Married people with one or two kids comprise the highest share of customers of fintech lending services in Asia. These are the findings of the financial holding Robocash Group based on a client survey in the Philippines, Vietnam, Indonesia and India. On average, these four markets have 59% married customers, and 49% have 1-2 kids under 18 years old.
First of all, the reason for that is additional needs and expenses that usually grow, as a family gets bigger. Moreover, if any spouse has no or limited access to traditional financial services, it increases the interest in alternative opportunities for a whole family. In this respect, the highest share of married customers among the mentioned countries is in Indonesia – 69%. India follows with 66%. Vietnam and the Philippines have 54% and 51%, respectively.
As for the family size, Filipino customers take the lead. 45% of respondents in the Philippines have one or two kids, while 27% have three or more. Indonesia is on the second place with 60% and 11%, respectively. In India, 49% of respondents have 1-2 kids, 12% – 3 or more. The share of customers without kids reaching 55% makes Vietnam stand in contrast. Meanwhile, 40% of the Vietnamese clients have 1-2 kids, and only 5% – 3 or more.
Explaining the difference, analysts of the company added a few points to the customer profile in the Philippines and Vietnam. In particular, the lowest number of the married in the Philippines can be explained by the overall prevalence of women among users of fintech services in the country. Quite a number of female customers are single and demonstrate significant independence in managing financial matters. As for Vietnam, the main reason is the youngest age of local users in comparison to other countries.
In general, family ties preserve the highest significance for people in Asia. The findings on the number of family members sharing the same living space with respondents have proven it. Thus, in the Philippines, 70% of customers of fintech lending services live together with three or even more family members. However, Vietnam provides the brightest example. Despite a smaller number of the married and parents among customers, 66% of respondents share the same living space with three or even more family members. The share of such clients in India is 59%, and Indonesia has 49%.