Only 12% of Malaysians think they’re wealthy says Hong Leong Bank wealth perception survey on

The latest Hong Leong Bank wealth perception survey found that only 12% of Malaysians consider themselves wealthy along with several other rather interesting facts. The survey was conducted with 1,000 Malaysian respondents between 18-77 years of age and of this, the majority (79%) stated that they do not have an official wealth management plan on account of a perceived lack of funds. 

Hong Leong Bank wealth perception survey findings

In the Hong Leong Bank wealth perception survey, 327 respondents out of the surveyed sample pool stated that they had investments, and of these, 57% reported that they invested in stocks, 56% allocated funds to ASB/ASM schemes, 54% engaged in gold investments and 44% favoured fixed deposits as their primary means of investment. Of note is that family and community play a key role in the motivation for wealth accumulation.

Out of those who invest, 83% opted to manage their investments autonomously without seeking input from a professional financial advisor while 49% of those who invest seek financial advice from social media. An equal number also rely on advice from family members. Another interesting factoid is that 78% of Malaysians have insurance coverage.

“As a financial institution, we have a duty to assist all customers in achieving financial  sustainability and prosperity by providing reliable and responsible financial products and  services. We recognize wealth management is a pivotal aspect of our customers’ financial  path, and believe that empowering investors with the necessary tools and knowledge is  imperative in today’s ever-evolving financial environment. Our unwavering commitment lies in  furnishing extensive resources and expert guidance tailored to assist investors in confidently  navigating their financial journey, making informed investment decisions that resonate with  their unique goals, risk tolerance, and life stages.” said Hor Kwok Wai, Managing Director of Regional Wealth Management of Hong Leong Bank.

For those looking to get started on their investment journey, Hong Leong Bank is offering investment options from as low as RM50 via HLB Connect Online and customers can call upon the services of a team of wealth managers to plan for the future. 

To celebrate Chinese New Year, Hong Leong Bank is offering special promotions with the chance to win prizes up to RM30,000 when investing via HLB Connect online from now until 31st May 2024. For more details on the promotion, swing by and check out  https://www.hlb.com.my/cny For more on Hong Leong Bank’s wealth management solutions, check out their official page at https://www.hlb.com.my/en/personal-banking/hlb-connect/wealth.html