New Zealand and China top MasterCard Index of Financial Literacy survey

Have best basic money management skills in Asia/Pacific.

According to the MasterCard Index of Financial Literacy, New Zealand continued to rank number one with a score of 74 index points in overall financial literacy. Singapore (72 index points) and Taiwan (71 index points) took second and third place, respectively.

India and Japan ranked at the bottom with 59 index points and 57 index points.

The survey also showed the Chinese have shown themselves to be the most proficient investors. With 68 index points, China ranked top in understanding of bank statements and complex investment concepts such as diversification and inflation, ahead of Hong Kong (67 index points) and Taiwan (63 index points).

The MasterCard Index of Financial Literacy is based on a survey conducted between April and May 2013 with 7,756 respondents aged 18 to 64 in 16 Asia-Pacific markets. This is the fourth survey of Financial Literacy conducted since 2010.

The survey polled consumers on three aspects of financial literacy including their basic money management skills, investment knowledge and financial planning to determine the level of basic money management skills in terms of budgeting, savings, and responsibility of credit usage.