They have more than twice the amount of assets than those without financial plans.
49% of those who seek financial advice prefer to go to an insurance company.
Here’s more from HSBC:
This country report, based on the views of 1,046 respondents from Singapore, explores how households in Singapore are likely to respond to the rapidly changing shape of retirement over the coming decades. All data used in this country report relate to Singapore unless otherwise indicated.
People in Singapore see retirement as both a new chapter in life and one that they intend to relax and rest in. Over half see retirement as a time of freedom (59%). Individuals also equate their later years with a time of happiness (50%) and wealth (34%).
However, these positive connotations are mixed with some concerns about poor health (33%) and about potential financial hardship (26%). When considering what elements contribute to achieving a happy retirement, three quarters of respondents said ‘not having to worry about money’ is the most important element for a happy retirement.
Currently, those who seek professional financial advice show a preference for taking advice from an insurance company with 49% choosing this route, while a further 30% used an independent financial adviser.
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