Thais top Asia in motivation for financial planning
Thais tend to be more likely to be financially motivated to build financial security compared to citizens of other countries in the Asia Pacific, according to a Standard Chartered survey.
The survey called "The Future Priority Report" showed that in the two areas, 28 per cent of Thais are motivated to set financial goals. Meanwhile, 21 per cent of Thais aim to leave a legacy. This is against the regional averages of 25 per cent and 18 per cent.
The survey, to take a closer look at behavior, decision making process and financial needs and goals, covered 2,700 respondents in 9 Asian territories, namely China, Hong Kong, India, Indonesia, Malaysia, Singapore, South Korea, Taiwan and Thailand.
When asked to identify the most important financial priorities, Thai respondents' top two financial priorities are (1) to have a better lifestyle for myself and/or my family (25 per cent) and (2) to have enough for comfortable retirement (23 per cent) in line with APAC average at 27 per cent and 17 per cent.
However, when it comes to the top obstacles to stop respondents from achieving financial goals, Thai respondents stand out in the region for their concern that over-spending (19 per cent) will prevent them from reaching their financial goal, followed by contracted global economy (11 per cent). The APAC respondents top worries are reportedly global economy (11 per cent), health (10 per cent) and failure of investments (10 per cent).
When it comes to financial advice reliance, Thai respondents are more likely to have relied on their own decisions when planning for retirement (52 per cent). They are more likely to rely on professional advice when setting up a business (67 per cent) and simply to accumulate wealth (60 per cent). APAC respondents also rely on professional advice when setting up a business (62 per cent), planning for comfortable retirement (58 per cent), to just have more money (55 per cent) and to upgrade to better home (54 per cent).
Thai respondents are also reported to have banking relationships (72 per cent) compared to APAC average at 68 per cent. However, they are significantly less likely than the APAC average to have relationships with financial/wealth advisors, priority banks or private banks (10 per cent Thai vs. 27 per cent APAC).
From this result, Prasnee Surastian, executive vice president for Standard Chartered Bank (Thai)’s Wealth Management & Priority and International Banking (PIB), said professional financial advisory service still have room to grow in Thailand. When it comes to making financial decisions, most people tend to seek their own information from various sources, such as only news about the economy/market, investment research on the website, and websites that offer planning tools.