“A lot of people from my neighborhood rely on me. And when they need me, I help.”
Fahad is a successful patriarch. Though he himself did not finish his education past grade 5, he is a progressive man and a strong believer in education. Twenty-five years ago, he moved to Dhok Maliyar, a town in Islamabad with no more than 7,000 residents. In the years since, Fahad has provided for a large family, and become an anchor in the community who is seen as someone people rely on. Fahad built his career as a carpenter, but despite his experience, his success in business has been mixed. He has previously entered partnerships with jewelers, which helped secure business, and he even became a sole owner of several showrooms. However, these arrangements did not safeguard him against the competing carpentry talent, done by workers who were more efficient but produced lower quality furniture. Eventually, many of Fahad’s partnerships discontinued and with the loss of business, he was no longer able to pay his staff.
Despite the business hardships that Fahad has faced,
what does his long-term 10 year financial vision look like?
by the numbers
Like Fahad, Communal Elites are the wealthiest and best educated segment, and are often older married men living in rural areas. Approximately 27.1 million people (21% of the Pakistan population) fall in this segment.
SOCIOECONOMIC (SES 4-5)
HIGH INCOME VOLATILITY
Most Communal Elites experience low income volatility, the lowest amongst segments. Over half report confidence in their ability to pay household bills on time, the highest rate amongst segments.
Financial Behavior & Attitudes
SAVINGS BEHAVIOR & ATTITUDES
Communal Elites are Pakistan's most frequent savers across all measured channels, suggesting many may employ a diverse savings strategy. Given that they are also deliberate savers, it appears Communal Elites are fairly purposeful in their financial management.
Out of all savings channels, they use informal groups and formal accounts the most. Their mobile wallet usage is similar to the national average.
BORROWING BEHAVIOR & ATTITUDES
As they are Pakistan’s second least frequent borrowers, nearly half of Communal Elites never borrow. Only half of the segment are comfortable with holding debt.
While they prefer to borrow with family, they also do so with banks and informal groups. They rarely use mobile wallets to borrow money from others.