Thailand’s financial know-how most improved in ASEAN

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finance-fotoThailand has proven to be increasingly curious about the arcane world of finance, ranked the most improved in financial literacy among the 16 Asia-Pacific countries covered by the latest MasterCard Index of Financial Literacy survey.

The survey concluded that Thailand’s “significant progress” has resulted from the desire of the burgeoning middle class to seek out answers in how to manage their new wealth, as well as better money management skills. In Thailand, the index improved 3 points from 65 points to 68 points, resulting in an increase in ranking from 12th to 7th spot within Asia-Pacific.

Alongside Thailand, the Philippines was also identified as ASEAN’s other top-performing country on the survey, recording 68 index points and ranking 8th in Asia-Pacific.

Interestingly, MasterCard has revealed that while these two developing nations recorded the highest rise in rank, the slowest growers were developed nations, namely Australia and Hong Kong.

There are two reasons for such discrepancies in ranking change among the countries.

“First, the acquisition and search for greater financial knowledge and skills have become more of a necessity in developing countries as compared to developed countries, effectively resulting in people being more prudent and responsible in their financial planning, money management and investment decisions,” the report said.

“Second, in developed countries such as Australia and Hong Kong where the index scores have remained unchanged at 71 points, it is possible that there is a natural ‘cap’ to how financially literate a population can be,” MasterCard concluded.

Singapore was the highest ranked in the ASEAN region, with an index scored increasing by one point to 72 points, advancing its ranking from 5th in the last survey to 2nd overall in the Asia-Pacific region.

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Thailand has proven to be increasingly curious about the arcane world of finance, ranked the most improved in financial literacy among the 16 Asia-Pacific countries covered by the latest MasterCard Index of Financial Literacy survey. The survey concluded that Thailand’s “significant progress” has resulted from the desire of the burgeoning middle class to seek out answers in how to manage their new wealth, as well as better money management skills. In Thailand, the index improved 3 points from 65 points to 68 points, resulting in an increase in ranking from 12th to 7th spot within Asia-Pacific. Alongside Thailand, the Philippines...

Reading Time: 1 minute

finance-fotoThailand has proven to be increasingly curious about the arcane world of finance, ranked the most improved in financial literacy among the 16 Asia-Pacific countries covered by the latest MasterCard Index of Financial Literacy survey.

The survey concluded that Thailand’s “significant progress” has resulted from the desire of the burgeoning middle class to seek out answers in how to manage their new wealth, as well as better money management skills. In Thailand, the index improved 3 points from 65 points to 68 points, resulting in an increase in ranking from 12th to 7th spot within Asia-Pacific.

Alongside Thailand, the Philippines was also identified as ASEAN’s other top-performing country on the survey, recording 68 index points and ranking 8th in Asia-Pacific.

Interestingly, MasterCard has revealed that while these two developing nations recorded the highest rise in rank, the slowest growers were developed nations, namely Australia and Hong Kong.

There are two reasons for such discrepancies in ranking change among the countries.

“First, the acquisition and search for greater financial knowledge and skills have become more of a necessity in developing countries as compared to developed countries, effectively resulting in people being more prudent and responsible in their financial planning, money management and investment decisions,” the report said.

“Second, in developed countries such as Australia and Hong Kong where the index scores have remained unchanged at 71 points, it is possible that there is a natural ‘cap’ to how financially literate a population can be,” MasterCard concluded.

Singapore was the highest ranked in the ASEAN region, with an index scored increasing by one point to 72 points, advancing its ranking from 5th in the last survey to 2nd overall in the Asia-Pacific region.

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