Three-quarters of Singapore-based expatriates say their ability to save has been impacted by the glo...
Three-quarters of Singapore-based expatriates say their ability to save has been impacted by the global financial crisis, according to the latest research from Zurich International Life's Expatriate Wealth Monitor.
Only 26% of the 209 high-earning expats questioned said they were 'confident' or 'very confident' of retiring at their ideal retirement age.
Andy Robinson, general manager of ZIL in Singapore, said the ramifications of the current economic downturn are being felt around the globe and Singapore is no different.
"While attractive financial benefits are often associated with offshore postings, the expatriate community is also starting to feel the effects of the global credit crunch, which means they too should be paying serious attention to their current savings and investment plans," he said.
Singapore residents seem scarcely more likely than their Hong Kong-dwelling counterparts to seek professional investment advice, however. Some 36% of both expats and Singapore locals said they relied on their own judgment when making financial planning decisions, with 32% of expats and 26% of locals preferring to seek guidance from family and friends.
ZIL Wealth Monitor research in Hong Kong found high-earning Hong Kong Chinese people continue to turn to family and friends for financial advice, with 54% of those surveyed looking to their nearest and dearest instead of seeking professional advice.
However, the research also revealed that 30% of those surveyed seek financial advice from insurance agents, 36% turn to agents from private banks and 7% look to their employer. One in five regularly uses an IFA, up from 11% six months ago.
Carlos Sabugueiro, ZIL regional director for the Far East, said recent turbulent economic conditions have highlighted that the value of financial advice cannot be underestimated on an individual level.
"The alarming reluctance to seek professional advice during times of global financial uncertainty is particularly worrying, especially considering so few people view themselves as 'very knowledgeable' when it comes to financial issues, yet have a high appetite for risk," he said.
"In many ways this is a disaster waiting to happen, particularly given the fact that nearly one in five say they have no knowledge of financial matters."
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