One-third of people are earning less and having their finances impacted due to COVID-19. Furthermore, more than half expect the pandemic to further affect their income.
However, over three-quarters (and 72% in Singapore) are confident in their skills and their ability to thrive in a digital world.
This is according to a Standard Chartered survey of 12,000 adults across 12 markets. The markets include Singapore, Hong Kong, Taiwan, Mainland China, Indonesia, Malaysia, India, UAE, Kenya, Pakistan, the UK and also the US.
Young people are especially confident with 80% globally feeling their have the digital skills needed after COVID-19. In comparison, 63% of those aged over 65% have felt the same.
In addition, 66% of 25- to 34-year-olds in Singapore are considering setting up a second income stream to boost finances after COVID-19. 83% of those aged between 18 and 34 years old are willing to work harder to get ahead, compared to 55% of those above 55.
Ben Hung, CEO of retail banking and wealth management, and regional CEO for Greater China and North Asia, Standard Chartered Bank, said: “Young people around the world have been hit particularly hard by the economic impact of the pandemic. Many are in insecure employment or graduating into a tough job market. Yet their confidence, adaptability and willingness to work hard, especially in fast-growing markets, provides hope for the recovery. Many are considering starting a new business in the wake of the pandemic but want to learn how to manage their finances better. They must be supported. Banks have a role to play both by helping them manage their money and providing tools that make banking easier so they can focus on leading the way to recovery.”
Dwaipayan Sadhu, head of retail banking, Standard Chartered Bank Singapore, added: “The millennials and Generation Z are clearly strong digital natives and it is not surprising that they feel confident about thriving in a digital world. We are witnessing the same trend among our younger clients; they are adopting and adapting to digital very naturally. For example, since the effects of COVID-19 hit us this year, there has been a historical growth in digital adoption with the number of digital active clients under 35 years old growing five times that of our older clients.”
Earlier this week, Standard Chartered Bank Singapore brought its Wealth Lending overdraft facility online with three new digital simulators.
The simulators are intended to be useful during stressful market environments when clients need simple, practical solutions.