Wealth Management SurveyWealth Management Survey

Wealth Management Survey

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
August 2016. Here is a summary of their responses.

3 Key Takeaways

Top financial aspiration is ensuring financial independence post-retirement.

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Only 57% expect their savings or investments to be sufficient in covering their long-term care and medical expenses.

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<50% know how to go about planning for wealth succession.

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Ranking of financial objectives & aspirations

'Ensuring financial independence post retirement' tops the list of financial goals and aspirations among respondents.

RANK IN ORDER OF IMPORTANCE (TOP 3 RANKING)
RANK IN ORDER OF IMPORTANCE (TOP 3 RANKING)

Base: All respondents (n=100)

Financial management skills & savviness

2 in 5 respondents are confident in money management matters, with a similar proportion desiring to increase their knowledge in this area.

I am knowledgeable and make the right decisions on how to manage my money in the appropriate assets and investments
40%
I could do with more knowledge on how better to manage my money, to build my assets and investments
42%
I know I am not very good with managing my money and investments, but I am fine with that
8%
I know I am not very good with managing my money and investments and it is a source of stress for me
4%
I would manage my money the way I deem fit or fancy
6%

Base: All respondents (n=100)

Note: Figures add up to 100% as only one answer is allowed

Have they invested so far?

Only 3% have not made any investment so far.

Base: All respondents (n=100).

Those who have NOT invested (n=3*)

*Caution: extremely small sample

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Retirement activities you would engage in during retirement

Top activities respondents would like to engage in are travelling and spending more time with family and friends.

RANK IN ORDER OF IMPORTANCE

(1 being most important)

RANK IN ORDER OF IMPORTANCE

(1 being most important)

Base: All respondents (n=100)

Disposition on retirement

60% of respondents expect their investments/savings to cover their long-term care and medical expenses during retirement years.

% answered 'agree/strongly agree'

I expect my savings/investment would be able to cover my long-term care and medical expenses
57%
I would like to have professional guidance/advice on retirement planning
24%
I have savings/investments but do not think it will be sufficient to cover other needs
22%
I don't know how to go about planning for my retirement
7%

Base: All respondents (n=100)

Financial preparation engaged in for retirement

Key financial preparation respondents have engaged in includes investing in property and putting aside money in savings.

Invested in property
77%
Putting aside money
74%
Invested in financial products
66%
Worked out a financial plan myself
34%
Worked out a financial plan with financial planner
15%
Others
1%
I have not taken any actions
4%

Base: All respondents (n=100)

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

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Disposition on legacy/succession planning

Less than half say they know how to go about planning for wealth succession while 1 in 5 have not considered it at all.

% answered 'agree/strongly agree'

I know how to go about planning for wealth succession
48%
I have not considered much about wealth succession
21%
Preparing for wealth succession is a daunting process for me
15%

Base: All respondents (n=100)

Qualities that children are equipped with/hope to be equipped with

Financial management skills and life survival skills are important qualities they hope to equip their child with.

Financial management skills (ie able to manage their finances responsibly)
31%
71%
Life survival skills
45%
70%
Financial Independence and self-sustainability
26%
70%
Good understanding of the challenges and difficulties awaiting them as they move into the work force
49%
66%
Strong Leadership skills
34%
61%
Others
4%
6%
Already equipped
Hope to equip

Base: All respondents (n=100)

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

Helpful information for planning legacy/wealth succession

'How to distribute assets' and 'How to write a will' are two key areas of information that would be helpful in wealth succession planning.

% answered 'agree/strongly agree'

47%

How to distribute assets

46%

How to write a will

43%

Recommendations on suitable products based on my portfolio and life stage

32%

Types of insurance legacy products available

Base: All respondents (n=100)

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

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  • 100 responses in total
  • Online survey
  • Conducted in Aug 2016

Gender

Age

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