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UOB study reveals ASEAN economic sentiment amid rising inflation

EditorAmbhini Aishwarya
Published 27/09/2023, 06:26
© Reuters.

A recently released report by the United Overseas Bank (OTC:UOVEY) (UOB) has shed light on the current economic sentiments of citizens and businesses across five ASEAN nations – Singapore, Malaysia, Indonesia, Vietnam, and Thailand. The report was released on Wednesday and a statement regarding the ASEAN Consumer Sentiment Study (ACSS) was provided two days prior by Yuthchai Tayaratchakul, the Executive Vice President of UOB.

The study revealed that rising inflation, escalating household expenses, and reducing savings are the primary concerns among respondents. This has led to a more frugal approach towards spending among the Thai population. Interestingly, it was also observed that a growing number of Thais are turning to digital banking platforms for their investment needs.

When it comes to investments, Thais tend to prefer low-risk options. They are inclined towards savings that yield fixed deposits and are diversifying their investment portfolios to include safer options such as insurance and real estate.

The ACSS report provided insights into the investment and saving habits of different generations. Generation Z, individuals born between 1996 and 2010, were found to be most cautious about savings and investments, with well-defined saving plans in place. Conversely, Generation Y, those born between 1981 and 1996, prioritise investment over savings.

Yuthchai highlighted UOB's commitment to personalised banking and their application, UOB TMRW. The application utilises artificial intelligence to analyse financial transitions with the aim of assisting customers in managing their finances more conveniently and efficiently. "UOB has a clear vision of personalized banking via our application, UOB TMRW, which uses AI to analyse financial transitions. The application will help customers manage their finances more conveniently and efficiently," he stated.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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