Vietnamese people aged between 20 and 40 are ranked the 10th in Asia Pacific region in willingness to take risks, ranking just above Indonesia.
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Swiss Re just released the results of the survey, which included 13,800 consumers aged 20 to 40, across major cities of 11 Asia-Pacific, between April and May 2011.
The survey aims to identify any changes in consumer attitudes towards risk since the inaugural study conducted during the Global Financial Crisis in 2009, by using the Swiss Re Consumer Appetite for Risk Index (CAFRI). The surveys scope has been extended in 2011 to examine the insurance needs and buying behaviours of respondents.
Pham Xuan Thai, Vice President of Client Markets at Swiss Re, said, “Compared to 11 countries in the survey, Vietnamese people aged between 20 and 40 are less willing to take risks. They are ranked the bottom among regional countries in taking risks related to health and lifestyle. They stand the 9th in taking financial risks, but are more willing to take risks related to their careers (ranked the 5th).”
As many as 54% of Vietnamese interviewees said that their families would face financial difficulties if they were to suddenly die or become seriously injured, because they do not have life insurance.
Up to 74% of Vietnamese who took part worried about large medical bills in case of serious illnesses; This figure was higher than the region’s average, which was 67%.
Thai added that, “Due to concerns on risks, around 60% of Vietnamese people surveyed said that they plan to buy insurance in the next 12 months.”
The majority of Vietnamese interviewees (91%-the highest rate in the region) look for financial information via insurance brokers. The rest seek the information through other channels, such as television, word of mouth and the internet.
According to the survey, the people of Japan are the most willing to take risks, followed by those of Hong Kong, Australia, Singapore, South Korea, Taiwan, India, China, Malaysia, Vietnam and Indonesia.
CAFRI ranking and index values in 2011
(Note: The higher the index value, the more willing customers are to take risks and vice versa)