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Digital Financial Investments Still Lacking Popularity: Preferred Investment Products Among ASEAN Citizens

Annissa Mutia 08/12/2022 15:40 WIB

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According to a World Economic Forum survey, 31% of the working population have not invested in any investment products.

ASEAN Population's Financial Product Investments (As of December 2022)

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ASEAN Population's Financial Product Investments (As of December 2022)

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Digitalization will continue to play a crucial role in promoting financial inclusion across the ASEAN region. However, digital financial investment products have not been widely adopted by the majority of the population in this region.

According to a World Economic Forum survey, of the working-age population, 31% have not invested in any investment products. Most ASEAN citizens still prefer investing in gold (34%) and stocks (21%).

Meanwhile, only 13% have invested in exchange-traded funds (ETFs)/mutual funds. Similarly, only 13% of ASEAN citizens have invested in non-fungible tokens (NFTs)/cryptocurrencies/other digital assets.

For information, 74% of ASEAN's digital generation have savings, and 84% use electronic payments. However, only 21% of the ASEAN population possesses three advanced financial products: credit, investment, and insurance.

This sixth edition of the World Economic Forum report surveyed 90,000 ASEAN residents, mostly aged 16-35, in six ASEAN countries: Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. The organization concluded that there are obstacles to the adoption of digital financial products in ASEAN, namely the complex language used in financial service contracts and ambiguous contract terms.

The survey results also revealed concerns about hidden fees when accessing financial services, as well as security and fraud. Then there are difficulties dealing with complex or confusing processes and interfaces for things like digital payments and loan services.

However, the report also notes that digitalization has the potential to help address these issues while increasing financial access for underrepresented groups. The strong digitalization of savings and payment services in the ASEAN region paves the way for reaching more sophisticated digital financial services, such as investment, credit, and insurance.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Digital Financial Investments Still Lacking Popularity: Preferred Investment Products Among ASEAN Citizens

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Digital Financial Investments Still Lacking Popularity: Preferred Investment Products Among ASEAN Citizens

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