Positive relationship between financial planning and saving levels in Asian markets

While many wealth managers will tell you Asians are notoriously hands-on when it comes to managing their wealth, a recent global study by HSBC found that more than 60 per cent of Asian respondents who have taken professional financial advice saved more as a result.

The Future Of Retirement 2013 study surveyed more than 15,000 people in 15 markets worldwide, including: Australia; China; Hong Kong; India; Malaysia; Singapore; and Taiwan, aiming to identify people’s retirement needs and the preparations they are making.

Findings from the study showed that the majority of Asians (74 per cent) take a self-directed approach in planning, using their own knowledge and calculations. However, the study shows that there is a positive relationship between financial planning and saving levels, particularly evident in Asian markets – 74 and 70 per cent of respondents in China and Taiwan, respectively said the saved more as a result of professional advice.

Meanwhile, 61 per cent in India, 60 per cent in Malaysia, 58 per cent in Hong Kong, and 55 per cent in Singapore said there was a positive link between advice and savings.

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