9 in 10 agree that investing is best strategy to protect wealth as inflation tops financial concerns, moomoo survey finds

9 in 10 agree that investing is best strategy to protect wealth as inflation tops financial concerns, moomoo survey finds

Lack of capital and financial knowledge among top challenges cited by investors in a survey of 1,444 Singaporeans by next-generation one-stop investment platform moomoo.

SINGAPORE, Sept. 28, 2022 /PRNewswire/ -- Inflation topped the list of financial concerns among Singaporeans, most of whom see prudent investing as one of the best ways to protect their wealth, according to a survey by moomoo, the next-generation one-stop investment platform.



How inflation is Changing The Financial Behaviour of Singaporeans

The survey was conducted between 15 and 22 September, before the US Federal Reserve raised benchmark interest rates on 23 September by 0.75 of a percentage point and indicated that it will keep raising borrowing costs above current levels. According to Consumer Price Developments in August 2022[1], core inflation in Singapore was near a 14-year high in August due to the rising costs of food and services.

Key findings of the survey include:

  • Almost 90% of respondents agreed that investing can potentially retain the value of their assets.
  • Rising prices ranked as the top concern amongst respondents (48%), compared to higher interest rates (21.4%), losing their jobs (17.7%), and increasing mortgage payments (12.9%).
  • Lack of capital (31.9%), fear of losses (31.3%) and lack of knowledge (24.9%) were the most cited challenges by investors.
  • More than half (54.6%) of respondents cited the desire to live an easier and better life as the top goal of investing, followed by preparing for their retirement (34.7%), buying a better house (6%) and saving for their children's education (4.6%).
  • 36.5% of Singapore investors believe that financial fitness requires a holistic approach.

Moomoo Financial Singapore Pte. Ltd. ("moomoo Singapore"), part of Nasdaq-listed Futu Holdings Limited (NASDAQ: FUTU) is a next-generation online brokerage that offers digital brokerage and investment services. In June 2022, moomoo Singapore became the first digital brokerage to receive all five memberships from the SGX Group for the securities and derivatives markets.

"Inflation is challenging because it erodes the value of wealth, but with financial literacy and a sound investment plan, Singaporeans can take control of their financial future," said Gavin Chia, Managing Director of moomoo Singapore. "Moomoo Singapore will leverage its technology and innovation to help investors achieve their financial goals by improving their access to knowledge and tools to make sound investment decisions."

As part of its financial literacy outreach, moomoo Singapore will be collaborating with partners including fund management companies, fitness gyms, co-working spaces, and education institutions to hold a series of activities over the next four weeks.

"Fight Against Inflation" Workshops

Moomoo Singapore will partner with GRITYARD to offer a series of financial wellness talks to help their members navigate the investment landscape.

Moomoo Singapore will also work with CSOP Asset Management and Fullerton Asset Management on a series of "Fight Against Inflation" workshops at JustCo and WeWork co-working offices.

About Moomoo Financial Singapore Pte. Ltd. 

Moomoo Financial Singapore Pte. Ltd. (moomoo SG) is a wholly owned subsidiary of Futu Holdings Limited (NASDAQ: FUTU), which is an advanced financial technology company transforming the investing experience by offering a digitised brokerage and wealth management platform- moomoo. Moomoo enhances the user experience with market data, news, and powerful analytical tools. Moomoo also embeds social media tools to provide connectivity to all users, investors, companies, analysts, media and key opinion leaders. 

In Singapore, Moomoo Financial Singapore Pte. Ltd. (www.moomoo.com/sg) offers investment products for trading via the moomoo platform, and it is a capital markets services licence holder regulated by the Monetary Authority of Singapore (Licence No. CMS101000). In June 2022, Moomoo SG became the first digital to receive all five memberships from the SGX Group for the securities and derivatives markets.

[1] Monetary Authority of Singapore & Ministry of Trade and Industry. (2022, August). Consumer Price Developments in August 2022. Retrieved from https://www.mas.gov.sg/-/media/MAS/EPG/CPD/2022/Inflation202208.pdf.

 


Source: Moomoo Financial Singapore Pte Ltd. Related Stocks: NASDAQ:FUTU
Post created : 783   
Comment
Continue Reading
RELATED NEWS
Last views