SJP Accelerating the Wealth Journey – From Stability to Abundance
According to our latest research, more than half of Hongkongers and Singaporeans, do not consider themselves to be financially wealthy.
Key findings in our research:
- How long does it take to move up the wealth ladder?
- Are people happy with their level of wealth?
- Does more wealth bring more stress?
- Prioritising preservation of wealth
In this study, we looked at 1,000 affluent Singaporeans and 1,000 affluent Hongkongers that are categorised across five different levels of wealth1 - Financial Stability (ST), Financial Security (SE), Financial Flexibility (FL), Financial Freedom (FR) and Financial Abundance (AB) – and how they approach areas such as wealth creation and intergenerational wealth transfer.
It comes at a time when Singaporeans & Hongkongers continue to tackle an ongoing cost of living crisis with core inflation beating latest projections2,3 in April, underscoring the importance for investors to protect their wealth more than ever from eroding in value amid global economic uncertainty.
“Having a specific goal in mind when working towards an ideal lifestyle is a wise first step. However, it’s also 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.”
Oliver Wickham,Asia Partnership Director, CEO (SJP HK)
Key findings
About the Research
The findings in this survey were analysed and established through a total of 2,000 interviews conducted online in February and March 2023 in Hong Kong (1,000) and Singapore (1,000).
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.
Respondents are also categorised by five different levels of wealth based on the following definitions:
- Financial Stability: You have sufficient money after your monthly expenses are paid to ‘save’ a portion of your income.
- Financial Security: You have sufficient money after your monthly expenses are paid to ‘save’ a portion of your income and also invest’ money if you choose to.
- Financial Flexibility: You have sufficient financial investments and/or assets to cover your living costs for up to one year if you needed to.
- Financial Freedom: You have sufficient financial investments and/or assets to generate enough passive income to live on if you needed to on an ongoing basis.
- Financial Abundance: You are financially stable and have more than enough income than you are ever likely to require in your lifetime and need to consider how to transfer this wealth.
1 Definitions of different wealth levels can be found under research methodology.
Information and/or opinions presented in our research is provided for research informational purpose only. It should not be relied upon as financial advice and it does not constitute a recommendation, an offer or solicitation. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted.
Please note that the value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than you invested.