Singapore – March 20, 2017 – Although 2016 was a year of great socio-political flux, the latest Mastercard Well-Being Index revealed that people in Asia Pacific remain optimistic towards their overall well-being (62.1), with those in emerging markets (65.5), led by India, Philippines and Indonesia, showing higher resilience and satisfaction than others in developed markets (56.7).
The Mastercard Well-Being Index surveyed 9,123 people across Asia Pacific about their economic, social and financial outlook, covering four key components: Work and Finances, Safety from Threats, Personal and Work Satisfaction and Personal Well-Being.
Leading the region with an overall well-being Index score of 75.0 is India, the only market to have reached very optimistic level in this survey series’ history. India’s optimism is likely driven by consumers’ upbeat sentiment over the robust pace of economic growth and stable macroeconomic fundamentals, as well as their ability to deal with stress and challenges. Other optimistic markets include Philippines (73.0) at second place and Indonesia (71.4) in third.
Conversely, Asia’s developed economies have struggled to advance out of neutral territory, owing to deep entrenchment in a culture of overtime and high levels of work-related stress. Japan (50.4) and Korea (52.1) rank the lowest for overall well-being which is reflected in consumers’ consistently downbeat sentiment towards their personal well-being related to family stress, work stress, financial stress and health.
According to the study, it seems that a stress-free life with strong work-life balance is key to happiness. Overall, out of the four components, consumers in the region felt most satisfied with their personal and work life (65.5), buoyed by strong fulfilment amongst consumers in emerging markets such as India (83.0), Philippines (78.2), Myanmar (75.4), Vietnam (72.7), China (71.3), Indonesia (71.1) and Thailand (70.2).
Georgette Tan, senior vice president, Communications, Asia Pacific, Mastercard said, “Findings from this study show that consumers’ outlook on their overall well-being is invariably shaped by the reality of their everyday lives, as well as social, economic and political conditions. In addition, we also see that strong opportunities for growth can imbue optimism and hope for the future as exemplified by Asia’s emerging economies like India, China and Indonesia, where their higher well-being scores correlate with growing GDP rates. Such insights are crucial to Mastercard’s work in the region where we’re committed to driving inclusive growth. It gives us a holistic view that complements economic activity, and provides us with a clearer understanding of the progress to be made.”
Across the board, of all four components, people in Asia Pacific were most concerned about their safety from threats (57.6), with those in Myanmar (43.5), Bangladesh (46.6) and Japan (46.9) having felt the most vulnerable. This apprehension was caused mainly by fear of cybercrimes (54.0) and financial crimes (55.0). On the other hand, people in emerging markets, led by India (78.7), Philippines (64.5) and Indonesia (64.3) are the least concerned about their overall safety.
Overall Well-Being Index, Country Scores:
|1. India||75.0||6. Thailand||66.1||11. Hong Kong||58.6||16. Taiwan||54.3|
|2. Philippines||73.0||7. Myanmar||64.6||12. Singapore||58.6||17. Korea||52.1|
|3. Indonesia||71.4||8. Cambodia||63.9||13. Sri Lanka||56.6||18. Japan||50.4|
|4. Vietnam||71.4||9. New Zealand||63.5||14. Bangladesh||55.5|
|5. China||68.2||10. Australia||59.6||15. Malaysia||54.9|
|Average for AP||62.1|
|Average for Developed AP||56.7|
|Average for Emerging AP||65.5|
Well-Being Index – Work & Finances Component, Country Scores:
|1. Vietnam||81.5||6. New Zealand||71.7||11. Australia||60.4||16. Singapore||52.7|
|2. Philippines||79.2||7. Myanmar||66.9||12. Japan||59.5||17. Malaysia||51.9|
|3. Indonesia||77.2||8. Thailand||65.9||13. India||56.0||18. Sri Lanka||50.3|
|4. China||75.3||9. Bangladesh||65.0||14. Korea||53.9|
|5. Cambodia||71.8||10. Hong Kong||61.3||15. Taiwan||52.9|
|Average for AP||64.1|
|Average for Developed AP||58.9|
|Average for Emerging AP||67.3|
Well-Being Index – Safety from Threats Component, Country Scores:
|1. India||78.7||6. Thailand||63.1||11. Cambodia||56.8||16. Japan||46.9|
|2. Philippines||64.5||7. China||60.3||12. Taiwan||55.5||17. Bangladesh||46.6|
|3. Indonesia||64.3||8. Australia||59.8||13. Sri Lanka||51.8||18. Myanmar||43.5|
|4. Singapore||64.2||9. Vietnam||59.4||14. South Korea||50.9|
|5. New Zealand||63.4||10. Hong Kong||57.9||15. Malaysia||48.5|
|Average for AP||57.6|
|Average for Developed AP||56.9|
|Average for Emerging AP||57.9|
Well-Being Index – Satisfaction Component, Country Scores:
|1. India||83.0||6. Indonesia||71.1||11. Sri Lanka||61.7||16. Taiwan||56.8|
|2. Philippines||78.2||7. Thailand||70.2||12. Singapore||60.8||17. South Korea||55.7|
|3. Myanmar||75.4||8. Cambodia||68.3||13. Malaysia||60.4||18. Japan||49.7|
|4. Vietnam||72.7||9. New Zealand||65.4||14. Hong Kong||59.2|
|5. China||71.3||10. Australia||62.7||15. Bangladesh||57.1|
|Average for AP||65.5|
|Average for Developed AP||58.6|
|Average for Emerging AP||69.9|
Well-Being Index – Personal Well-Being Component, Country Scores:
|1. India||82.6||6. China||65.7||11. Singapore||56.7||16. Taiwan||52.2|
|2. Indonesia||73.2||7. Thailand||65||12. Hong Kong||56.3||17. South Korea||47.9|
|3. Myanmar||72.6||8. Sri Lanka||62.7||13. Australia||55.2||18. Japan||45.7|
|4. Vietnam||72||9. Malaysia||59||14. New Zealand||53.6|
|5. Philippines||70.1||10. Cambodia||58.9||15. Bangladesh||53.4|
|Average for AP||61.3|
|Average for Developed AP||52.5|
|Average for Emerging AP||66.8|
The latest Mastercard Well-Being Index is based on a survey conducted between November 2016 and December 2016 on 9,123 consumers aged 18 – 64 in 18 Asia Pacific countries.
Consumers were asked 17 questions pertaining to four components. The results of their responses were converted into sub-indexes, which were subsequently averaged to form the Mastercard Well-Being Index score. The scores range from 0 – 100 where 0 represents the maximum negative response, 100 represents the maximum positive response and 50 represents neutrality.
|Category||Question Subject||Questions Asked|
|Work and Finances||Regular Income||Do you expect your regular income including bonuses and fringe benefits to increase, remain same or worse over the next 6 months?|
|Employment||Do you expect the employment situation to be better, remain the same or worse over the next 6 months?|
|Keeping Up With Bills||I often have problems keeping up with my bills and credit commitments|
|Saving For Big Purchases||I often have problems with setting money aside for big purchases|
|Safety from Threats||Violent Crime||I feel safe from the threat of violent crime and assault in my country.|
|Financial Crime||I feel safe from the threat of financial crime like snatch thefts and burglary in my country.|
|Cyber Crime||I feel safe from the threat of cybercrime and identity theft in my country.|
|Disease Outbreak||I feel safe from a serious disease outbreak in my country.|
|Natural Disaster/Pollution||I do not feel that my personal sense of well-being is compromised by environmental problems like pollution, flooding and natural disasters.|
|Satisfaction||Present Life Situation||I am completely satisfied with my life situation today|
|5 year Life Situation Expectation||I anticipate that my life situation will be better than it is today in 5 years.|
|Work-Life Balance||I am satisfied with the balance between the time I spend on my paid work/school and the time spend on other aspects of my life.|
|Work/Role in Life Satisfaction||I am satisfied with the work I do/ being a student (role at home if not working or studying)|
|Personal Well Being||Family Stress||I have had no emotional/mental stress level from family obligations/family life over the past year.|
|Work Stress||I have had no emotional/ mental stress level from work/school over the past year.|
|Health||My health is at its best condition.|
|Financial Stress||I have had no financial stress level in the past year.|
Mastercard and its Suite of Research Properties
The Mastercard Index suite in Asia Pacific includes the long-running Mastercard Index of Consumer Confidence, as well as the Mastercard Index of Women’s Advancement, Mastercard Index of Financial Literacy, and the Mastercard Index of Global Destination Cities. In addition to the indices, Mastercard’s research properties also include a range of consumer surveys including Online Shopping, Ethical Spending and a series on Consumer Purchasing Priorities (covering Travel, Dining & Entertainment, Education, Money Management, Luxury and General Shopping).
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Mastercard Communications Contact
Venture Liang, +65 6390 5973
Samantha Yong, +65 6825 8053
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