More than half (57%) of Singaporeans and Hongkongers do not consider themselves to be financially wealthy, a St James’s Place (SJP) report has revealed.
The report released by SJP Asia looked at affluent Hongkongers and Singaporeans aged 25 to 64 across five stages of wealth; stability, security, flexibility, freedom and abundance.
It found financial security and protection was one of the top drivers (69%) for Singaporeans and Hongkongers to build their wealth, with nine-in-ten anxious at the thought of losing wealth.
This report comes at a time when rising costs of living continue to be a pressing issue with Singapore and Hong Kong ranking in the top 5 for being the most expensive cities in the world.
Overall, only 41% of Singaporeans and Hongkongers are happy with their level of wealth with only 14% believing they are too wealthy.
Oliver Wickham, Asia partnership director at SJP, said: “Amid ongoing challenges of inflation, we recognise the rising concerns when it comes to protecting one’s hard-earned savings. Despite these economic headwinds, there are still opportunities for investors to successfully navigate through inflationary times as well as protect and grow their wealth.
“With a focus on long-term objectives and prudent decision-making, scaling the wealth ladder and progressing to the next level of wealth is not impossible even during uncertain times.”
The report also revealed that more than three quarters of Singaporeans and Hongkongers believe if they were more financially literate they would be more financially wealthy personally.
Wickam added: “It is important to note that achieving financial independence is a journey that requires discipline, patience and consistent effort. Engaging a dependable financial adviser can equip individuals with the knowledge they require to set realistic wealth goals when it comes to managing financial affairs and help bridge any financial literacy gaps.”