Know About Business Leaders' Views on Financial Planning & Wealth Management with Citi Singapore's Survey.Know About Business Leaders' Views on Financial Planning & Wealth Management with Citi Singapore's Survey.

Wealth Management Survey 2017

How top executives think

To get a sense of business leaders' views on financial planning and money management,
The Business Times and Citibank Singapore polled top executives on their thoughts in this
second annual survey. Here is a summary of their responses.

3 Key Takeaways

Financial goal-setting

Younger investors are less disciplined in setting financial goals, possibly because they are uncertain how to start or believe that there is still time to do so later. Discover how you can plan and track your goals conveniently with our Total Wealth Advisor.

Digitalisation

Younger investors tend to turn to financial institutions' websites more than their older counterparts when making investment decisions.

Education on writing of wills

Older investors feel that they need more information on how to write wills, which goes against the trend of individuals taking up trusts.

Gender

Age

Marital status

Do you have any children?

Occupation

  • 4%
    Chairman

  • 7%
    CFO/Finance Head/
    Financial controller

  • 8%
    Executive director/Director

  • 9%
    Managing representative

  • 10%
    CEO/COO

  • 11%
    Others

  • 16%
    GM/MD/MGMT partner

  • 35%
    Not stated

Financial planning

Only three in ten among those below 50 years old set financial goals for themselves, compared to one in two for those above 50. About half also believe that they should review their portfolios once every six months.

Do they set financial goals?

Half the older respondents do, compared to about 30 per cent of their younger counterparts.

YES NO
Total
43%
57%
"Younger" (<50 years)
29%
71%
"Older" (50+ years)
49%
51%

Ideal portfolio review frequency

Most respondents think it ideal to review their portfolio twice a year.

ONCE A YEAR OR MORE ONCE EVERY 6 MONTHS ONCE A MONTH
"Older" (50+ years)
24%
54%
22%
"Younger" (<50 years)
39%
32%
29%
Total
28%
49%
23%
Retirement planning

Accumulating enough to maintain current lifestyles and ensuring one's family is well taken care of upon retirement rank highest in importance for those building up their nest eggs.

Wealth means... (%)

  • 74%
    Accumulating enough to maintain current lifestyle when you retire

  • 71%
    Ensuring family is well-protected and provided for

  • 65%
    Having stable flow of income through various market conditions

Note: Figures do not add up as respondents are allowed more than one answer.

Priorities in financial planning

  • 67%
    Retirement

  • 19%
    Children's education

  • 12%
    Medical bills

  • 2%
    Not stated

Sources of Information

Financial planners/ Financial institutions
72%
Search engines
25%
Financial Institutions/ Banks' websites
41%
Financial publications
42%
Word-of-mouth
42%
Seminars/ Events
20%

Note: Figures do not add up as respondents are allowed more than one answer.

Succession planning

A significantly larger percentage of respondents believe in educating the next generation on wealth management, rather than setting aside enough wealth for them.

Legacy and succession planning

  • "YOUNGER" (<50 YEARS)

  • "OLDER" (50+ YEARS)

Setting aside enough wealth for the next generation
19%
16%
Educating next generation on wealth management/ financial planning
81%
84%

Require more information on... (%)

  • 78%
    Writing a will

  • 56%
    Lasting power of attorney

  • 56%
    Estate Planning

  • 46%
    Succession Planning

  • 32%
    CPF Nomination

  • 30%
    Trusts

  • 29%
    Universal Life Policies

  • 16%
    Keyman Insurance

Note: Figures do not add up as respondents are allowed more than one answer.