Despite increasing confidence, only four in 10 Taiwanese are optimistic about achieving their long-term wealth goals, while 19 percent are uncertain about their financial future, a HSBC survey said yesterday.
Nearly 50 percent of 503 local respondents said their top wealth goal was to prepare for “a rainy day,” followed by 42 percent who wish to provide their family with a more a comfortable life and 38 percent who said they hope to prepare for retirement, the survey by HSBC Asian Assurance Monitor showed.
In terms of obstacles to their pursuit of long-term wealth goals, the survey found that 70 percent of respondents, who were aged between 35 and 65, still lacked confidence in the markets or feared losing money, while 54 percent said there was a lack of investment instruments that provided a good return.
Forty-five percent were uncertain about their job security.
Nineteen percent of respondents said that they did not have a long-term financial plan at all, the survey showed.
The survey also found that only one third of respondents’ incomes was used in financial products including bank savings, insurance premiums, investment and pensions, while 54 percent of their income was spent on expenses or mortgages.
Only 35 percent of respondents felt their families were well-protected and would receive income from insurance and retirement savings.