But central to the framework is the idea of developing ASEAN for ASEAN for which consumer finance appears to be a key facet. About a tenth of the world’s population resides in ASEAN. While the global life expectancy rates have increased from 66 years old in 1990 to 71 years old in 2012, ASEAN has extended this to 73 years old on average.
With 30 to 35 percent of ASEAN population at or younger than 15 years old, this extra 2 years becomes even more material over the next few decades. In addition, ASEAN saves nearly 31 percent of its GDP. This rate is 11 percentage points higher than the rest of the world.