by Grace Ng

WEALTHY Singaporeans are more likely to turn to their peers, family and the media for investment advice, rather than specialist financial advisers.

A survey by Barclays and the Economist Intelligence Unit found that 38 per cent of affluent Singaporean men turn first to peer groups for investment advice, followed by the media at 32 per cent. Only 26 per cent view their private banks as the most important source.

The survey asked respondents to rank nine sources of investment advice, which include brokers and family offices.

Singaporean women ranked friends and family as their top source, with 47 per cent calling on this group first, while 28 per cent look to their peers. Unlike men, women depend less on media - only 22 per cent.

But this was still higher than the 19 per cent who rely on private banks.

The survey also found that male and female high net worth individuals differed in their desired outcomes for investment.

While 70 per cent of Singaporean men said increasing the value of their portfolio is the most important outcome, only half of the women agreed.

For Singaporean women, 65 per cent felt that generating regular income was vital in terms of creating and protecting their wealth.

Men were mostly spurred to create more wealth by the sheer enjoyment of making money, the survey found. Women were more motivated by the ability to help others through philanthropy.

Singaporeans were also among those most likely to buy more property, with 45 per cent of them increasing their allocation to real estate over the next year. This compared with 57 per cent for Chinese and just 32 per cent for Britons.

'Over the longer term, we believe there is room for investors to increase their exposure to property,' said Mr Didier von Daeniken, chief executive at Barclays Wealth Asia Pacific.

This article was first published in The Straits Times on September 3, 2008.