Prudential survey reveals financial planning key to stronger family relationships

Stocks and Financial Services Press Releases Wednesday February 21, 2018 15:29
Bangkok--21 Feb--STAR PR
  • 71% of couples believe working with a financial consultant can make their relationships better
  • Of those who plan their finances together, 59% expect their relationship with their partners to improve

Money is a subject that people try to avoid discussing. It is considered a faux pas to discuss how much one earns, owes, or spends. However, in reality, money impacts some of the most important things in life, including personal relationships with family and friends.

These views are supported by the findings from the recently launched Prudential Relationship Index (PRI), the second edition of the inaugural 2016 study, aimed at understanding the state of personal relationships across Asia. The survey was conducted in nine markets across Asia. In Thailand, 500 interviews were conducted online with adults between 25 and 55 years of age. Respondents were residents in Greater Bangkok with monthly household incomes of at least THB 30,000 , representing approximately the top two-thirds of household incomes in Bangkok.

CEO of Prudential Thailand, Aman Chowla said, "One of the interesting highlights of this year's PRI is that financial security is important for Thais in order to have healthy family relationships. The survey reflects that couples who share their responsibilities with each other, even those as sensitive as finances, tend to have stronger relationships. The report also shows that couples who pool resources together achieve higher scores in the overall relationship index."

What do Thai couples argue about the most?

This year, Thailand retains its fifth position on the PRI index among the markets surveyed, indicating that relationships in Thailand fulfil 70% of people's needs and expectations. Despite the relatively high levels of relationship fulfilment, people in Thailand experience a fair share of relationship tension caused by money-related issues – money is the number one source of arguments for Thai couples (46%). This is followed by arguments over time spent on the phone or computer (36%) and children issues (35%).

Are Thais concerned about financial security?

When it comes to financial security, people in Thailand are concerned about their financial situation in the future, with 66% worrying about whether they will have sufficient savings for retirement and medical expenses.

Most Thais expect to rely on their own savings to support themselves in their old age (81%), rather than relying on their children (26%). More than a third (37%) are concerned about becoming a burden to their family when they age.

Instead of relying on family or children for financial support, 48% of Thais expect the government to provide financial assistance in their senior years, the highest across the region, while 50% expect to continue working to support themselves.

Does financial planning ease concerns for loved ones?

Worrying about financial security also extends to concern for their loved ones. Close to half (49%) of Thais surveyed express concern about their family's financial situation should anything ever happen to them, with 11% of them predicting that the impact would range from serious to catastrophic.

People who plan their finances together with their partners are more confident about their family's financial situation in the event that one of them passes away (57%), compared to couples who make financial plans separately (49%).

Of the couples surveyed, 71% believe that working with a financial consultant to plan their finances can make their relationships better.

Additionally, couples who plan their finances together believe they are more likely to see an improvement in their personal finances and family relationship in the next five years (69%) than those who plan their finances separately (45%). Of those who make financial plans together, 59% expect their romantic relationships to improve over the next five years, compared to the 47% who do not plan their finances together.

"Relationships are important and essential to our happiness and well-being. The PRI helps us understand more about personal relationships and behaviours, as well as what our business can offer to help strengthen and enhance their relationships. Prudential Thailand hopes to encourage more Thais to start reviewing and planning their finances, and our financial consultants will always be there to help them protect their loved ones and secure a better financial future in their old age," said Mr Chowla.

For more information on Prudential Relationship Index 2017 (PRI), please visit https://www.prudentialrelationshipindex.com/th/
About the 2017 Prudential Relationship Index

The Prudential Relationship Index was developed to understand the state of personal relationships in Asia. Given the vital importance of relationships to people's happiness, well-being, and longevity, the study offers deep understanding and insight into relationships - how to make them stronger, better, and more rewarding. More than 4,600 interviews were conducted in 9 countries and territories in Asia. These included Cambodia, China, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Interviews were conducted between 26 June and 20 July 2017 with adults between 25 and 55 years of age. In the Thailand, 500 interviews were conducted online with a representative sample of adults living in Greater Bangkok. Respondents are residents representing approximately the top two-thirds of household incomes in Bangkok.

About Prudential Life Assurance

Prudential Life Assurance (Thailand) Public Company Limited has opened its door for business operation in Thailand since 1995, as one of the leading life insurance providers serving in Thailand for 22 years. Prudential Thailand has a robust multi-channel distribution platform providing a comprehensive range of savings, investment and protection products to meet the diverse needs of Thai families.


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