Wednesday, July 25, 2012

Singapore is 2nd most financially literate country in Asia Pacific

Singapore has been ranked second on the MasterCard Worldwide Index of Financial Literacy, trailing behind Taiwan and New Zealand

With over 6,900 respondents from 14 countries in the Asia Pacific region taking part in the survey, the study touched on three aspects of financial literacy — basic money management skills, investment knowledge and financial planning.

With a score of 71 points, Singapore is tied with Hong Kong and Australia in second place.

New Zealand’s 77 points tied it with Taiwan, which jumped five spots from 2010.

Meanwhile, Japan and India came in at the bottom of the list, with a low 60 index points each.

For basic management skills including day-to-day budgeting and expenses, Singapore landed in fifth place.

The city-state also climbed to sixth spot in the investment segment, which includes the understanding of bank statements and complex investment concepts.

In addition, the poll revealed that consumers from Vietnam and Taiwan saved more regularly; hence are better prepared for retirement.

Singaporeans over 30-years old achieved higher scores in overall financial literacy compared to those below the age of 30.

Gender-wise, women outperformed men in terms of financial literacy in 10 of the 14 markets, excluding Singapore.

In the Philippines, women scored nine percent more than men while females in Vietnam fared six percent better than males.

View the original article here

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