The Management of Money
“Money is a tool. Used properly it makes something beautiful; used wrong, it makes a mess” – Bradley Vimson
Anytime you or your loved ones manage their income, expenses or investments, they are carrying out the activity of Finance. Simply put, any person or company that manages money is carrying out the function of Finance. It is an essential part of our lives. The Finance Minister Manages the money for the country, you or your parents manage the manage the money of your household. All of us, almost all the time, are Financial Managers. Financial Managers can choose to do a couple of things with the money they are managing, they can spend the money, save the money, invest the money, or lend the money.
Which leads us to the next logical question…
So how most Pakistani’s manage their money? here are some interesting facts.
- 51% of Pakistani Millennials store cash at home for their top savings priority compared to the regional average of 11%.
- Only 2% of Pakistani’s utilize their bank’s website or financial institution when making money decisions, compared to the regional average of 41%.
- The top savings priority for Pakistani’s aged 25-55 is their Children’s Education
- Even though property is what comes to most Pakistani’s mind when they think of Investments, a recent report by Standard Chartered noticed that a relatively low proportion of Pakistani savers (7 percent) in all age ranges say buying a home is their top savings priority. Property ranks lower than saving for their children’s education (29 per cent), emergencies (11 per cent) and a child’s wedding (9 per cent) whereas the regional average was 22%.
- Only 10% of Pakistanis use digital tools to access financial services as compared to 43% in India.
According to a new research, Pakistani’s could be earning approximately 82% more over a 10-year horizon if they switch to low cost wealth management products.
82% – See, we told you Money Management Matters.
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