Pakistan is among the most upwardly mobile nations in the world, according to a new Standard Chartered Bank study titled "Climbing the Prosperity Ladder".
The Standard Chartered study looks into social mobility, financial proficiency and digital savviness among 11,000 emerging affluent consumers in China, Hong Kong, India, Indonesia, Kenya, Malaysia, Nigeria, Pakistan, Singapore, South Korea and the UAE. 34% of Pakistani respondents said their incomes have increased by more than 50% over the last 5 years while 44% said they have seen 10% or more income growth in the last year.
|Socially Mobile Income Growth. Source: Standard Chartered Bank|
China, India and Pakistan:
Standard Chartered study talks about the "fast-growing economies of China, India and Pakistan are providing abundant opportunities for scaling the social pyramid". Here's an excerpt of the Standard Chartered report:
The fast-growing economies of China, India and Pakistan are providing abundant opportunities for scaling the social pyramid. Leading the way, in both China and India 67% of the emerging affluent are experiencing positive social mobility, while Pakistan is not far behind with 64%. Of the emerging affluent in these countries, India and Pakistan both have more than one in 10 (11%) that are experiencing supercharged social mobility, versus 7% in China. Strong earnings progression is fueling impressive rates of social mobility in all three countries. Many of the socially mobile have benefitted from a salary increase of 50% or more in the last five years – 34% in Pakistan, followed by 30% in India and 26% in China. This gap could widen, with India and Pakistan more optimistic about their future salaries than their Chinese counterparts. Almost half of the socially mobile in Pakistan (48%) and India (46%) predict another earnings increase of 50% or more in the next five years, whereas less than three in 10 (29%) expect the same in China. While the emerging affluent in China are more cautious about salary growth than their counterparts in fast-growing Pakistan and India, workplace remuneration is just one side of the social mobility equation. Education has been considered crucial to improving social standing in China for a long time, but the generational shift towards university access among the socially mobile is larger than any other market: more than nine in 10 have attended university (91%), compared to 34% of their fathers and 29% of their mothers.
Upwardly mobile Pakistanis have seen a significant increase in education levels. 89% of them have college degrees compared to 66% of fathers and 49% of mothers who did.
|Socially Mobile Education Levels. Source: Standard Chartered Bank|
In terms of gender parity, 51% of socially supercharged in Pakistan are men and 49% are women.
|Socially Mobile Gender Differences. Source: Standard Chartered|
Are they better off than their parents? The answer is a resounding Yes for 79% of Pakistanis who feel better off than their parents.
|Inter-generational Mobility. Source: Standard Chartered|
Saving For Education:
Upwardly mobile Pakistanis see the value of education for their children. 18% of them say saving for their children's education is a top priority.
|Saving For Education. Source: Standard Chartered|
Standard Chartered Bank study finds that Pakistan is among the most upwardly mobile nations in terms of income and education. 79% of Pakistanis feel they are better off than their parents. 34% of socially mobile Pakistani respondents say their incomes have increased by more than 50% over the last 5 years while 44% say they have seen 10% or more income growth in the last year. 89% of them have college degrees compared to 66% of fathers and 49% of mothers who did.