Singaporeans are second-most risk averse investors in Aviva poll of 25 places
By
Lorna Tan, Finance Correspondent
Mr Shaun Meadows, chief executive of Aviva in Singapore, Hong Kong and the Middle East, attributed the low-risk approach of investors here to their lack of financial confidence. -- ST PHOTO: NG SOR LUAN
SINGAPOREANS are the second-most risk averse investors among 25 countries and territories covered by a new survey - preferring products yielding a safe or guaranteed return.
The annual Consumer Attitudes to Saving survey conducted by British insurer Aviva, which polled more than 28,500 investors worldwide, found Hong Kongers were the only investors more risk averse than Singaporeans.
Investors here and in Hong Kong also have short investment horizons, which could explain why structured products - with fixed returns over three to five years - had been so popular.
On Wednesday, Mr Shaun Meadows, chief executive of Aviva in Singapore, Hong Kong and the Middle East, attributed the low-risk approach of investors here to their lack of financial confidence.
The survey found that more than half of the 1,000 Singaporeans polled, or 51 per cent, felt they do not have the information needed to make well-informed decisions on their personal finance.
And most typically turn to their family and friends for financial advice.
'Singaporeans feel poorly informed to make sound financial decisions, which might have led to a prevalent risk averse mindset,' said Mr Meadows.
Read the full story in Thursday's edition of The Straits Times.
