- Markets
Welcome to the third edition of our Money Relationship Monitor 2022 for Singapore and Hong Kong. In this report, we provide insights on the hard aspects of how consumers in Singapore and Hong Kong are managing and investing their money, as well as the softer aspects of how they use financial advice to enhance the value of their investments and the impact of money on their pursuit of happiness.
For the past two reports, the study has looked at Singaporeans and Hongkongers’ relationship with money against the backdrop of an emerging and developing global pandemic. This year, as economies while facing fresh challenges with continued inflation and volatility start to settle into a ‘new normal’, we look at approaches to financial management and wealth creation at different stages of people’s lives.
The insights are revealing. In this study we have looked at three stages of life as defined by age and circumstance. The first is what we are calling the ‘Future Wealthy’ – aged 25 – 39 years old, they are in the early to mid-stages of their careers and actively building wealth for the future. Secondly, we look at the ‘Sandwich Generation’ who are defined by the requirements where they have to financially support both members of younger and older generations in their daily life – such as their children and elderly parents. The final group we have titled ‘Golden Years’, these are people who are over the age of 45 and will be preparing for their retirement in the next 10-20 years.
By examining each life stage in turn, we have been able to paint a clear picture of the financial needs, challenges and opportunities for Singaporeans and Hongkongers throughout their working lives. We hope this report’s findings will help you to further understand your financial habits and set in plans to improve your financial wellbeing.
About the research
The Money Relationship Monitor 2022 is an independent research study commissioned by St. James’s Place Asia, undertaken by Sandpiper, to understand the priorities and perceptions of investors in Singapore and Hong Kong. The findings in this survey were analysed and established through a total of 2,780 interviews conducted online in February and March 2022 in Hong Kong (1,360) and Singapore (1,420). Only respondents between the ages of 25-64 and which held personal investments in stocks, property, shares, funds, etc. were interviewed. All respondents were from households with a minimum annual income of S$70,000 to over S$250,000.
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