Only one in four Hong Kong people are willing to pay for high-quality financial advice despite the complexity of financial products. That is because most do not trust financial advisers.
Barely 28 percent of 1,000 people surveyed by European insurance giant Aviva said they would dig into their pockets for professional tips.
The poll taken during May and June also found that 53 percent of respondents are averse to financial planning. Around 68 percent said they would rather approach friends and family for financial advice than banks or financial advisers.
"Although people in Hong Kong are increasingly aware of the complexity and risks of financial products, their strong lack of faith in financial services agencies stops them from going to professionals for advice," said Elba Tse, general manager of Aviva Hong Kong.
Aviva said 53 percent of the people interviewed in Hong Kong do not really understand pensions and savings policies - an 11 percent increase from 2008. "We cannot fully explain why more people find financial or retirement plans complicated yet few are willing to seek professional advice," Tse said.
The survey also found Hongkongers are more worried about health than people in other parts of the world.
In the United States, people were more concerned about money matters than health.
Hong Kong is one of 26 economies surveyed annually by Aviva.
Read article: 'No faith' in financial advisers
The Standard, Hong Kong
Soohie He