Economy

Indians confident in their skills to survive despite Covid-19: Standard Chartered survey

Our Bureau Mumbai | Updated on August 07, 2020 Published on August 07, 2020

The report, comprising of the survey result, said the Indian service sector remained under intense strain during June, as activity fell at another substantial month-on-month rate, amid the ongoing economic disruption caused by the Covid-19 pandemic

The Covid-19 pandemic has significantly impacted personal finances, but a global survey has found that Indians are most confident that they have the digital skills to thrive.

A Standard Chartered survey of 12,000 adults across 12 markets found that Covid -19 is significantly impacting personal finances globally, with one-third already earning less, and more than half expecting the pandemic to further affect their income and or employment. As many as 32 per cent of Indians surveyed have also been impacted, it noted.

“Yet over three quarters globally (89 per cent in India) are confident they have the digital skills needed to thrive. This is driven by young people (18 to 34) and those in emerging markets, who are the most confident in their skills and prepared to adapt and work harder to realise opportunities in a post- Covid-19 world,”it further said.

In India, this confidence does not decrease with age, the survey found.

Around 76 per cent of 25 to 34-year olds in India and 67 per cent over 55 years would set up a second income stream compared to 75 per cent and 40 per cent respectively, globally.

“India’s millennials and Generation Z are also more likely to respond to the crisis by starting a new business. 56 per cent of Indians aged 18 to 44 (52 per cent globally) would consider starting a new business in the next six months compared to 45 per cent of those aged 45 and above (30 per cent globally),” it said.

The survey by Standard Chartered was conducted in Hong Kong, Taiwan, Mainland China, Singapore, Indonesia, Malaysia, India, UAE, Kenya, Pakistan, the UK and the USA and offers insights into their financial wellbeing and employment outlook in the current pandemic and economic downturn, and how banks can play a role in helping them manage their money.

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Published on August 07, 2020
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