Millennials are grabbing short-term internet loans from Asia
In India, Indonesia, Vietnam and the Philippines, the age bracket also counts as the largest borrowers.
According to studies by financial leasing company Robocash Group, over two out of five (44.7%) of short-term bonds in Vietnam were given to Gen Y or millennials aged 25 to 30 years, rendering the age company the largest borrower for short-term payments in the nation.
The youth bracket is also the largest borrower in India (38%), Indonesia (34.6%) and the Philippines (29.1%) for short-term payments. Meanwhile, the researchers observed that Gen Z or those between the ages of 18 and 24, constituted the second biggest age bracket of borrowers in nations like Vietnam, Indonesia and India.
“For instance, Vietnam’s older era of borrowers can be clarified by the youth’s quickly increasing trust in economic well-being. The cause for the elderly era of borrowers in the Philippines is likely due to the elevated rate of demographic digitalisation involving all age groups, “the researchers observed.
Robocash observed in past research that in 2017 only 48.9% of Indonesians had a loan, but 54.8% loaned cash, rendering it a destination audience for new loan systems.