Around 4 in 5 wealthy Singaporeans attribute better decisions to financial advisers
The younger generation is more keen to consult financial advisers early.
About 80% of wealthy Singaporeans claimed that they make better decisions with the help of financial advisers, making them wealthier, according to a survey by St. James's Place Asia.
The study found that the wealthy are far more likely to engage with financial advisers at 78%, compared to those who are financially stable at 45%.
Those who are financially abundant are most likely to make better decisions due to financial advice and will advocate for earlier and greater engagement with financial advisers.
“At a time when standards of living are under pressure, financial advice empowers people from all walks of life to secure their futures. Those who have successfully moved up the wealth ladder tend to be the strongest advocates for timely and meaningful engagement with advisers while those who have yet to reap the benefits of prudent advice are likely more sceptical,” said Oliver Wickham, Asia Partner Director, SJP.
“This presents both a challenge as well as an opportunity for the industry to demonstrate its value and need across generations and wealth levels,” he added.
The report also found that younger Singaporeans are interested in engaging with financial advisers early, with 55% of those aged 27 to 39 years old having already consulted a financial adviser, compared to 34% of the 50 to 69-year-olds.
The top three areas they seek greater financial advice and knowledge are investments (90%), retirement planning (85%), and property and mortgage (84%).