By JESSICA YEO
MORE Singaporeans have held on to their insurance policies during the recession than people in other countries, according to a survey by HSBC Insurance.
Among six countries surveyed, Singapore had the largest proportion of people (65 per cent) who have insurance policies with savings, as well as the largest proportion (88 per cent) of people who retained their insurance holdings in the past 12 months.
Close behind were Taiwan and Malaysia, where 78 and 72 per cent of people retained their insurance with savings. China had 67 per cent, India 57 per cent and Korea 48 per cent.
Medical insurance also remained popular in Singapore, with 64 per cent of those surveyed holding it, and 78 per cent of them retaining it in the past 12 months.
The survey polled 2,974 people, including 514 Singaporeans, from the general working population aged 35-65 years.
Another survey finding is that Asians have been shifting to cash and long-term savings instruments and protection.
There has been a 40 per cent surge in Singaporeans holding cash/time deposits, while the majority (91 per cent) retained property as their best bet, followed by insurance with savings (88 per cent) and medical insurance (78 per cent).
'There is a clear trend of Asians going back to basics - looking for simple and effective ways to grow their wealth and protect themselves and their families, and Singaporeans are leading the way', HSBC Insurance Singapore chief executive Paul Arrowsmith said.
However, affirming the results of previous surveys, Singaporeans remain among the least confident people in the region when it comes to their own financial prospects.
Only 41 per cent of Singaporeans surveyed said that they are confident of achieving their financial goals. Similarly. Singaporeans are among the least confident in the markets, as they fear losing their money.
Savings remain a priority for Singaporeans - second only to necessary expenses. Those surveyed said that they allocate about 16 per cent of their monthly income to bank savings, the second-highest percentage across the six countries surveyed, after China at 17 per cent.
This article was first published in The Business Times.