BUILDING A SOLID QUALITY OF LIFE FOR YOUR FAMILY
The importance of family and protecting the needs of its members is a crucial aspect of any culture. Building a solid quality of life for your family for generations to come is key in this equation.
HSBC’s recent Quality of Life (QoL) study looks at the components of building a solid quality of life for your family, including building a protection plan to protect your family against unexpected challenges.
Launched in September last year, the QoL study surveyed 1,779 affluent individuals across nine markets: the US, Mexico, the UK, United Arab Emirates (UAE), India, mainland China, Hong Kong, Singapore and Malaysia.
In Malaysia, 200 affluent individuals with investable assets of between US$100,000 to US$2 million (RM9.4 million) were surveyed.
Putting Family First
The QoL survey found that affluent Malaysians ranked the ability to financially support their family as their top financial goal, with 40% acknowledging the need for multiple income streams to achieve this.
The challenge they face in this area comes in the form of inflationary pressures, along with the increasing costs for living, healthcare, and education for their children.
As a result, 54% of affluent Malaysians are worried about rising prices year after year and 34% said they are noticing the erosion of their savings due to inflation.
In response to financial pressures, the respondents said they are taking proactive steps to secure their future. More than half, or 55% of respondents, have begun preparing for estate and legacy planning, indicating a growing awareness of the importance of comprehensive financial planning to ensure stability and security for their families.
This comes as the survey also reveals that these Malaysians said that they will need around RM3.9 million to retire comfortably.
Linda Yip, Country Head of Wealth Personal Banking at HSBC Malaysia, says the QoL findings show that building a solid quality of life for their families is one of the top priorities for the affluent in Malaysia.
“Not only are they concerned about the education and medical needs of their family members, but they are also concerned about their retirement as they do not want to impose on their families in their old age; hence, the need to ensure that they have a sufficient financial buffer for a comfortable retirement. Yet, the study shows that only 36% of these Malaysians are prioritising insurance coverage as their financial goals.
“Which is why financial planning is crucial in ensuring that there is adequate financial protection for the family. Contributing to an insurance plan that not just provides protection for unforeseen circumstances but which allows you to start building financial buffers for your family is a great start.
“At HSBC, our products are tailored to the risk appetite and financial needs of our customers that may include providing for their children’s education, retirement planning, intergenerational wealth transfer solutions and growing personal wealth. We also offer bespoke financial solutions to cater to the wealth management needs of high-net-worth and sophisticated investors,” she says.
What HSBC can do for you
Start your protection journey for your family today with HSBC Premier. Gain access to a relationship manager and wealth specialist to help you and your family manage and grow your wealth portfolio. You can opt to extend your Premier status¹ to your spouse and up to two children aged from 18 to 28 to enjoy the same Premier privileges.
As a Premier customer, you will enjoy preferential rates for deposits, loans and wealth products for you to protect your family’s future and build a lasting legacy for your loved ones.
For more information on HSBC Premier, visit www.hsbc.com.my/premier
You can also access HSBC's QoL findings at www.hsbc.com.my/familyfirst
Issued by HSBC Bank Malaysia Bhd 108401015221 (127776-V). Member of PIDM. Protected by PIDM up to RM250,000 for each depositor. This material has not been reviewed by the Securities Commission Malaysia (SC). ¹Subject to the Premier Family’s Primary HSBC Premier customer meeting the Premier criteria. The full terms and conditions can be found at www.hsbc.com.my/premier.