Indians are Climbing the Ladder of Social Mobility: Standard Chartered
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Till a few years ago, financial planning and information was a hey-wire concept. Today with the number of “emerging affluents” in India, social mobility and wealth prosperity is not a big deal anymore according to a study by Standard Chartered. The study reveals that the upcoming generation is educating themselves when it comes to financial planning and is surpassing their parents in the social mobility ladder. The most surprising aspect according to the report is the savings and investment channels consumer classes are resorting to in order to accumulate wealth. The report also emphasised how the emerging affluents are taking certain steps to achieve their financial goals.
Numbers Say It All
In the report, India and China are mostly in the top achievers barring a few aspects. They are experiencing a lot of positivism in financial areas. India and Pakistan have the most supercharged social mobility among Asian countries. And children’s education is welfare is more important than retirement sustainability in these nations.
According to the report, 80% emerging affluents feel that they are better off than their parents. But what is the tool that is helping them to financially prosper? Investments. Investments in other forms such as bonds, stocks, mutual funds etc. The people also prefer having a side hustle apart from their basic incomes to ring in some extra money.
Women Ahead of Times and Men
The report showed some amazing growth in women by highlighting that 55% of the women are achieving social mobility surpassing men. It also reported that 96% of the emerging affluent women earn a salary and 84% hold a university degree.
Knowledge to Dispel Ignorance
There isn’t anything in this world that is completely impossible. While there are those who are born with a silver spoon, the majority of the world isn’t. But this gap remains critically widened because of lack of financial knowledge. The report says that 42% of the emerging affluent feel that their lack of knowledge holds them back from attaining financial aspirations. This is a dismaying number because of the fact that it clearly indicates that most of the middle-class families settle for their present earnings and are not able to tap wealth from other means. And the only reason why this is so is that of their lack of financial awareness.
Future Seems Bright
However, despite there are more ups than downs in the numbers for India, India is also the most investment savvy nation wherein 68% of the Indians are using investments as a basic premise of reaching their wealth aspirations.
The study was conducted by Standard Chartered among 11,000 emerging affluents consisting of the consumer classes across Asia, Middle East and Africa.