Taiwanese have strongest desire to save in Asia-Pacific: survey

Taipei, Taiwanese consumers were found to want to save 24 percent of their incomes every month over the next six months, making them the group most interested in saving money in the Asia-Pacific region, a Mastercard survey has found.

The ratio of planned savings topped the 18 percent across the region and was the highest among the 18 Asia-Pacific markets surveyed, according to the results of the 2017 Consumer Purchasing Priorities survey by Mastercard Inc. on money management released Monday.

The survey also found that 87 percent of Taiwanese respondents planned to put more money in their savings or keep their savings unchanged over the next six months, compared to the previous survey period.

The major purposes of saving money from their basic incomes were found to be retirement (55 percent), investment (54 percent) and overseas travel (50 percent).

Asked what they would do with unexpected income, 19 percent of the Taiwanese polled said they would invest it or put it into a retirement savings account, far higher than the Asia-Pacific average of 7 percent, another indication of the importance Taiwanese place on retirement preparation and future life planning, Mastercard said.

Eva Chen (???), head of Mastercard Taiwan, said government data shows Taiwan’s net national savings amounted to NT$3.39 trillion (US$112.26 billion) in 2017.

The Mastercard survey found 54 percent of Taiwanese saying they saved money to be able to invest and half said they saved to pay for overseas travel, indicating that Taiwanese consumers are not only adept at allocating their assets but also take quality of life issues seriously, Chen said.

The survey was conducted from May to July in 2017 on 9,153 consumers with bank accounts aged 18 to 64 living in 18 Asia-Pacific markets: Taiwan, China, Hong Kong, Japan, South Korea, the Philippines, Vietnam, Myanmar, Thailand, Malaysia, Indonesia, Singapore, India, Bangladesh, Sri Lanka, Cambodia, Australia and New Zealand.

Source: Focus Taiwan News Channel