KUALA LUMPUR, Feb 17 — A survey conducted by Hong Leong Bank Berhad (HLB) revealed that only 12 per cent of Malaysians surveyed aged between 18 and 77 consider themselves "wealthy”.

In a press release, HLB said its survey found that 79 per cent of respondents said they lacked an official financial plan due to the assumption of insufficient funds for formal wealth management.

HLB said out of the 327 respondents who invested, 57 per cent invested in stocks, followed by Amanah Saham Bumiputera or Amanah Saham Malaysia (56 per cent), gold investments (54 per cent), and fixed deposits (44 per cent).

The survey highlighted the trend of self-directed investing, with 83 per cent managing investments independently, and 49 per cent seeking financial advice from social media and family members when devising a financial plan.

Managing Director of Regional Wealth Management of HLB Hor Kwok Wai the high percentage of self-directed investors as indicative of a growing preference for hands-on involvement in financial planning.

The survey uncovered key factors influencing investors’ strategies, revealing that in Malaysia, family and community play crucial roles in motivating wealth accumulation, with 78 per cent prioritising insurance for ongoing family support during unforeseen circumstances.

Meanwhile, 87 per cent of Singaporean investors independently manage their investments, focusing on favourable returns, low charges, and product familiarity.

Similar to Malaysians, he said Singaporeans prefer stocks, high-interest savings accounts, fixed deposits, and Singapore Savings Bonds, with 97 per cent insured, and 57 per cent considering insurance crucial for family protection.

Hor further emphasised the need to dispel wealth management myths through promoting financial literacy and awareness, ensuring individuals can navigate complexities with confidence and prudence.

He also highlighted the importance of accessible tools, resources, and knowledge for everyone to effectively manage their wealth and work towards a secure financial future.

"Having a secured financial future through proper wealth management should be accessible to all individuals and have the opportunity to access the necessary tools, resources, and knowledge to effectively manage their wealth and work towards a secure financial future for themselves and their families.

"As wealth managers, our role is to educate and guide our customers in making informed choices, with the help of insights and tools to curate a comprehensive, personalised wealth management approach that ensures our customers’ wealth grows securely and strategically,” he added.

The survey involved 1000 Malaysians aged 18 to 77, gathering their perspectives on wealth, financial planning, and investment, focusing on self-reported wealth, the presence of an official financial plan, investment preferences, and factors influencing choices.

Additionally, insights from 500 Singaporean respondents were also included to compare investment behaviours between the two countries.