New research from wealth manager St James's Place Asia highlights the social behaviours that shape how people in Singapore and Hong Kong view and discuss their finances, showing that wealth managers must tune in to what a new generation wants. 

Research from St James's Place Asia reveals that more than one third of social media conversations about money which mention parents, children and spouses contains negative sentiment.

The research, entitled How We Talk About Money, analysed social media conversations about money and interviewed retail investors and SJP Asia Partners in Hong Kong and Singapore. It found that family discussions about money can stir emotions, often negative ones.

The report reveals that people tend to build circles of trust when it comes to talking about money. Many people are more open with close family, spouses or life partners, and trusted financial advisors than they are with their friends and romantic partners. People are also overwhelmed by a plethora of information on social media.

How We Talk About Money is a research study commissioned by SJP Asia, in partnership with Sandpiper Research & Insights, to understand the attitudes and sentiment influencing money discussions in Hong Kong and Singapore. The insights in this report are based on interviews with experienced, senior SJP advisors based in Hong Kong and Singapore; retail investors representing three age groups in Hong Kong and Singapore; and thousands of public conversations on digital and social media platforms in Hong Kong and Singapore over a one-year period from November 2023 to November 2024.

Conversations with family can be emotional
While people tend to be more open with family about money, intimate conversations about money can provoke strong emotions, the research shows. More than one third of conversations on social media that mention parents (34 per cent), children (37 per cent), and spouses (42 per cent) contain negative sentiment, reflecting that conversations about financial plans are highly personal.

Several interviewees were cautious about discussing money with family, particularly younger interviewees from more traditional Asian families, who said they avoided talking about spending and higher-risk investments. Expats, meanwhile, were reluctant to disclose information about their wealth and salaries to friends and family back home due to differences in financial status, the firm said.

Due to the complex emotional nature of money discussions with friends and family, some people turn to professional advisors for objective guidance, the firm continued. However, misconceptions about financial advice, such as the belief that it is only for high net worth individuals, remain prevalent online. Advisors noted that full transparency was dependent on building trust, which often takes time.

Investors are bombarded with information about money decisions
The interviews reveal that people feel overwhelmed with the amount of information presented to them about money decisions, impacting their comfort to talk about money topics.

Influencers, social media, and even the news media are consumed with scepticism. This can lead to misconceptions about information from trusted sources such as professional financial advisors. Analysis of social media found that posts about lotteries and get-rich schemes gain nearly ten times more engagement on social media than traditional media articles on financial management â€“ highlighting the need for investors to be careful with information sources.

Despite the omnipresent influence of social media, celebrity influencers were not a common source of information for investors. Most people do not try to emulate celebrity investors, as their lifestyles are often seen as too detached from their personal circumstances, the research reveals.

Overall, the interviewees express a preference for relatable, personalised, and trustworthy financial planning strategies over information from the media and social media.

Retirement is the main reason why people discuss money
Achieving financial independence or freedom is a consistent theme that people are drawn to â€“ it generated the greatest number of mentions within the overall discussion of financial goals, social media monitoring shows.

Within broader online conversations around money, retirement is a leading topic, generating more than 12,000 mentions across all audiences over the past year, the firm said. The social media analysis and interviews show that people link retirement with financial freedom and lifestyle flexibility. Increasingly, people see retirement as a new chapter in their lives after permanent formal employment rather than an end goal.

“Sitting down to discuss your financial plans and goals is a vital step on the road to financial prosperity, yet in Singapore, complex social and family dynamics can often prevent full and frank conversations,” Joel Carpenter, chief executive officer at St James’s Place Singapore, said. “How We Talk About Money emphasises how important it is to have an independent, trusted confidante to guide people through their wealth journeys. Professional, personalised financial advice can play a vital role in helping people secure financial security.”