EconomyTaiwan tops MasterCard financial literacy poll The latest MasterCard financial literacy index shows that Taiwan consumers are leading the Asia-Pacific region in money management nous. (CNA)
Taiwan consumers are the most financially savvy in the Asia-Pacific region, finishing atop a financial literacy survey released July 19 by U.S.-based MasterCard Inc. The MasterCard Worldwide Index of Financial Literacy awarded Taiwan 73 points, even with New Zealand and two ahead of Australia, Hong Kong and Singapore. This is a significant improvement from 2010 when Taiwan finished fifth. The index, the third conducted by the company since 2010, assesses consumers on three aspects of financial literacy: basic money management skills, financial planning and investment knowledge. Georgette Tan, group head of communications for MasterCard’s Asia-Pacific, Middle East and Africa regions, said the index paints a promising picture of financial understanding. “Households in Asia-Pacific are clearly taking responsibility when it comes to day-to-day financial planning,” she added. The investment component of the index found that consumers in Hong Kong, Taiwan and mainland China demonstrate the best understanding of their bank statements and complex investment concepts such as diversification and inflation. It was also found that consumers in Taiwan and Vietnam, with 83 percent and 82 percent, respectively, saved more regularly and were better prepared when it came to retirement preparations and emergency savings. In mature markets, consumers over 30 scored higher in financial literacy compared to those under 30. This was especially true for New Zealand, 76 percent versus 65 percent; Australia, 74 percent versus 64 percent; and Taiwan, 74 percent versus 70 percent. The index, which is based on a survey of consumers conducted between April 24 and June 10, polled 6,904 consumers aged 18-64 in 14 Asia-Pacific economies. (JSM) Write to Rachel Chan at ccchan@mofa.gov.tw |
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