Saving Rates in Pakistan Lower than Worldwide Average: Study

Individuals in Pakistan spare just 14 pc of their month to month compensation for the most part while around the world, the normal standard of funds is 27 pc. In Pakistan instructed individuals are likewise more prone to keep their reserve funds at home rather than in the banks.

This was unveiled by Standard Chartered Bank’s review ‘Developing Affluent Consumers in Asia – The Race to Save’. This study was led in 8 nations including China, Hong Kong, Singapore, India, Taiwan, Korea, Kenya and Pakistan.

SCB’s Head of Priority Clients Arslan Khan and Head of Wealth Management Muslim Reza Mooman briefed the media about the survey results at SCB’s Karachi office.

The survey further said that emerging affluent consumers in Asia could boost their savings by an average of 42 per cent if they move from a basic savings approach to a low-risk wealth management strategy.

SCB head of Priority Clients Arslan Khan said that this was the first time an emerging affluent consumer survey was conducted in Pakistan. About one thousand young graduates, belonging to higher middle class, were included in the survey. This survey was conducted in Karachi, Lahore and Islamabad. People were asked specific questions regarding their income, saving, reasons for saving and other financial matters.

“In Pakistan the primary reason for saving is for children’s education, for special treats, and for emergency purpose.” Arslan Khan said.

 On a question , Arslan Khan concurred that there is need of monetary instruction and money related incorporation among the informed youth of nation.

Muslim Raza Mooman told that the outcome of the report will enable the bank to better suggest the need for basic financial products.

“ SCB will launched a web based portal which will be able to analyze the customer’s financial needs,” Muslim RAza Mooman added.

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