The young and people in emerging markets are more confident in their digital skills and willing to adapt to work. That is a key finding from a survey released by Standard Chartered. Covid is significantly impacting personal finances globally. Specifically, one-third are already earning less and more than half expect the pandemic to further affect their income and/or employment.
Yet young people (18-34) and those in emerging markets are the most confident in their digital skills. Moreover, they are prepared to adapt and work harder to realise opportunities in a post-Covid world. The Standard Chartered study of 12,000 adults covers twelve markets – Hong Kong, Taiwan, Mainland China, Singapore, Indonesia, Malaysia, India, UAE, Kenya, Pakistan, the UK and the US.
It offers insights into their financial well-being and employment outlook. In addition, it examines how banks can play a role in helping them manage their money. It reveals a stark contrast between the financial reality that people face and their confidence in the future.
80% of 18-34 year olds confident in digital skills
Young people are particularly confident, with 80% of 18-34-year olds feeling they have the digital skills needed to thrive. This compares to 63% of those over 65. For example, 75% of 25 to 34-year olds would consider setting up a second income stream. This compares to 40% of those over 55. And 72% of all 18 to 44-year olds would re-skill compared to 37% of those aged 55 and above.
Millennials and Generation Z are also more likely to respond to the crisis by starting a new business. 52% of those aged 18 to 44 would consider doing so in the next six-months. This compares to 30% of those 45 and above.
The UK and US have the highest proportion of people who valued free time over more money (38% and 33%). Respondents in Kenya (93%), Mainland China (85%), Malaysia (83%) and India (82%) report the highest proportion of people who want to better manage their money, to make it go further.
Increased use of mobile devices for banking services is most prominent in India (79%), the UAE (72%), and Kenya (69%). There is one clear area of almost unanimous agreement; a global desire for more flexibility when it comes to working arrangements post-Covid.