Sign up | Log in



Home  >>   Daily News  >>Singapore>>Finance>>S’pore adults most financial literate in Asia
NEW UPDATES Asean Affairs   4 December  2015  

S’pore adults most financial literate in Asia

SINGAPORE has the highest percentage of financially literate adults in Asia, a continent where 73 per cent of adults do not adequately understand key monetary ideas, a new study has found.

As many as two-thirds of adults in the world are financially illiterate, according to a survey by ratings agency Standard & Poor's.

In one of the most extensive studies on the topic, S&P conducted interviews with more than 150,000 adults in more than 140 countries who were tested on their knowledge of four basic financial concepts: numeracy, risk diversification, inflation and compound interest (saving and debt).

The agency's Global Financial Literacy Survey (S&P Global FinLit Survey) established regional difference in knowledge between East Asia, South Asia and Southeast Asia, but said that the percentage of financially literate adults across Asia was lower than the global average, the agency said yesterday.

The survey defines East Asia as China, Hong Kong SAR, Japan, South Korea, Mongolia and Taiwan.

South Asia comprises Afghanistan, Bangladesh, Bhutan, India, Nepal, Pakistan and Sri Lanka, while Southeast Asia includes Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

While Singapore had the highest percentage of financially literate adults at 59 per cent in Asia, while only 18 per cent of Cambodian and Nepalese adults were able to correctly answer the questions on basic financial concepts.

In China, 63 per cent of adults who own a credit card are financially illiterate. Overall, 28 per cent of Chinese adults were financially competent.

Excluding China, 40 per cent of East Asian adults were sufficiently familiar with the financial concepts tested by the survey.

The East Asian results are higher than the global average of financially literate adults (33 per cent), while Southeast Asia's scores were closer than the global average at 31 per cent.

Less than a quarter of South Asians correctly identified the concepts posed by pollsters, a significantly lower percentage than the global average.

"Understanding concepts like interest, inflation and the importance of savings are at the core of economic development," said Matthew Bosrock, Executive Managing Director and Head of Asia-Pacific for Standard & Poor's Ratings Services.

"A lack of basic financial understanding is one of the factors obstructing faster growth in Asia.

“This survey gives policymakers the tools to identify the gaps in education and also a chance to improve access to financial products."

While the array of financial products available in Asia continues to grow rapidly, S&P's FinLit Survey suggests that most consumers lack a general understanding of credit, compound interest and other key concepts.

The data were collected in 2014 by Gallup as part of the Gallup World Poll and analytical support was provided by researchers at the World Bank and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories                           December 4 , 2015 Subsribe Now !
• New system eyed to promote cross border trading in ASEAN Subcribe: Asean Affairs Global Magazine
• Philippine envoy eyes increased bilateral trade
• RI ‘will benefit’ from IMF use of yuan
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• S’pore adults most financial literate in Asia
WB says VN economy to expand 6.5%
Asean Analysis                   December 4, 2015
• Asean Analysis December 4, 2015
Southeast Asian Nations Watch Paris for Deal to Cut Greenhouse Gases
Advertise Your Brand

Asean Stock Watch  December 4,  2015
• Asean Stock Watch-December 4, 2015
The Biweekly Update
• The Biweekly Update December 4, 2015

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2020 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand