Financial market regulator breaks down demographic peculiarities of borrowers in Kazakhstan

The Agency for Regulation and Development of the Financial Market (ARDFM) has published its demographic analysis of banking sector customers.

According to the Bureau of National Statistics, there were 13 million people over the age of 18 in Kazakhstan as of 2023. The ARDFM has analyzed 53% of these people with an overall debt of $15.3 billion in consumer loans and $3.5 billion in mortgages (excluding loans from Otbasy Bank).

According to this data, people born between 1982 to 2000, often referred to as Millennials, constitute the biggest group of banking loan customers, although their credit history is better than for customers from other generations.

People born between 1963 and 1981 (Generation X) account for the vast majority of defaults on banking loans. However, among Millennials, specifically males, there is a higher incidence of defaults on collateral-free loans.

Concerning baby boomers, those who were born between 1943 to 1963, females are more frequently in default with collateral-free loans. Even though there are some defaults among Generation Z representatives (born between 2001 and 2005), primarily men, their share remains small.

All in all, men lead in terms of the number of cases of defaults and the amount of debt at the time of default. Women have bigger debt at the moment of default only in the mortgage portfolio.