Cambodian couples are more interested in financial planning than ever before but remain susceptible to financial shocks that can however be mitigated by the expansion of the insurance market, according to a recent survey funded by Prudential Cambodia and conducted by market research firm Ipsos Loyalty.
The survey revealed that Cambodian couples are both happy in their relationships and highly financially motivated, reported The Phnom Penh Post. The report added that 82% of families are saving to buy a home while 70% are saving to establish their own businesses.
Mr Mark Kidd, Associate Director of Ipsos Loyalty, said that the company interviewed 513 Phnom Penh residents, with a monthly income of at least US$375 and aged between 25 and 55.
He said that most of the interviewees stated they would rather work longer hours for more money than enjoy free time with their spouses. The study also showed that couples are highly invested in their children’s education, and that 71% of Cambodian interviewees feel their families would suffer financially if anything were to happen to them.
“Even so, money is not the most important thing,” Mr Kidd said. “Most interviewed said they would rather their spouses be healthier, rather than just wealthier.”
Mr David Nutman, CEO of Prudential Cambodia, said that the results of the survey can be used as a valuable business tool that can assist Prudential in how it designs its insurance products for the local market.
“Protecting relationships requires financial planning, protection and security,” he said.
Cambodians were revealed by the study to be the most family-centric of the nine Asian markets surveyed, with 41% of interviewees providing daily financial support to their parents and 55% expecting their children to support them in their old age. Apart from Cambodia, the other markets in which the survey was carried out are: China, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.