A Citi sponsored survey reveals that up to 60% of families in Taiwan are concerned about their financial futures and do not have retirement plans.
“In response to this low level of awareness and understanding, Citi has declared 2008 as the ‘Year of Financial Health’,” says Morris Li, Citi Taiwan Country Officer.
“From the survey results, it’s apparent that a lot of Taiwanese households need to be more prudent and financially savvy. Just as many of us take regular health checks, we will encourage people to do the same with their personal finances. We will also assist by providing a wide range of education initiatives in 2008 as part of our ‘Year of Financial Health campaign.'”
Spencer Wang, vice president, Citi Securities Investment Consulting Inc adds that consumers should pay more attention to basic investment principles, including establishing core assets and asset allocation plans.
The Citi survey was the first of its kind in Taiwan and mirrored similar campaigns conducted in Australia, New Zealand and Canada. Survey respondents were asked questions about savings and retirement plans, investment goals and values, and understanding about assets and liabilities.