Survey Reveals Gap in Wealth Perception and Financial Planning Among Malaysians
A survey by Hong Leong Bank Berhad involving over 1,000 Malaysians aged 18 to 77 found that a mere 12% view themselves as wealthy. However, a significant 79% admitted they lack a formal financial plan, often attributing this to insufficient funds to initiate a wealth management strategy.
Among the 327 participants who invest, the majority showed a preference for stocks (57%), ASB/ASM schemes (56%), and gold (54%), with fixed deposits also popular among 44% of investors. A notable trend emerged from the survey highlighting that 83% of investors prefer to manage their investments without professional financial advice. When seeking financial guidance, about half of the respondents turn to social media and family advice equally.
Hor Kwok Wai, HLB's Managing Director of Regional Wealth Management, emphasized the growing trend towards self-directed investing. He pointed out the essential role of financial institutions in providing adequate resources and support to help investors make informed decisions. HLB aims to empower customers with the knowledge and tools needed for effective wealth management, catering to their unique financial goals and risk profiles.
The survey also explored the motivations behind investment choices, revealing the significant influence of family and community in the pursuit of wealth. Additionally, it found that 78% of Malaysians have insurance, with many considering it crucial for family support in emergencies.
In contrast, the survey compared these findings with over 500 Singaporean investors, where 87% manage their investments independently, valuing factors like returns, low fees, and product familiarity. Singaporeans similarly prioritize stocks and savings options, with a high value placed on insurance for family security.
Hor highlighted the importance of financial literacy and the need to debunk myths about wealth management. He advocated for accessible wealth management tools and education to help individuals confidently manage their finances, ensuring a secure future for themselves and their families. HLB is committed to guiding customers through personalized wealth management strategies to achieve secure and strategic wealth growth, catering to various risk appetites.
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