The majority of Singaporean youth believe that financial advice-seeking is beneficial

The study reveals that family comes in third most reliable source of financial advice.

When asked about the youth’s perception of seeking financial assistance, 91% of Singapore’s new generation found it very useful.

Notably, the percentage of youths (27 to 39 years old) seeking financial advice is greater than the share of elders (50 to 69 years old), according to a St. James's Place Asia survey.

The study, "Advice at Every Stage of the Journey," surveyed 2,000 Singaporeans and Hong Kongers, categorised into five wealth levels: Financial Stability (ST), Financial Security (SE), Financial Flexibility (FL), Financial Freedom (FR), and Financial Abundance (AB). 

It examines their views on financial advice in the face of economic challenges and the rise of wealthtech and robo-advisory platforms.

Results show that those with higher wealth levels credit their success to financial advice based on personal experience. 

The study also delves into the preferences and obstacles of Singaporeans and Hong Kongers when seeking financial advice, emphasising the role of personal connections.

This research gathered insights from 2,000 interviews conducted online in February and March 2023, with 1,000 from Singapore and 1,000 respondents from Hong Kong.

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Source of wisdom

The study also revealed the top sources Singaporeans and Hong Kongers seek the most advice.

For those in Singapore, they consult with an independent financial adviser (56%) the most. This was followed by financial advice website/blog (47%), family (41%), bank manager/staff (34%), and friends (34%).

Similarly, Hong Kongers seek advice the most from independent financial advisers and financial advice websites/blogs (46%, respectively). This was also followed by family (42%), bank manager/staff (40%), and friends (36%).

The survey targeted individuals aged 27-69 with personal investments in stocks, property, shares, funds, etc., and minimum annual household incomes ranging from S$70,000 to over S$250,000.