825 8053</p> <p></p> Ninety percent of people in the Asia Pacific region are planning to either save the same or more in the second half of 2014 found the latest Consumer Purchasing Priorities – Money Management survey, released today by MasterCard.http://www1.mastercard.com/content/intelligence/en/research/press-release/2014/consumers-in-asia-pacific-strive-to-be-rainy-day-ready2014-12-03T16:00:00.000Z2014-12-03T16:00:00.000ZProgress Towards Financial Wellbeing is Stagnant across Asia Pacific Top findings:<ul> <li><b>Singapore</b> places at the top for the first time, with a score of 71.3,&nbsp;and it is the only market that showed improvement in all three literacy components – Basic Money Management, Financial Planning, Investment). It is closely followed by <b>Taiwan</b>&nbsp;(71.1, ranked 2<sup>nd</sup>) and <b>New Zealand</b> (71.1, ranked 3<sup>rd</sup>).</li> <li>While developed markets maintain their lead over emerging markets,&nbsp;<b>Japan</b>&nbsp;remains the outlier staying in the bottom spot with 56.5 points.</li> <li>Asia Pacific consumers exhibit the most amount of knowledge about matters pertaining to ‘<b>Financial Planning</b>’ (score of 74) compared to ‘<b>Basic Money Management</b>’ (61) and ‘<b>Investment</b>’ (53), for the fifth year in a row.</li> <li>Consumers in <b>Taiwan</b> continue to top the region as the best <b>financial planners</b> (82), followed by <b>Thailand</b> (81) and <b>Malaysia</b> (80), while <b>Vietnam</b> experiences the biggest drop in ranking from 2<sup>nd</sup> to 15<sup>th</sup>, with a 12-point deterioration to 69 points.</li> <li><b>Indonesia</b> shows the biggest improvement in ‘<b>Financial Planning</b>’, increasing from 70 to 78 points; however it also experiences the largest decline in the ‘<b>Investment</b>’ component which dropped from 55 to 47.</li> <li>&nbsp;<b>New Zealand</b> (75) and <b>Australia</b> (72) retain their top two positions when it comes to ‘<b>Basic Money Management</b>’ this component, while <b>Singapore</b>’s gain of 4 points to 71 points places it in 3rd place, overtaking Hong Kong (69) which was previously the 3rd highest. Some of the largest declines are observed in the emerging markets of <b>Myanmar</b> (50-neutral point mark, down -7 points), the <b>Philippines</b> (59, down -7 points), <b>Vietnam</b> (55, down -4 points) and <b>Malaysia</b> (62, down -4 points).&nbsp;</li> <li>Understanding of ‘<b>Diversifying assets</b>’ and ‘<b>Inflation</b>’ worsens across Asia Pacific to barely-acceptable levels of 35 and 36 points, respectively.</li> <li>Asia Pacific women make progress towards closing the <b>gender gap</b>, with the regional average score increasing by 2 points to 100. Women in emerging markets are more at par with their male counterparts compared to women in developed economies, with the biggest improvement shown by women in <b>Vietnam</b> (score up 13 points to 121 from the previous survey).</li> <li>In terms of <b>age</b>, people under 30 are less financially literate than those over 30 in all markets, except <b>Sri Lanka</b>, where the younger cohort is more financially literate.</li> <li>With regards to<b>&nbsp;</b><b>employment status, generally “Working” professionals are found to be more financially proficient than those who are “Not Working”. While Indonesia, Philippines and Bangladesh exhibit no difference between the two groups, India stands out with working consumers being less financially literate than their counterparts.</b><b> </b>On average, working consumers in&nbsp;developed<i> </i>markets (except Japan and South Korea) are more financially savvy than their peers in emerging markets. <b>India</b>, <b>Vietnam</b> and <b>Bangladesh</b> form the bottom tier of financial literacy with regards to working consumers.</li> </ul> <p><b>Full Index data can be found on final page.&nbsp;</b></p> <p></p> Issue specific insights<ul> <li><b>Singapore lagging behind in retirement planning </b>– Although Singapore showed an overall improvement in scores in the ‘Financial Planning’ category, doing well in terms of starting early with financial planning and showing prudence in savings and insurance, it continued to perform badly in terms of retirement planning. This may be attributed to the high degree of uncertainty and lack of confidence in financial management, resulting from a possible lack of employment security, risk of over-dependence on others during retirement years and lack of awareness or exposure to financial resources.</li> <li><b>Indonesia’s newfound prudence in Financial Planning­&nbsp;</b>– Indonesia has shown marked improvement of 8 points in the ‘Financial Planning’ category, which has propelled it from 13<sup>th</sup> to 5<sup>th</sup> place. This could be a result of the insecurity in terms of income and employment prospects arising from the economic slowdown and tight labor market conditions in the 12 months prior to the survey<b>.</b> These conditions may be the driving force behind Indonesians being particularly prudent in financial planning, feeling the need to save regularly and set aside emergency savings, as well as develop an attitude of starting to save early, irrespective of one’s wealth. This progress is likely to continue with governmental reforms such as the five-year plan to encourage merger of the country’s three large state-owned Islamic banks in order to increase efficiency and develop innovative Islamic financial products.</li> <li><b>Explaining low financial literacy among the young cohort </b>– Matured consumers (aged above 30) are more financially literate than their younger (aged less than 30) counterparts in the Asia Pacific region, with the exception of Sri Lanka. This lack of financial prudence amongst the young cohort might simply be attributed to the fact that they are at a different life stage, where insurance, investment and retirement planning may seem like less urgent needs. Moreover, in emerging markets, the reason why the young may be lacking in financial know-how could be poor banking, IT and telecommunications infrastructure, which curbs opportunities for them to be exposed to financial concepts. In fact, studies by the Centre for Banking Studies show that improving the banking penetration as well as the IT and telecommunications infrastructure has helped boost financial literacy in Sri Lanka. Measures such as the Micro Finance Act that help young Sri Lankans, set up their business, have further enabled the country to enhance financial literacy amongst the younger cohort. &nbsp;</li> </ul> <p></p> Methodology<p>MasterCard’s Financial Literacy Index is conducted this year for the 5<sup>th</sup>&nbsp;consecutive time, during the period May and June 2015 on 8,718 respondents aged 18-64 in 17 countries in Asia Pacific (Australia, New Zealand, China, Hong Kong, Taiwan, Japan, Korea, Malaysia, Philippines, Thailand, Indonesia, Singapore, Vietnam, India, Bangladesh, and Myanmar, Sri Lanka). The Index comprises questions covering three components:&nbsp;<i>Basic Money Management</i>&nbsp;(50% weight) which examines respondents’ skills with regards to budgeting, savings, and responsibility of credit usage;&nbsp;<i>Financial Planning</i>&nbsp;(30% weight) which assesses knowledge about financial products, services, and concepts, and ability to plan for long-term financial needs; and&nbsp;<i>Investment</i>&nbsp;(20% weight) which determines respondents’ basic understanding of the various risks associated with investment, different investment products and skills required. A&nbsp;<b>Financial Literacy Index Score</b>&nbsp;for each market is calculated out of the weighted sum of the 3 components.</p> About MasterCard<p>MasterCard&nbsp;(NYSE: MA),&nbsp;<a href="http://www.mastercard.com/index.html" target="_blank"><b>www.mastercard.com</b></a>, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter&nbsp;<a href="https://twitter.com/mastercardap" target="_blank"><b>@MasterCardAP</b></a>&nbsp;and&nbsp;<a href="https://twitter.com/MasterCardNews" target="_blank"><b>@MasterCardNews,</b></a>&nbsp;join the discussion on the&nbsp;<a href="http://newsroom.mastercard.com/asia-pacific/blog/" target="_blank"><b>Beyond the Transaction Blog</b></a>&nbsp;and&nbsp;<a href="http://newsroom.mastercard.com/asia-pacific/subscribe" target="_blank"><b>subscribe</b></a>&nbsp;for the latest news on the&nbsp;<a href="http://newsroom.mastercard.com/asia-pacific/" target="_blank"><b>Engagement Bureau</b></a>.</p> Media Contacts<p>Georgette Tan, <br> MasterCard,&nbsp;<br> <a href="mailto:georgette_tan@mastercard.com">georgette_tan@mastercard.com</a>,<br> +65 6390 5971</p> <p>Samantha Yong, <br> Weber Shandwick,<br> <a href="mailto:samyong@webershandwick.com">samyong@webershandwick.com</a>, <br> +65 6825 8053</p> Index data<p><b>Country ranking and score</b></p> <table> <tbody><tr><th class="table-description"><b>Rank</b></th> <th class="table-description"><b>Country</b></th> <th class="table-description"><b>Score</b></th> </tr><tr><td><b>1</b></td> <td>Singapore</td> <td>71</td> </tr><tr><td><b>2</b></td> <td>Taiwan</td> <td>71</td> </tr><tr><td><b>3</b></td> <td>New Zealand</td> <td>71</td> </tr><tr><td><b>4</b></td> <td>Hong Kong</td> <td>69</td> </tr><tr><td><b>5</b></td> <td>Australia</td> <td>68</td> </tr><tr><td><b>6</b></td> <td>Malaysia</td> <td>67</td> </tr><tr><td><b>7</b></td> <td>China</td> <td>67</td> </tr><tr><td><b>8</b></td> <td>Thailand</td> <td>67</td> </tr><tr><td><b>9</b></td> <td>Sri Lanka</td> <td>67</td> </tr><tr><td><b>10</b></td> <td>Indonesia</td> <td>62</td> </tr><tr><td><b>11</b></td> <td>Philippines</td> <td>62</td> </tr><tr><td><b>12</b></td> <td>South Korea</td> <td>61</td> </tr><tr><td><b>13</b></td> <td>India</td> <td>60</td> </tr><tr><td><b>14</b></td> <td>Myanmar</td> <td>60</td> </tr><tr><td><b>15</b></td> <td>Bangladesh</td> <td>60</td> </tr><tr><td><b>16</b></td> <td>Vietnam</td> <td>58</td> </tr><tr><td><b>17</b></td> <td>Japan</td> <td>56</td> </tr></tbody></table> <p><b>Score breakdown by component</b></p> <p><b><i>Overall Asia Pacific, Singapore, Taiwan, New Zealand, Hong Kong, Australia, Malaysia, China, Thailand</i></b></p> <table> <tbody><tr><th class="table-description"></th> <th class="table-description"><b>APAC</b></th> <th class="table-description"><b>SG</b></th> <th class="table-description"><b>TW</b></th> <th class="table-description"><b>NZ</b></th> <th class="table-description"><b>HK</b></th> <th class="table-description"><b>AU</b></th> <th class="table-description"><b>MY</b></th> <th class="table-description"><b>CN</b></th> <th class="table-description"><b>TH</b></th> </tr><tr><td><b>Overall Financial Literacy Score</b></td> <td>64</td> <td>71</td> <td>71</td> <td>71</td> <td>69</td> <td>68</td> <td>67</td> <td>67</td> <td>67</td> </tr><tr><td><b>Basic Money Management (Overall)</b></td> <td>61</td> <td>71</td> <td>68</td> <td>75</td> <td>69</td> <td>72</td> <td>62</td> <td>62</td> <td>63</td> </tr><tr><td><b>Budgeting ability</b></td> <td>85</td> <td>89</td> <td>87</td> <td>92</td> <td>83</td> <td>88</td> <td>84</td> <td>95</td> <td>90</td> </tr><tr><td><b>Keeping up with bills</b></td> <td>62</td> <td>66</td> <td>66</td> <td>74</td> <td>74</td> <td>68</td> <td>58</td> <td>60</td> <td>71</td> </tr><tr><td><b>Saving for big purchases</b></td> <td>53</td> <td>61</td> <td>55</td> <td>60</td> <td>62</td> <td>61</td> <td>49</td> <td>61</td> <td>39</td> </tr><tr><td><b>Tracking expenditure</b></td> <td>65</td> <td>74</td> <td>57</td> <td>78</td> <td>49</td> <td>75</td> <td>68</td> <td>60</td> <td>78</td> </tr><tr><td><b>Unsecured loans</b></td> <td>41</td> <td>63</td> <td>73</td> <td>71</td> <td>76</td> <td>67</td> <td>52</td> <td>32</td> <td>35</td> </tr><tr><td><b>Financial Planning (Overall)</b></td> <td><b>74</b></td> <td><b>79</b></td> <td><b>82</b></td> <td><b>72</b></td> <td><b>70</b></td> <td><b>66</b></td> <td><b>80</b></td> <td><b>76</b></td> <td><b>81</b></td> </tr><tr><td><b>FP is not only for the rich</b></td> <td>73</td> <td>76</td> <td>85</td> <td>86</td> <td>64</td> <td>70</td> <td>80</td> <td>71</td> <td>78</td> </tr><tr><td><b>Starting early with FP</b></td> <td>79</td> <td>85</td> <td>94</td> <td>88</td> <td>54</td> <td>78</td> <td>87</td> <td>89</td> <td>73</td> </tr><tr><td><b>Save regularly</b></td> <td>88</td> <td>93</td> <td>95</td> <td>89</td> <td>88</td> <td>85</td> <td>95</td> <td>89</td> <td>77</td> </tr><tr><td><b>Emergency savings</b></td> <td>86</td> <td>89</td> <td>94</td> <td>82</td> <td>83</td> <td>78</td> <td>92</td> <td>84</td> <td>92</td> </tr><tr><td><b>Insurance is important</b></td> <td>74</td> <td>81</td> <td>85</td> <td>60</td> <td>79</td> <td>52</td> <td>81</td> <td>79</td> <td>86</td> </tr><tr><td><b>Retirement funds needed</b></td> <td>45</td> <td>45</td> <td>37</td> <td>27</td> <td>52</td> <td>33</td> <td>49</td> <td>44</td> <td>82</td> </tr><tr><td><b>Investment (Overall)</b></td> <td>53</td> <td>62</td> <td>64</td> <td>60</td> <td>66</td> <td>60</td> <td>60</td> <td>67</td> <td>56</td> </tr><tr><td><b>Financial statements understanding</b></td> <td>65</td> <td>71</td> <td>62</td> <td>75</td> <td>77</td> <td>75</td> <td>76</td> <td>80</td> <td>63</td> </tr><tr><td><b>Financial products suitability</b></td> <td>69</td> <td>74</td> <td>83</td> <td>76</td> <td>76</td> <td>72</td> <td>82</td> <td>85</td> <td>86</td> </tr><tr><td><b>Investment monitoring</b></td> <td>61</td> <td>61</td> <td>73</td> <td>55</td> <td>74</td> <td>55</td> <td>68</td> <td>83</td> <td>77</td> </tr><tr><td><b>Concept of diversification</b></td> <td>35</td> <td>52</td> <td>39</td> <td>44</td> <td>43</td> <td>48</td> <td>36</td> <td>38</td> <td>32</td> </tr><tr><td><b>Concept of inflation</b></td> <td>36</td> <td>54</td> <td>63</td> <td>52</td> <td>59</td> <td>52</td> <td>36</td> <td>50</td> <td>24</td> </tr></tbody></table> <p><i><b>Sri Lanka, Indonesia, Philippines, South Korea, India, Myanmar, Bangladesh, Vietnam, Japan</b></i></p> <table> <tbody><tr><th class="table-description"></th> <th class="table-description"><b>LK</b></th> <th class="table-description"><b>ID</b></th> <th class="table-description"><b>PH</b></th> <th class="table-description"><b>KR</b></th> <th class="table-description"><b>IN</b></th> <th class="table-description"><b>MM</b></th> <th class="table-description"><b>BD</b></th> <th class="table-description"><b>VT</b></th> <th class="table-description"><b>JP</b></th> </tr><tr><td><b>Overall Financial Literacy Score</b></td> <td>67</td> <td>62</td> <td>62</td> <td>61</td> <td>60</td> <td>60</td> <td>60</td> <td>58</td> <td>56</td> </tr><tr><td><b>Basic Money Management (Overall)</b></td> <td>65</td> <td>59</td> <td>59</td> <td>57</td> <td>53</td> <td>50</td> <td>55</td> <td>55</td> <td>58</td> </tr><tr><td><b>Budgeting ability</b></td> <td>97</td> <td>90</td> <td>87</td> <td>70</td> <td>95</td> <td>74</td> <td>90</td> <td>81</td> <td>57</td> </tr><tr><td><b>Keeping up with bills</b></td> <td>72</td> <td>74</td> <td>55</td> <td>68</td> <td>40</td> <td>32</td> <td>46</td> <td>56</td> <td>67</td> </tr><tr><td><b>Saving for big purchases</b></td> <td>64</td> <td>65</td> <td>45</td> <td>39</td> <td>37</td> <td>48</td> <td>41</td> <td>54</td> <td>60</td> </tr><tr><td><b>Tracking expenditure</b></td> <td>66</td> <td>39</td> <td>80</td> <td>71</td> <td>74</td> <td>47</td> <td>72</td> <td>61</td> <td>62</td> </tr><tr><td><b>Unsecured loans</b></td> <td>28</td> <td>25</td> <td>29</td> <td>39</td> <td>21</td> <td>0</td> <td>24</td> <td>23</td> <td>44</td> </tr><tr><td><b>Financial Planning (Overall)</b></td> <td>77</td> <td>78</td> <td>72</td> <td>74</td> <td>73</td> <td>76</td> <td>72</td> <td>69</td> <td>63</td> </tr><tr><td><b>FP is not only for the rich</b></td> <td>88</td> <td>92</td> <td>79</td> <td>69</td> <td>45</td> <td>76</td> <td>72</td> <td>60</td> <td>54</td> </tr><tr><td><b>Starting early with FP</b></td> <td>85</td> <td>95</td> <td>49</td> <td>88</td> <td>74</td> <td>91</td> <td>66</td> <td>75</td> <td>74</td> </tr><tr><td><b>Save regularly</b></td> <td>95</td> <td>91</td> <td>89</td> <td>88</td> <td>80</td> <td>97</td> <td>89</td> <td>79</td> <td>80</td> </tr><tr><td><b>Emergency savings</b></td> <td>94</td> <td>86</td> <td>88</td> <td>86</td> <td>78</td> <td>87</td> <td>83</td> <td>81</td> <td>76</td> </tr><tr><td><b>Insurance is important</b></td> <td>79</td> <td>59</td> <td>77</td> <td>77</td> <td>81</td> <td>73</td> <td>74</td> <td>72</td> <td>61</td> </tr><tr><td><b>Retirement funds needed</b></td> <td>19</td> <td>44</td> <td>50</td> <td>38</td> <td>81</td> <td>34</td> <td>51</td> <td>49</td> <td>33</td> </tr><tr><td><b>Investment (Overall)</b></td> <td>56</td> <td>47</td> <td>53</td> <td>50</td> <td>56</td> <td>N.A.</td> <td>54</td> <td>49</td> <td>43</td> </tr><tr><td><b>Financial statements understanding</b></td> <td>92</td> <td>74</td> <td>64</td> <td>52</td> <td>91</td> <td>N.A.</td> <td>76</td> <td>52</td> <td>28</td> </tr><tr><td><b>Financial products suitability</b></td> <td>80</td> <td>55</td> <td>83</td> <td>65</td> <td>79</td> <td>N.A.</td> <td>55</td> <td>67</td> <td>47</td> </tr><tr><td><b>Investment monitoring</b></td> <td>69</td> <td>49</td> <td>78</td> <td>57</td> <td>72</td> <td>N.A.</td> <td>66</td> <td>60</td> <td>43</td> </tr><tr><td><b>Concept of diversification</b></td> <td>28</td> <td>24</td> <td>20</td> <td>43</td> <td>23</td> <td>N.A.</td> <td>38</td> <td>37</td> <td>49</td> </tr><tr><td><b>Concept of inflation</b></td> <td>9</td> <td>33</td> <td>22</td> <td>35</td> <td>16</td> <td>N.A.</td> <td>35</td> <td>29</td> <td>48</td> </tr></tbody></table> MasterCard’s Financial Literacy Index is conducted this year for the 5th consecutive time, during the period May and June 2015 on 8,718 respondents aged 18-64 in 17 countries in Asia Pacific. The Index comprises questions covering three components: Basic Money Management (50% weight) which examines respondents’ skills with regards to budgeting, savings, and responsibility of credit usage; Financial Planning (30% weight) which assesses knowledge about financial products, services, and concepts, and ability to plan for long-term financial needs; and Investment (20% weight) which determines respondents’ basic understanding of the various risks associated with investment, different investment products and skills required. A Financial Literacy Index Score for each market is calculated out of the weighted sum of the 3 components.http://www1.mastercard.com/content/intelligence/en/research/press-release/2016/progress-towards-wellbeing-stagnant2016-06-08T16:00:00.000Z2016-06-08T16:00:00.000Z