More than half of Singapore’s affluent Gen Z investors look abroad as confidence in financial goals declines: HSBC

SINGAPORE: Singapore’s affluent Gen Z investors are increasingly looking beyond the domestic market for investment opportunities as confidence in achieving their financial goals declines, according to an HSBC survey, Singapore Business Review reported.

The survey found that 55% of affluent Gen Z investors in Singapore prefer investment exposure abroad, compared with 49% of their global counterparts.

Notably, the young Singaporeans’ confidence in meeting medium-term financial goals fell to 48% from 73% a year earlier, marking the steepest decline across short-, medium- and long-term time horizons.

The figure was also below the 63% recorded among Singapore’s broader affluent investor segment and the global affluent average of 76%.

Still, wealth creation remained a priority among respondents. Nearly six in 10 (58%) said they were focused on building wealth for financial security, while 51% sought additional income streams.

The findings come as financial independence remains a key goal for many Singaporeans.

A separate study by CIMB Singapore and Nanyang Technological University (NTU) earlier this year found that more Singaporeans are aiming to save at least S$1 million to achieve financial independence in their 40s, with Gen Z respondents aiming to reach the milestone even earlier, in their 30s or, in some cases, their 20s.

In July, a separate HSBC survey found more investors in Singapore relying on AI for financial and investment-related activities, with 76% doing so compared with 73% globally. /TISG

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