Most Malaysians do not have a proper financial plan: HLB

KUALA LUMPUR: Seventy-nine per cent of Malaysians do not have a proper financial plan, according to a wealth perception survey conducted by Hong Leong Bank (HLB).

This is mostly because they think they don't have enough money to start formal wealth management.

Just 12 per cent of the approximately 1000 Malaysian respondents, ages 18 to 77, who took part in the study consider themselves wealthy.

According to HLB, of the 327 respondents who make investments, 57 per cent do so in stocks, 56 per cent in Amanah Saham Nasional Bhd (ASNB) schemes, and 54 per cent in gold. Moreover, 44 per cent of investors favour fixed deposits as their main choice.

"The survey results highlight the considerable rise of self-directed investing in Malaysia, as 83 per cent of investors prefer managing their investments independently, without professional guidance. 

"Nearly half of Malaysians (49 per cent) turn to social media for financial advice when creating a financial plan, while an equal percentage rely on input from family members," it added.

HLB managing director of regional wealth management, Hor Kwok Wai, notes that the substantial number of self-directed investors indicates an increasing inclination among the public to actively engage in financial planning and investment decisions.

"As a financial institution, we have a duty to assist all customers in achieving financial sustainability and prosperity by providing reliable and responsible financial products and services," he said.

Hor underscores HLB's acknowledgment of wealth management as a crucial element in customers' financial journeys and stresses the importance of equipping investors with essential tools and knowledge in today's dynamic financial landscape.

"HLB's unwavering commitment lies in furnishing extensive resources and expert guidance tailored to assist investors in confidently navigating their financial journey, making informed investment decisions that resonate with their unique goals, risk tolerance, and life stages," he continued.

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