SINGAPORE: Nine in ten consumers in the Asia Pacific region, especially those who earn less than US$10,000 a year, said it was important to save money.

With the economic downturn affecting consumers worldwide, it is of no surprise that consumers are saving for rainy days ahead.

A recent survey by MasterCard Worldwide showed that saving for emergencies was the top priority for consumers in the region.

Indonesia, the Philippines, Malaysia and India were among the countries with a high percentage of consumers who said saving was important or very important.

China, on the other hand, had the lowest percentage (77 per cent), followed by Singapore (79 per cent) and Korea (81 per cent).

Those surveyed also said they were saving for their retirement and investment needs. On average, they were expecting to save between 11 and 20 per cent of their income over the next 12 months.

In Singapore, 76 per cent of consumers said they were saving for emergencies, followed by retirement (62 per cent), property investments (34 per cent) and investments (26 per cent).

The survey polled 6,019 consumers in 14 markets in September.


- CNA/so