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The New World Of Wealth
COVID-19 has Hong Kongers and Singaporeans worried about retirement
A year has passed since the COVID-19 pandemic emerged and when most of Asia first implemented social distancing policies in response. The pandemic has changed life as we know it: from the way we interact and our priorities in life.
COVID-19 lead to a significant change in mindsets about finances too as the world witnessed drastic market shifts over a short period of time. Work and income stability became points of anxiety as more saw the importance of financial planning and good financial advice.
Therefore, St. James’s Place Wealth Management Asia launched this report to better understand the impact of the COVID-19 pandemic on financial management as well as key trends and areas of concern in managing finances for Hong Kongers and Singaporeans as they look towards recovery.
In this report, you will discover:
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How COVID-19 changed Hong Kongers and Singaporeans' money habits and their perceptions of being retirement ready.
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The impact of the pandemic on their desire to invest more responsibly.
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The changes that investors in Hong Kong and Singapore intend to make to their personal investment portfolio following the pandemic.
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Their top sources of financial advice and whether they currently engage a professional Financial Adviser to manage investments on their behalf.
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How important receiving face-to-face personal financial advice is to them.
Key findings
Hong Kong
01
56%
are more concerned about retirement planning due to COVID-19
02
49%
have had to reduce contributions to savings since the start of COVID-19
03
61%
are more motivated to invest responsibly due to the pandemic
04
75%
are more cautious with their money due to the pandemic
Singapore
01
60%
are more concerned about retirement planning due to COVID-19
02
56%
have had to reduce contributions to savings since the start of COVID-19
03
68%
are more motivated to invest responsibly due to the pandemic
04
60%
are more cautious with their money due to the pandemic
Please note that the value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than you invested.
Investors in the new world of wealth will face many challenges, but they will need to stay the course on the road to success.
OLIVER WICKHAM
Asia Partnership Director |
CEO of St. James's Place Hong Kong
About the Research
The New World of Wealth 2021 is an independent research study which looks at the impact of the COVID-19
pandemic on wealth management habits and financial advice trends. A total of 2,017 interviews were
conducted online in February and March 2021 in Hong Kong (1,012) and Singapore (1,005), commissioned by
St. James’s Place Wealth Management and undertaken by Sandpiper Communications.
The findings in this survey were analysed and established through a total of 2,017 interviews. Only respondents
that were between the ages of 25-54 and who held personal investments in stocks, property, shares, funds,
etc. were interviewed. All respondents were from households with a minimum annual income of between
HK$400,000 to over HK$1,500,000 for Hong Kongers and S$70,000 to over S$250,000 for Singaporeans.
Important notes
Information and/or opinions presented in this report is provided for research informational purpose only. It should not be relied upon as
financial advice and it does not constitute a recommendation, an offer or solicitation. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted.
©2021 St. James’s Place plc. All rights reserved. “St. James’s Place” and the St. James’s Place Logo are trademarks of St. James’s Place plc.
Excerpts from this report may be used or quoted, provided they are accompanied by the following attribution: ‘Reproduced with permission from The Money Relationship Monitor 2020, published by St. James’s Place Wealth Management.’
Please note that the value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than you invested.
St. James’s Place (Singapore) Private Limited is regulated by the Monetary Authority of Singapore and is a member of the Investment Management Association of Singapore and Association of Financial Advisers (Singapore). Company Registration No. 200406398R. Capital Markets Services Licence No. CMS100851.
St. James’s Place (Hong Kong) Limited is an insurance broker company licensed with the Insurance Authority (Licence No. FB1075), a licensed corporation with the Securities and Futures Commission (CE No. AAV439) and registered as an MPF Intermediary (Registration No. IC000852).
St. James's Place (Shanghai) Limited is a Wholly Foreign Owned Enterprise (WFOE). WFOE registration No. 91310000566573326L.
The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are the marketing terms used to describe St. James’s Place representatives.