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Photo: Anthony Delanoix
Earlier this month, Mastercard released a study about how affluent consumers manage their money. By surveying 29,536 consumers across 23 markets, Mastercard identified patterns in people’s spending and saving habits — particularly noting the unique ways that affluent consumers, those among the top 10% of household incomes domestically, attempt to maximise their rewards.
Risk takers
These affluent individuals are more savvy with their investments. This comes from their willingness to take risks. 45% of affluent individuals are willing to take risk, as compared to 35% of mass consumers. This may be influenced by these individuals having a larger ability to recover from those risks going south.
As a result, affluent consumers embrace and use financial technology solutions before they become mainstream. They view these solutions as opportunities for them to build wealth, and thus 38% of affluent consumers are early adopters of new fintech, while only 25% of mass consumers do the same.
Life goals
This preference for efficiency may stem from the affluent’s prioritisation of experiences over possessions. Among these consumers, 59% indicate a strong preference for dining out, entertainment, and travel over acquiring more material goods — since these people have taken care of their bread and butter issues, what they seek from life is aspects such as dining out, entertainment, and travel.
As a result, career advancement, while still important, takes a backseat to personal fulfilment for many affluent individuals. Only 30% cite career progression as a primary focus, while 52% consider travel their top personal goal over the next five years. Given their prioritisation of experiences, affluent consumers also gravitate toward credit cards that reward spending on travel and leisure. While mass consumers prefer debit cards, affluent consumers favour credit, with an average of 2.1 credit cards compared to the mass market’s 1.7.
The appeal of credit cards for affluent consumers is multifaceted: 47% value perks like cashback, air miles, and shopping points; 31% feel that using credit cards enhances their status; and 27% appreciate the purchase protection offered. To optimise rewards, affluent individuals often diversify their payment methods; in the Asia Pacific region alone, affluent consumers use an average of 7.5 payment types per person.
Legacy purpose
Mastercard describes this pattern as “financial gymnastics,” illustrating how affluent consumers actively manage their finances. This group often juggles credit, debit, and prepaid cards, strategically allocating each based on the transaction type—such as using credit cards for travel and debit cards for essentials. By optimising their wallet’s potential, they seek to benefit from incentives and reduce unnecessary costs.
These affluent consumers are more likely to make intentional financial choices, drawing on both extensive financial knowledge and information sources like word-of-mouth and proactive research. Their meticulous planning and spending aim not only to secure their present but also to fulfil a larger purpose: leaving a legacy. In fact, affluent consumers are 30% more likely than the global population to prioritise saving for this purpose and 40% more likely to cite inheritance as a financial goal. Their goals extend beyond personal wealth; they wish to leave a lasting impact on family, community, and future generations.
“Affluent consumers tend to be very astute in how they select and utilise the payment tools in their wallets, strategizing how and when to use each payment method to capture the greatest returns. This hands-on, intentional approach reflects the growth mindset and commitment to self-improvement that affluent consumers exhibit in all aspects of their lives, including career, health and wellness, hobbies and learning,” said Sandeep Malhotra, executive Vice President, Products and Innovation, Asia Pacific, Mastercard.
“And while ambition has always been a core trait of the affluent audience, the difference is that nowadays they work to live, not just live to work, reflecting a departure from previous norms. The financial institutions that best serve this demographic recognize these characteristics and find valuable ways to support their customers’ financial, professional and personal progression.”
