‘Confidence problem’: why Hongkongers feel less investment knowledgeable than Singaporeans
Despite showing the highest rates of investment participation, Hongkongers feel less knowledgeable about their investment decisions than international peers, with the younger generation in particular facing a “confidence problem”, a recent study finds. Some 88 per cent of Hong Kong respondents said they invested in some form, and yet 41 per cent felt they were held back by a lack of knowledge,…
A recent study reveals that Hongkongers feel less knowledgeable about their investment decisions compared to their international peers, despite being among the highest rates of investment participation. The "Lifetime of Investing" study, commissioned by Syfe and conducted by YouGov, surveyed 3,315 adults across Hong Kong, Singapore, and Australia.
While 88% of Hong Kong respondents reported investing, 41% felt held back by a lack of knowledge. In contrast, only 77% and 61% of Singaporeans and Australians, respectively, said they invested, but fewer cited a lack of knowledge as a barrier. Jack Prickett, Syfe's commercial officer, emphasized that Hong Kong's investment confidence and knowledge problem stems from making risk, diversification, and long-term investing more understandable.
Younger Hongkongers (25-34) reported the lowest confidence, with only 17% feeling extremely or very confident in their investment decisions, compared to 38% in Singapore. The younger generation faces a "confidence problem" as many started investing recently, during a challenging period for Hong Kong's local market. However, confidence levels rise significantly for those above 55, with 41% reporting high confidence.
In Singapore, investment confidence was highest among the youngest age group, decreasing with age. For Hongkongers aged 35-54 supporting their parents financially, not having enough money was a significant barrier, with only 29% having a retirement plan, compared to 44% of those not supporting their parents. Prickett highlighted that confidence in investing often comes from understanding one's investments, not just picking the right stock.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
