A Standard Chartered study has titled India as Asia's most investment savvy economy The Economic Times has reported. According to the study, more than two-thirds of the country's affluent class prefer using multiple investment products to achieve their financial objective and greater social mobility.
Standard Chartered conducts the Emerging Affluent Study 2018, which examines the views of emerging affluent consumers- individuals who earn enough to save and invest. This study includes 11 markets across Asia, Africa and the Middle East.
The study conducted on about 11,000 emerging affluent consumers across Asia, Africa and the Middle East has revealed that 68 per cent of Indian people belonging in this segment use investment products to reach their financial goals.
In the study, ‘investment products’ are referred to fixed income investments, stocks, equities, mutual funds, unit trusts, investment-linked insurance, self-invested pension funds, real estate investment trusts (REITS) and real estate property funds.
The priority of the financial goals in India's emerging wealthy income households is to save for their children's education. Other markets in the study have also revealed the same preference for investment.
"It is exciting to see that social mobility is booming among the emerging affluents and that they are outstripping their parents' success in education, careers and homeownership," said Shyamal Saxena, Head Retail Banking, India, Standard Chartered Bank.
The study reports that 31 per cent of emerging affluent households select mutual funds, 25 per cent choose fixed-income investments, and 22 per cent prefer equity investments. When compared to the average of 16 per cent, 19 per cent and 18 per cent, respectively.