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Money-wise Singapore, HK millennials

News, 29 August 2016

SINGAPORE: Millennials in Hong Kong and Singapore have become more money-savvy than other markets as financial conversations become more commonplace and brands digitise their services.

Recent research from Havas Media Asia-Pacific has revealed that, in Singapore and Hong Kong, online is becoming the main service platform for transactions as well as for researching new products.

This "transfer of trust" from a physical adviser to a digital transaction is particularly relevant for younger demographics, who are now taking more control over their financial futures.

(For more on the research from Havas Media Asia-Pacific, read Warc's report: Singapore, Hong Kong millennials do financial services differently.)

When researching equities & shares, younger people in Singapore and Hong Kong are almost 1.2x more likely to use an online platform.

This evolution is also reflected in that trusted information from a platform provider is not a requirement for the demographic – "industry reports", "strategies and tips" or even "better technology", which allows consumers to make more informed decisions, are not seen as critical to financial decisions.

Those under the age of 35 in Singapore are also more likely to use a broad spectrum of investment products, with only equities and shares still preferred by the 35+ audience. But in Hong Kong the difference in product usage is less pronounced.

A frictionless customer experience is also likely to draw Asia's wealthiest millennials towards financial brands, the research found.

In Singapore, after "low transaction fees" at 42%, "ease of use" (34%) and "real-time updates" (31%) are the most important among those surveyed.

In Hong Kong, the rankings are "low transaction fees" (28%), "ease of use" (23%) and "real-time updates" (20%), all dropping in importance.

Data sourced from Warc