Date: July 13, 2023
- More than 1,000 retail investors in Singapore were polled for the survey.
SINGAPORE, 13 JULY 2023 – A recent survey on “Singapore Investors’ Financial Resilience” sponsored by Moomoo Financial Singapore Pte. Ltd. (“Moomoo Singapore”) revealed savvy investors (8.3%) used advanced financial technology as an essential part of their investment process. In addition, most retail investors in Singapore find the use of technology useful in their investment process, according to the survey, which was supported by Securities Investors Association (Singapore)(“SIAS”) and conducted by the Singapore Institute of Technology (“SIT”).
Mr David Gerald, President & CEO of SIAS, said: “SIAS believes that investor education is crucial to equip retail investors with the skills needed to make informed investing decisions. As technology becomes more pervasive, it is essential for retail investors to embrace technology so as to stay ahead of the curve and be informed about the latest developments. With the aid of technology, it is now easier for retail investors to do their research thoroughly and timely before investing”.
The adoption of emerging technologies, such as artificial intelligence (AI), big data, analytics and machine learning, in the financial sector, is increasingly prevalent. Online trading platforms such as moomoo are leveraging their tech-driven capabilities to help clients access data and insights, identify market trends, uncover hidden opportunities and assess the performance of their portfolios in real time.
Mr Gavin Chia, CEO of Moomoo Singapore, added: “Technology is a game changer for investors, as it levels the playing ground regardless of one’s experience level. Our platform offers a wide variety of analytical tools, such as stock screener, technical analysis and more, and we will continue to empower our clients through highlighting the benefits of utilizing these tech-driven features in their investment journey.”
Differences in consumption patterns
The survey also revealed stark differences in how two demographic groups consume investment information.
Social media is the top primary source of investment information for people aged 25 to 34 but ranked third for people aged 55 to 64. This trend is reversed for the newspaper, which was cited by the older group as their most popular source of information. Both ranked investment forums as their second most popular choice.
“From the survey, we find that Gen Z and Millennials prefer social media whilst Gen X and Baby Boomers prefer the newspaper as their sources of investment information. It is also clear that the respondents find investment forums useful to gather information needed to make investment decisions. There is a potential for the industry to accelerate public education about the benefits of digitalisation so that they can effectively utilise technological tools to make better investment decisions,” commented Mr Benjamin Goh, Head of Research of SIAS and Senior Lecturer at the Singapore Institute of Technology.
From the survey findings, it is apparent that while access to investment information is critical to an investing process, more can be done to educate investors.
Mr David Gerald, President & CEO of SIAS added: “While it is important to acquire knowledge before investing with abundance of information online, investors need to go to the rights sources which provide timely and accurate content. SIAS hopes to partner more trusted and responsible industry players to provide investor education programmes for the different demographics.”
One of SIAS’ missions is to empower investors through education and timely information. SIAS organises many free investors education programmes and forums to help investors understand the investment products and asset classes that are suitable for their needs and risk appetite so as to empower them to take greater responsibility for their investing decisions.
To help retail investors better navigate the challenges of today’s volatile investment climate, MooFest 2023 — Moomoo’s largest community event of the year — will feature several experts from the investment community, who will share their insights on how investors can strengthen their financial resilience.
About Moomoo Singapore
Moomoo Financial Singapore Pte. Ltd. (Moomoo Singapore) is an advanced financial technology company transforming the investing experience by offering a digitalised brokerage and wealth management platform – moomoo. Moomoo enhances the user experience with market data, news, and powerful analytical tools. Moomoo also embeds an unique digitalised investment community to connect all users, investors, companies, analysts, media and key opinion leaders.
In Singapore, Moomoo Financial Singapore Pte. Ltd. (www.moomoo.com/sg) offers investment products for trading via the moomoo platform, and it is a capital markets services licence holder regulated by the Monetary Authority of Singapore (Licence No. CMS101000). In June 2022, Moomoo Singapore became the first digital brokerage to receive all five memberships from the SGX Group for the securities and derivatives markets.
SIAS is an organised investor group in Singapore and is run by an elected Management Committee comprising professionals who are volunteers. It is a registered Charity and an Institution of Public Character.
SIAS actively promotes good corporate governance and transparency practices, investor rights, investor education and is the watchdog for investors in Singapore. SIAS rates companies on their governance practices together with industry partners and rewards companies excelling in good corporate governance practices. SIAS also extensively provides a variety of investor education programmes to its members and the investing community at large through collaborative arrangements with financial institutions and listed companies interested in investor education as part of their corporate social responsibility agenda.
For more information about SIAS, please visit www.sias.org.sg.
About the Singapore Institute of Technology
The Singapore Institute of Technology (SIT) is Singapore’s first University of Applied Learning, offering industry-relevant degree programmes that prepare its graduates to be work- and future-ready professionals. Its mission is to maximise the potential of its learners and to innovate with industry, through an integrated applied learning and research approach, so as to contribute to the economy and society.
The University’s unique pedagogy integrates work and study, embracing authentic learning in a real-world environment through collaborations with key strategic partners. Its focus on applied research with business impact is aimed at helping industry innovate and grow. Targeted to be ready in 2024, SIT’s centralised campus within the larger Punggol Digital District will feature a vibrant learning environment where academia and industry will be tightly integrated with the community.
For more information, visit www.SingaporeTech.edu.sg.
For more information, please contact:-
Name: Zavier Ong
Tel: 9457 3075