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