Three-Quarters of Asian Adults Financially Illiterate, S&P Says
- 28% of Chinese respondents identified as financially competent
- In India, about 47% of adults don't hold a bank account
This article is for subscribers only.
Almost three-quarters of Asia’s adult population don’t have a clear grasp of key monetary ideas including inflation and risk diversification, according to a study conducted by Standard & Poor’s.
In China, 63 percent of adults with a credit card are financially illiterate and only 28 percent of Chinese respondents were identified as financially competent, it showed. Singapore had the highest percentage of people in the region with a good understanding of the key concepts, at 59 percent, while Cambodia and Nepal had the lowest at 18 percent.