A Standard Chartered survey finds that COVID-19 is significantly impacting personal finances globally, with one-third already earning less and more than half expecting the pandemic to further affect their income and/or employment. Yet young people (18-34) and those in emerging markets are the most confident in their digital skills and prepared to adapt and work harder to realise opportunities in a post-COVID-19 world.
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The study of 12,000 adults (18+) across twelve markets – Hong Kong, Taiwan, Mainland China, Singapore, Indonesia, Malaysia, India, UAE, Kenya, Pakistan, the UK and the US – offers insights into their financial wellbeing and employment outlook in these challenging times, and how banks can play a role in helping them manage their money.
It reveals a stark contrast between the financial reality that people face and their confidence in the future. This can be explained by a willingness – particularly among young people and those in emerging markets – to work harder, take steps to adapt income streams, and re-skill if they can, in order to earn more.
Young people are particularly confident, with 80% of 18 to 34-year olds feeling they have the digital skills needed to thrive post-COVID-19 compared to 63% of those over 65. And, with many graduating or leaving school in the midst of a global recession, younger generations are also more willing, or able, to adapt to the current circumstances. For example, 75% of 25 to 34-year olds would consider setting up a second income stream compared to 40% of those over 55; and 72% of all 18 to 44-year olds would re-skill compared to 37% of those aged 55 and above.
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Millennials and Generation Z are also more likely to respond to the crisis by starting a new business. 52% of those aged 18 to 44 would consider doing so in the next six-months compared to 30% of those 45 and above.
Globally, this level of flexibility, adaptability and entrepreneurialism tends to decrease with age, along with confidence, despite – or perhaps because – older generations are more established in their careers.
The divide is even more stark when comparing developed and emerging markets. Those in established global economies are not only less confident they have the digital skills needed to thrive amidst the downturn, they are also less willing to adapt and take steps to increase their income.
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