Vietnam Tops Southeast Asia with 66% Financial Honesty While Philippines Records 47% Misreporting, New ROSHI Study Reveals.
ROSHI surveyed respondents across different age groups in six Southeast Asian markets to explore how cultural and economic factors influence financial transparency and decision-making patterns. The research highlights clear trends in how people approach financial honesty, from Vietnam’s trust-based culture to Singapore’s competitive environment, offering valuable insights for anyone navigating financial relationships in the region.
The study shows Vietnam leading with 66% of people sharing accurate financial information, while the Philippines records the highest misreporting rate at 47%, driven by economic pressure and face-saving cultural norms.
“Financial honesty isn’t just about personal integrity – it’s a window into how cultural values and economic realities shape entire markets,” said Amir Nada, CEO of ROSHI. “Our research reveals that Vietnam’s trust-based culture creates conditions where transparency strengthens rather than threatens individual prospects, while other markets face pressures that make financial honesty a luxury many cannot afford.”
Key findings from the study include:
- Vietnam leads the region with 66% financial honesty, followed by Thailand at 64%
- Young adults aged 21-34 show highest misreporting rates across all markets due to social media pressure and career vulnerability
- Digital transformation amplifies financial deception through curated social media personas and easier credit access
- Singapore’s 41% misreporting rate reflects competitive pressures despite high incomes, where financial positioning becomes critical for premium resources
- Economic stress drives overconfidence bias in Philippines (60%) and Indonesia (58%), creating cycles where poor decisions occur when mistakes are most costly.
“The digital revolution has fundamentally changed how people present their financial reality,” said Trịnh Mai Thanh, Head of Research at ROSHI. “Social media creates constant pressure to display success, while Buy Now Pay Later services enable systematic misrepresentation that builds into unsustainable debt burdens across the region.”
The full report is available at
https://www.roshi.sg/financial-honesty-study-south-east-asia/
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