Get All Access for $5/mo

Indians are Climbing the Ladder of Social Mobility: Standard Chartered India trailblazes several scores in the Standard Chartered's report

By Bhavya Kaushal

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock

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.

Growth Strategies

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.

Bhavya Kaushal

Former Features Writer

I am a work-in-progress writer and human being. An English graduate from Delhi University, writing is my passion and currently, I was Entrepreneur India's start-up reporter. I love covering start-ups and weaving their stories into unforgettable tales with the power of ink! 
Business News

Y Combinator Helped Launch Reddit, Airbnb and Dropbox. Here's What I Learned From Its Free Startup School.

The famed startup accelerator offers a free course on building a business — and answers five pressing questions for founders.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Collaboration

Watch Out for These 5 Consequences of Too Much Collaboration

Beware of the collaboration trap! Too much collaboration causes overload, and well-intentioned efforts to have broad collaboration can backfire.

Leadership

How His Personal Battle With Cancer Inspired This Founder's Solution for Patient Care

On this episode of "The Founder CEO," Michael O'Neil, founder and CEO of GetWellNetwork, discusses his inspiring journey as a leader and the transformative role of AI in healthcare.

Starting a Business

Inside the Exclusive Private Club Devoted to Food, Wine and the Arts

Barrett Wissman breaks down the passions and partnerships behind his latest venture Domus Artium Reserve.

Business News

Apple's AI Has a Catch — And It Could Help Boost Sales

Not every iPhone owner will get to use the new Apple Intelligence.