Thais have more savings discipline than regional peers, survey finds
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Thai consumers are more disciplined in their money management when compared with other countries in Asia-Pacific region, according to MasterCard's latest "Survey on Consumer Purchasing Priorities" as of the first half of 2013.
The survey looked at Australia, Bangladesh, mainland China, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Taiwan, Thailand and Vietnam.
Ninety-six per cent of Thai consumers claimed that they planned to save more or the same in the coming six months compared with the previous six months, which is the highest in the region.
Savings are driven by precautionary sentiments – with investments being the top reason (64 per cent) followed by retirement (62 per cent).
The survey reveals that 92 per cent of Thai consumers report that they have the ability and understanding to budget their day-to-day finances, while 79 per cent keep track of their spending on a weekly or monthly basis.
The usage of mobile applications also plays an important role in managing money among Thai customers, with 37 per cent claiming they are currently using such apps for financial management and will continue to do so in the future. That number is the highest in the region.
Regional level
At the regional level, equal proportions from the total Asia-Pacific sample say they plan to save more in the future, and the other half intend to keep the same savings amount. While close to 90 per cent of Asia-Pacific consumers claim to understand budgeting, a third confess to having problems setting money aside and 4 in 10 have problems keeping up with bills.
Moreover, the survey reveals that the length of time the target group can survive on savings alone is five months on average. As for consumers in Thailand, the average proportion of total income to be saved in the next six months is 21 per cent, which is slightly higher than the regional average of 19 per cent.
MasterCard’s Survey on Consumer Purchasing Priorities is conducted twice a year to gain an understanding of consumer outlooks on spending priorities across key demographics in Asia, the Middle East and Africa.
Among the total respondents, 408 residents in Thailand between the ages of 18 and 64 years who own a bank account were interviewed through online channels. The data-collection period was March and April.
