Almost 8 out of 10 consumers in Asia Pacific distrust financial advisors

So, who do they consult with regarding personal finance and wealth?

The Nielsen Global Survey of Investment Attitudes, which surveyed over 7,000 online consumers in Asia Pacific on their investment strategies and financial habits  show that almost one in two (48%) consumers in Asia Pacific hold investment products, ahead of the global average (33%).

The study revealed that the majority of these consumers (79%) make decisions on personal finance or wealth matters without the help of a financial planner/adviser.

 Nielsen’s survey shows that only 21 percent of consumers use the services of a financial planner or adviser for decisions related to their personal finance and wealth matters. Almost half (47%) say they rely only on themselves as they do not trust anyone else, while 19 percent say they consult friends, relatives and colleagues for advice.

Nine percent of Asia Pacific consumers rely on investment tips from television, radio and internet commentators/experts and four percent prefer to go on impulse, making investment decisions without good knowledge about personal finance issues.

“Clearly, there are ample noteworthy opportunities for financial services providers to engage with and become a bigger part of consumers’ financial journeys; from wealth management services to payment options that reflect different lifestyles and needs. This is increasingly important as consumers become more affluent with the economic centre of gravity shifting east,” said Therese Glennon, Nielsen’s Managing Director of Consumer Insights for Asia Pacific, Middle East and Africa.