A survey by St. James’s Place Asia entitled “Advice at Every Stage of the Journey” showed that 91% of Singapore’s new generation finds seeking financial assistance from advisors very useful.
More youths or those 27 to 39 years old seek financial advice compared to elders or those 50 to 69 years old.
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The survey involved 2,000 Singaporeans and Hong Kongers categorised into five wealth levels namely Financial Stability, Financial Security, Financial Flexibility, Financial Freedom, and Financial Abundance. The study targeted people aged 27 to 69 with personal investments in stocks, shares, funds, and property, and with a minimum annual household income between S$70,000 to over S$250,000.
It assessed the respondents’ views on financial advice amid economic challenges and the rise of robe-advisory and wealth tech platforms.
According to the results, those with higher wealth levels credit their success to financial advice. The study also showed the preferences and challenges of the respondents when seeking financial advice, emphasising how important personal connection is.
For people in Singapore, 56% consult with a financial advisor, 47% consult financial advice websites and blogs, 41% consult family, 34% consult bank managers and staff, and 34% consult friends.
Meanwhile, 46% of those in Hong Kong sought financial advice from independent financial advisers and the same number sought tips from finance advice websites and blogs. Meanwhile, 42% got their advice from family, 40% from bank managers and staff, and 36% from friends.More from OMY: Top Financial Tips For The Sandwich Generation