Vietnamese are their own financial advisors: Nielsen

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Most Vietnamese consumers make their own financial decisions without the help of a financial planner or advisor, according to a new study from Nielsen, which notes that the trend is strong across Asia Pacific.

The market research firm said 88 percent of Vietnamese make decisions on personal finance or wealth matters on their own, even higher than the regional average rate of 79 percent. In contrast, 24 percent rely on tips from friends, relatives and colleagues for financial advice, 5 percentage points higher than the Asia Pacific average.

The new findings, announced Friday, also showed that 48 percent of consumers in Asia Pacific hold investment products, ahead of the global average of 33 percent. They are two times more likely to put spare cash into stocks and mutual funds compared to the global average, with 31 percent claiming they will do so.

Gold, silver or other precious metals were the top choice for investment products for over half of Vietnamese consumers surveyed, followed by stocks and foreign currencies.

As for the use of credit cards, 40 percent of Vietnamese online consumers indicate they use credit cards as a common payment method for dining, shopping and entertainment activities while 97 still pay cash for general expenses.

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