The vast majority (83%) of Malaysians prefer to manage their own investments without professional advice, according to recently published research.
Instead of relying on asset managers and financial advisors, most Malaysians will rely on social media and family advice for their investment tips.
The survey was produced by Hong Leong Bank Berhad (HLB) and canvassed more than 1,000 Malaysians aged 18 to 77. In addition to the preference for shunning the services of fund managers, the survey also found that just 12% see themselves as ‘wealthy’.
Instead of relying on asset managers and financial advisors, most Malaysians will rely on social media and family advice for their investment tips.
The survey was produced by Hong Leong Bank Berhad (HLB) and canvassed more than 1,000 Malaysians aged 18 to 77. In addition to the preference for shunning the services of fund managers, the survey also found that just 12% see themselves as ‘wealthy’.
Almost eight in ten (79%) do not have a formal financial plans, many of them citing insufficient funds as the reason.
HLB also canvassed 500 Singaporeans about their wealth management preferences and found a similar number (87%) manage their investments autonomously. There was also significant use of digital channels.
According to Hor Kwok Wai, managing director of wealth management at HLB, the survey results and high number of self-directed investors emphasises the need for institutions to dispel some of the myths around wealth management and to promote the need for financial literacy and awareness.
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