ASEAN citizens' sentiments: Those in Malaysia and Thailand are expressing high concern about their finances

Meanwhile, those living in Indonesia, Singapore, Vietnam, and the rest of the region are now less worried about work-related as well as health/wellbeing issues than before.

A UOB survey of 5,000 consumers across Singapore, Thailand, Malaysia, Indonesia and Vietnam, sought to understand their sentiments and trends around everyday-life outlook, shifts in spending and financial habits, personalisation, and financial literacy.

Across the ASEAN region, citizens are most worried about the following 10 things in life (in order of most worrisome to least), as highlighted in the ASEAN Consumer Sentiment Study 2024 report:

• Ability to put money aside for saving (37%)
• Ability to afford essential items for me and my family (33%)
• Ability to plan ahead for retirement (27%)
• Ability to maintain my current lifestyle (27%)
• Ability to take care of parents' financial/healthcare needs (26%)
• Ability to put money aside for investment (26%)
• Ability to pay utilities bills (23%)
• Ability to pay for your child[ren]’s educational needs (22%)
• Ability to pay off mortgage/loans (17%)
• Ability to buy/rent a home (16%)

Meanwhile, the following are the top five categories where spending has increased (sorted by net change = spend more-spend less):

• Utility bills (+21%)
• Child education incl fees, tuition & enrichment services (+17%)
• Household groceries & provisions (+10%)
• Travelling-daily commute (+3%)
• Healthcare – hospitalisation, supplements (+1%)

On the other hand, spending across ASEAN has decreased in the following categories (sorted by net change = spend more-spend less):

• Jewellery, luxury goods (-32%)
• Concerts/events/festivals (-27%)
• Dining out (fine dining, Michelin Star) (-27%)
• Toys and games (-25%)
• Lifestyle - cruise, yacht parties, spa/massage (-24%)

Among some of the other interesting trends observed from the report are the following:

• 54% are feeling positive about the current economic environment in their country - a trend most witnessed in Singapore (68%) and Vietnam (71%).
• Regionally, seven in 10 expect their country to be in recession in the next 6-12 months, a similar sentiment to last year - a feeling most evident in Thailand.
• There is high cross-border travel across the region. More in Singapore and Vietnam have taken an overseas trip than others in the region.
• Regionally, a majority are investing 30% or less of their annual income, with over a quarter (27%) investing 11-20% of their annual income.
• Two in five save more than 20% of their monthly income, however Malaysia lags behind other markets on this.

Lead image / UOB

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