How best to learn financial literacy in ASEAN?

The top ways people in ASEAN learnt to manage their finances using data from the ASEAN Digital Generation Report 2022

Are you looking to better manage your finances in 2023?

Amid the economic uncertainty, how is the ASEAN digital generation learning how to manage their finances, and what do they recommend as the best ways to learn financial management?

We polled 90,000 respondents across ASEAN in our Digital Generation Report 2022 with the World Economic Forum on where they learnt to manage their finances.

What did we find?

1. The most common way people learnt to manage their finances are through their family and friends
2. The best way to learn financial management according to the survey is learning by doing
3. 24% of our respondents have never learnt how to manage their finances before.
4. Different age groups learn how to manage their finances differently.

For instance, younger people were more likely to learn through online sources and social media. This comes along with the rise of influencers from the WokeSalaryMan in Singapore and Longtunman in Thailand, who have helped to convey complex messages in a crisp and creative way.

On the other hand, those between 51–60 years old preferred learning from formal training courses more, where there is more structure in place.

Interestingly, while learning by doing is chosen as the best way to learn financial management, learning from school or from training courses are ranked much lower. This reinforces the idea that learning financial management requires a hands-on approach.

What about you? Where did you learn how to manage your finances?

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