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.
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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.
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By GlobalDataIncreased 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.
