Asian users of online financing services who fall between the ages of 31 and 34 are the most accurate in matching their finance needs to actual capabilities, according to Robocash Group.

These millennials were most successful in obtaining online financing of a size closest to their initial request. Applicants within the age range of 18-24 and 51-60 paled in comparison, with a difference of 7.9 per cent and 12.3 per cent respectively.

“Millenials were the first users of online financing tools in Asia,” said Robocash analysts.  “Unlike Generation X and Baby Boomers, they have felt more at ease trying digital services. As a result, they have obtained a deeper understanding of how fintech works and better financial literacy. The latter is particularly important when using new solutions.”

Notwithstanding this general trend, the difference in age groups’ ability to assess their needs varies from country to country.

In Indonesia, millennials aged 25-30 demonstrated the best accuracy. Meanwhile, 18-24-year-olds were 4.6 per cent less precise. Older Gen X and younger Baby Boomers (aged 51-60) showed the highest contrast with the most accurate group at 18.9 per cent.

As for the Philippines and Vietnam, 31-34-year-old customers were the most accurate in matching their needs to financial capabilities. Interestingly, both younger and elder Filipinos requested online financing relatively close to the approved amounts. The difference between them and Millenials ages 31-34 was only 6.4 per cent and 4.0 per cent respectively.

Data from Vietnamese clients from the same age groups showed they were less accurate in their assessments, registering a difference of 19.5 per cent and 16.8 per cent respectively.

Robocash said it expects the difference in online financing users’ ability to assess their finances to shrink in the future. “Over time, other generations will also improve their knowledge and become more accurate in assessing their finances,” said Robocash analysts, “after all, it is only a matter of experience and knowing how to use relevant services wisely.”