In a press release earlier today (30 Aug), Robocash Group, an international robotic financial service group, released the findings of its latest survey which shows that 80% of customers in the Philippines, India, Indonesia, and Vietnam using online financing services are currently saving for different plans, with 63% of respondents setting their sights on long-term saving plans.
In particular, the study indicated that almost 40% of customers are currently saving to buy a house in the long run – with little difference in responses within the four countries surveyed.
Besides that, 16% of customers are saving money to fund for their education. In fact, customers from Indonesia and the Philippines are practicing this on a larger scale, with 36% and 22% of the responses coming from these two countries, respectively.
Another notable long-term goal relates to the possibility of purchasing a car, amounting to 8% of the responses.
Although long-term goals are heavily prioritised, the study also revealed that a lot of customers do utilise their budget on mid and short-term goals. For instance, purchase of gadgets and appliances recorded 6.5% of responses, primarily due to the young age of the respondents – who are mostly millennials, aged 25-34 years (65%).
Known as active consumers, the survey hinted that these respondents are much at ease handling cutting-edge technologies in their everyday life; hence, possessing the tendency to acquire necessary tools with their current funds.
Not forgetting, the study also pointed out that only one out of five (20.1%) respondents do not save up at all. This reason behind this is mainly because of their insufficient level of income (15.4%).
“Although savings and short-term financing might seem mutually exclusive, they complement one another. In this sense, small online loans serve as a tool designed to cover a short-term gap in a personal or family budget. Thus, it helps to decrease troubles caused by the difference in salary dates and expenses schedule. At the same time, this tool doesn’t hurdle strategic financial planning. Saving money most often entails long-term money work. If to take those funds out of savings on a bank deposit or other places, it may cause much higher expenses than the cost of a small amount of debt,” noted Robocash Group analysts.