64% of customers of online financing services in Vietnam face a shortage of money occasionally. For the other 23%, it is a regularly recurring issue. Most importantly, 90% admit that their inaccuracy in personal budget planning because of insufficient financial literacy is the main reason for that.
These are the findings of Robocash Group, based on its recent customer survey in the Philippines, Vietnam and India. As the results of the survey show, neither a good education nor a sustainable source of income protects from possible gaps in a personal budget. In particular, a large number (43%) of the surveyed in Vietnam finished college or university. 84% have a regular job, and 12% are entrepreneurs. Still, almost all respondents mention facing an acute shortage of funds at least occasionally.
Every fifth (23%) of the surveyed in Vietnam deal with regular gaps in a personal budget. In the Philippines and India, the share of such customers is as follows: 21% and 30%, respectively. At the same time, far more respondents in Vietnam mention facing a lack of funds occasionally – 64%. India and the Philippines have lower figures: 48% and 44%, respectively.
Lack of financial literacy makes 90% of online customers in Vietnam face urgent shortages of money
Commenting on the findings, the analysts of Robocash Group have added that the level of financial literacy and readiness to improve it among customers significantly correlates with their involvement in finance. Particularly, one-fourth of the respondents in the Philippines and India are directly related to finance: they have either profile education or work in this field. Therefore, it is not surprising that 3 out of 10 company customers in these two countries already study financial literacy regularly. In Vietnam, 53% of the respondents say to be interested in finance, but only 1 out of 10 regularly improves financial literacy.
However, it does not mean little enthusiasm for changing the situation. To a different extent, most respondents in Vietnam (93%) are nonetheless interested in improving it. In return, it allows expecting a significant increase in the level of financial literacy in the near time.