A recent survey by Hong Leong Bank (HLB) revealed that only 12% of its Malaysians respondents, aged between 18 to 77, consider themselves to be wealthy. Meanwhile, 79% said they do not have an official financial plan due to the assumption that they lack the funds to start a formal wealth management plan.

With more than 1,000 Malaysian respondents, the wealth perception survey also found that 327 individuals are already investing. Of this group, 57% said that they have invested in stocks, while 56% allocated funds for Amanah Saham Bumiputera (ASB) and Amanah Saham Malaysia (ASM) schemes. On top of that, 54% also indicated that they invested in gold, with another 44% preferring fixed deposits as their primary investment approach.

Aside from these, HLB’s survey also highlighted the trend of self-directed investing, where investors would do their own research, then build and manage their own portfolios. Specifically, 83% of respondents who invest said they opted to manage their own portfolios, without seeking assistance from a professional financial advisor.

Meanwhile, 49% of those surveyed said that they relied on social media for advice when outlining their financial plans, with another 49% seeking input from family members. This essentially highlights the important role that family and community play in an individual’s journey to accumulate wealth. Another key highlight in the survey is the finding that 78% of Malaysians have insurance coverage; over half of the respondents considered insurance to be highly important in providing continued support for their families in the face of unforeseen circumstances.

Managing director of regional wealth management for HLB, Hor Kwok Wai said that the bank has a duty to assist all customers in achieving financial sustainability and prosperity by providing reliable and responsible products and services.

“We recognise wealth management is a pivotal aspect of our customers’ financial path, and believe that empowering investors with the necessary tools and knowledge is imperative in today’s ever-evolving financial environment,” Hor stated, adding that the bank is committed to providing extensive resources and tailored guidance so that customers can make their own informed financial decisions that match their goals, risk tolerances, and life stages.

In addition to Malaysian respondents, HLB’s survey actually also saw the participation of over 500 Singaporean respondents, which allowed the bank to compare the financial mindset and habits between the two groups. Among other things, it was found that 87% of Singaporean respondents who invest currently manage their investments autonomously, and most of them having a preference for stocks, high-interest savings accounts, fixed deposits, and Singapore Savings Bonds.

(Source: Hong Leong Bank)

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