New Synovate survey reveals Hong Kong consumers' quest for financial knowledge

Nearly 1,000 consumers were interviewed about the channels they place the most trust in for financial information and their attitudes toward financial management. People from 20 to 64 years old were interviewed, representing the post 80s generation (aged 20 to 29), generation X (aged 30 to 44), and baby boomers (aged 45 to 64).

Forty-four per cent of the post 80s group said they require more investment and financial advice as they do not know which products are suitable for them, while 41 per cent tried to search for different investment/ financial information, but said they don't quite understand it.

The top three channels most Hong Kong consumers believe in when seeking financial information and advice are parents/ family members (50 per cent), friends/ peers (36 per cent), and finance-related magazines and publications (31 per cent). While 16 per cent believe in advertisement and 11 per cent in blogs in response to whether they trust and follow the investment/ financial advice from these channels.

"Compared to generation X and baby boomers, people of the post 80s are more open-minded in considering financial information provided from different sources, though there is a gender difference seen in this aspect," says Ivy Cheung, Executive Director of Synovate in Hong Kong.

Information provided by financial institutions' staff, advertising, and the Internet seem to be more effective for the post 80s male and can be geared toward them.

On the other hand, Cheung pointed out, financial institutions targeting these consumers should not rely on direct communications only.

"Education through those closest to them, such as family and peers, seems to be the most effective in reaching the ears of this younger segment," she said.