KUCHING, Feb 17 — Only 12 per cent of over 1,000 Malaysian respondents aged 18-77 consider themselves wealthy, according to a wealth perception survey conducted by Hong Leong Bank Berhad (HLB).
Despite this, 79 per cent of Malaysians professed that they do not have an official or documented financial plan, largely due to the assumption that they do not have sufficient funds to start a formal wealth management plan, said HLB in a statement yesterday.
“Out of the 327 respondents who indicated that they invest, 57 per cent reported that they invest in stocks, closely followed by 56 per cent who allocate funds to ASB/ASM schemes, and 54 per cent who engage in gold investments. Additionally, 44 per cent of respondents favoured fixed deposits as their primary investment approach,” pointed out HLB.
The survey findings also underscore the significant trend of self-directed investing among Malaysians, with a striking 83 per cent of those who invest opting to manage their investments autonomously, without seeking the input or guidance of a professional financial advisor.
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Notably, when devising a financial plan, nearly half of Malaysians (49 per cent) seek financial advice from social media, while an equal percentage rely on input from family members.
The survey also uncovered the driving forces behind investors’ choice of investment strategies. For Malaysian investors, family and community play a pivotal role in their motivation for wealth accumulation.
Moreover, the survey revealed that 78 per cent of Malaysians have insurance coverage, with over half of them considering insurance as highly important in ensuring continued support for their families in the face of unforeseen circumstances.
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Comparatively, the survey also delved into the Singaporean perspective with over 500 Singaporean respondents.
Notably, 87 per cent of Singaporean respondents who invest currently manage their investments autonomously, often leveraging digital platforms, and emphasising factors such as favourable returns, low charges, and their familiarity with the investment product.
Similar to Malaysian respondents, their Singaporean counterparts exhibit a penchant for investing in stocks, high-interest savings accounts, fixed deposits, and Singapore Savings Bonds.
Furthermore, insurance has a significant importance for Singaporeans as well, with 97 per cent of respondents indicating they are insured.
Similarly, family provision is a prevalent motivating factor, with over half (57 per cent) viewing insurance as a means of safeguarding their families in unforeseen circumstances.
In conjunction with the Chinese New Year celebration, HLB is offering special promotions for customers planning to kick-start their wealth management journey, including a chance to win prizes over RM30,000 when they invest through HLB Connect online from now until May 31 this year.
To find out more, visit https://www.hlb.com.my/cny.
HLB is also launching its wealth management podcast entitled ‘Market Matters with HLB’ equipping the public with insights and knowledge regarding investments and HLB’s wealth management solutions.
For more information on HLB’s wealth management solutions, visit this link. — Borneo Post Online
