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View all search resultsYoung people seek financial resilience in pandemic
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Y
oung people in Southeast Asia are learning about personal financial management and ways to increase their incomes in order to stay resilient against the COVID-19 pandemic, a recent study by the World Economic Forum (WEF) has shown.
The study, COVID-19 – The True Test of ASEAN Youth’s Resilience and Adaptability: Impact of Social Distancing on ASEAN Youth, showed that 58 percent of people aged 16 to 35 years old had learned better budgeting. Meanwhile, 56 percent learned about the value of emergency savings and 31 percent learned how to increase their income.
“It is a tough time and people want to be prepared to face the uncertainties. So, they learn more about conserving and managing cash, as well as ways to save for rainy days,” said Santitarn Sathirathai, group chief economist from Sea, a Singapore-based global consumer internet company that conducted the study along with the WEF.
He went on to say that 31 percent of respondents also found new business models and new ways to improve income. The trend is especially true for entrepreneurs aged 26 to 35.
