Mastercard releases Well-Being Index – APAC

Although 2016 was a year of great socio-political flux, the latest Mastercard Well-Being Index revealed that people in APAC remain optimistic towards their overall well-being, with those in emerging markets—led by India, Philippines and Indonesia—showing higher resilience and satisfaction than others in developed markets.

The Mastercard Well-Being Index surveyed 9,123 people across Asia Pacific about their economic, social and financial outlook, covering four key components: Work and Finances, Safety from Threats, Personal and Work Satisfaction and Personal Well-Being.

Leading the region with an overall well-being Index score of 75.0 is India, the only market to have reached very optimistic level in this survey series’ history. India’s optimism is likely driven by consumers’ upbeat sentiment over the robust pace of economic growth and stable macroeconomic fundamentals, as well as their ability to deal with stress and challenges. Other optimistic markets include Philippines at second place and Indonesia 71.4 in third.

Conversely, Asia’s developed economies have struggled to advance out of neutral territory, owing to deep entrenchment in a culture of overtime and high levels of work-related stress. Japan (50.4) and Korea (52.1) rank the lowest for overall well-being which is reflected in consumers’ consistently downbeat sentiment towards their personal well-being related to family stress, work stress, financial stress and health.

According to the study, it seems that a stress-free life with strong work-life balance is key to happiness. Overall, out of the four components, consumers in the region felt most satisfied with their personal and work life , buoyed by strong fulfilment amongst consumers in emerging markets such as India, The Philippines and Myanmar.

Georgette Tan, Senior Vice President, Communications, Asia Pacific, Mastercard said, “Findings from this study show that consumers’ outlook on their overall well-being is invariably shaped by the reality of their everyday lives, as well as social, economic and political conditions. In addition, we also see that strong opportunities for growth can imbue optimism and hope for the future as exemplified by Asia’s emerging economies like India, China and Indonesia, where their higher well-being scores correlate with growing GDP rates. Such insights are crucial to Mastercard’s work in the region where we’re committed to driving inclusive growth. It gives us a holistic view that complements economic activity, and provides us with a clearer understanding of the progress to be made.”