A survey from HSBC has found that mainland China has the world’s highest mobile banking penetration rate amongst its seniors demographic.
According to the survey 49% of the parents of the “mass affluent demographic” respondents in mainland China make regular use of mobile banking, for the highest rate amongst the five regions covered.
The rate compares to 24% for Hong Kong, and just 19% for Singapore, as well as lower rates for the UK and Canada.
The category of “mass affluent” was defined individuals with an annual income of between 210,000 to 700,000 yuan (approx. USD$31,000 to $103,470).
According to survey the parents of such respondents also prefer to use mobile banking apps or online budget management tools, as compared to the elderly in Canada and Singapore, who prefers to use paper and pen for budgetary management purposes.
HSBC’s survey covered the five regions of mainland China, Hong Kong, Singapore, the UK and Canada, and involved 2200 respondents.
The survey also found that the parents of 40% of respondents in mainland China allowed people outside of immediate family to use their own credit cards – for nearly twice the global average – significant of poor financial security awareness.
While 83% of mainland Chinese respondents expressed confidence in the ability of their parents to recognise financial fraud, 61% said that their parents had been victims of fraud – nearly 30 percentage points higher than the global average.