Retirement ready?

The company which did the research report - Standard Chartered

About the company - Standard Chartered plc is a British multinational banking and financial services company headquartered in London, England. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

Area of research - Retirement study

Name of the organization which did the survey - ABN Impact

Participants of the survey - 1000 affluents consumers, aged 35 to 59 years, across five markets (China, Taiwan, Hong Kong, Malaysia, Singapore) 

Duration of the research survey - June and July 2019

The main points of discussion in the survey: 

1. Ideal retirement lifestyle

2. People who are financially on track to achieve their desired retirement 

3. Main hurdles with retirement planning

4. Analysis of those who started planning and feel on track

5. Financial advice you would give to your younger self. 

Findings of the survey:

1. Dream retirement- 77% want to travel around the world, 64% want to spend time with friends and family, 62% want to indulge in hobbies.

2. 67% have started planning their retirement:

1. China: 73% feel they are financially on track to achieve their desired retirement but only 63% have started retirement planning.  
2. Taiwan: 59% feel they are financially on track to achieve their desired retirement but only 57% have started retirement planning.
3. Hong Kong: 36% feel they are financially on track to achieve their desired retirement while 63% have started retirement planning.
4. Malaysia: 52% feel they are financially on track to achieve their desired retirement while 78% have started retirement planning.
5. Singapore: 43% feel they are financially on track to achieve their desired retirement while 74% have started retirement planning.

3. Main hurdles with retirement planning:

1.  53% think that lack of investments that generate sufficient returns is the main hurdle with retirement planning.
2. 44% think that unfavourable global financial climate is the main hurdle with retirement planning.
3. 36% think that lack of trusted financial advisors is the main hurdle with retirement planning.
4. 40% think that lack of financial knowledge is the main hurdle with retirement planning.
5. 28% think that lack of time is the main hurdle with retirement planning.

4. Those who started planning and feel on track also took full advantage of the unique opportunities present in their own market.

1. In Taiwan, 82% invested in stocks, bonds and unit trusts.
2. In Malaysia, 53% invested in property for rental yield.
3. In China, 51% purchased insurance retirement plans.
4. In Hong Kong, 49% invested in government retirement saving schemes.
5. In Singapore, 38% invested in property for capital gains.

5. Financial advice responders would give to their younger self:

1. Manage their budget better and spend within means (46%)
2. Do more research to have more financial knowledge (40%)
3. Focus more on investing their wealth (33%)

Questions :

1) The report was done by?

1. Standard chartered
2. Global markets
3. Societe generale
4. Synchrony

2) What is the title of the study report?

1. Achieving financial goals
2. Retirement ready
3. Social mobility
4. Economic growth

3) What kind of service is provided by Standard chartered plc?

1. Auditing
2. Human resource
3. Banking and financial services
4. Investment policies

4) Who did the survey?

1. Standard chartered
2. Global markets
3. Societe generale
4. ABN Impact

5) When was the report done?

1. 2020
2. 2019
3. 2018
4. 2017

6) How many participants were included?

1. 1200
2. 3500
3. 2000
4. 1000

7) How many markets were surveyed in the study?

1. 5
2. 4
3. 3
4. 2

8) What age group of emerging affluents were considered?

1. 25-35
2. 35-59
3. 45-55
4. 50-65

9) What % wants to travel around the world as a dream retirement?

1. 50%
2. 45%
3. 77%
4. 87%

10) What % wants to spend time with friends and family as dream retirement

1. 55%
2. 24%
3. 35%
4. 64%

11) What % wants to indulge in hobbies as dream retirement?

1. 55%
2. 62%
3. 67%
4. 72%

12) What % has started retirement planning?

1. 67%
2. 56%
3. 34%
4. 76%

13) Which one of the following was voted as the main hurdle with retirement planning?

1. lack of trusted financial advisors
2. lack of financial knowledge
3. lack of time
4. lack of investments that generate sufficient returns

14) What is the most common financial advice responders would give to their young self?

1. Manage their budget better and spend within means
2. Do more research to have more financial knowledge 
3. Focus more on investing their wealth 
4. Ask people knowledgeable about retirement planning for advice

15) Where did most people invest in stocks, bonds and unit trusts?

1. China
2. Taiwan
3. Singapore
4. Hong Kong

16) Where did most people invest in property for rental yield?

1. Malaysia
2. Taiwan
3. China
4. Singapore

17) Where did most people purchase insurance retirement plans?

1. Taiwan
2. Malaysia
3. China
4. Singapore

18) Where did most people invest in government retirement saving schemes?

1. Malaysia
2. Singapore
3. China
4. Hong Kong

19) Where did most people invest in property for capital gains?

1. Singapore
2. Malaysia
3. China
4. Taiwan

20) Where are most people financially on track to achieve their desired retirement?

1. Taiwan
2. Singapore
3. China
4. Malaysia