Taipei--Taiwan dollar-denominated savings are the number one way for people under 40 in Taiwan to manage their wealth, a survey released by CTBC Bank (???) showed on Monday.
Citing the survey, conducted from March 30-April 14, CTBC Bank said that 71 percent of people under 40 placed a majority of their money in Taiwan dollar-denominated savings as a way of managing their wealth.
That was the highest level among all age brackets in the survey, CTBC Bank said. The survey also found that 65 percent of respondents in the 41-50 age group place funds in Taiwan dollar denominated savings, 63 percent of the 51-60 bracket and 57 percent of those over 60, the bank added.
The survey indicated that 60 percent of people under 40 place some of their money in foreign currency-denominated savings, 55 percent in equities and 54 percent invested in mutual funds.
CTBC Bank indicated that 65 percent of the 1,582 respondents in the survey also favored Taiwan dollar-denominated savings, followed by investments in mutual funds (63 percent), investments in foreign currency-denominated savings (59 percent) and investments in equities (56 percent), according to the survey.
In the 41-50 age group, 69 percent of respondents, the largest segment, favored mutual fund investments, followed by 65 percent who prefer Taiwan dollar denominated savings, 61 percent foreign currency denominated savings and 59 percent equity investments, the survey showed.
In the 51-60 age group, 66 percent chose to buy mutual funds, followed by Taiwan dollar denominated savings (63 percent), foreign currency denominated savings (57 percent) and equity investments (54 percent), the survey indicated.
According to the survey, 65 percent in the above 60 age group bought mutual funds, followed by 57 percent with Taiwan dollar denominated savings, 54 percent foreign currency denominated savings and 51 percent equity investments.
In addition to the aforementioned approaches to wealth management, CTBC Bank said that people in Taiwan also use insurance policies, residential property and gold as tools to manage their assets.
CTBC Bank said that respondents under 40 place more emphasis on making ends meet, while the 41-50 age group is more interested in saving money for their kids' education and retirement.
The 51-60 age group is more focused on retirement, while the over 60s are most interested in ensuring their children inherit their wealth, CTBC Bank said.
Source: Focus Taiwan News Channel