Kuala Lumpur: According to a survey, 80% of local investors have created new financial objectives, specifically for retirement, to keep up with rising costs as well as holidays and significant life experiences.

Inflation (40%), an unsteady global economy (28%) and the prospect of a recession (23%), according to Standard Chartered's Wealth Expectancy Report 2022, were the top worries for Malaysian investors. Additionally, investors around the world are extremely concerned about these issues.

Comparatively to Malaysia's 53%, 61% of investors worldwide want to hold less cash in order to beat inflation.

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According to investor feedback, "Standard Chartered predicts that global cash allocations will fall from 26% in 2022 to 15% in 2023," the bank said in a statement today.

In 14 markets, including Malaysia, the report looked at the changes in emerging wealthy and high-net-worth investors' investment decisions and the ensuing movements in key asset classes.

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Sammeer Sharma, head of consumer, private, and business banking at Standard Chartered Malaysia, said Malaysian investors have demonstrated a high level of openness to novel investment assets, with many of them already holding digital assets.

Although more investors are taking charge of managing their wealth, he claimed that professional advice is still essential for ensuring that their choices are in line with their goals.

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He continued, "We think that some of the best opportunities today will be provided by diversified portfolios with multi-asset income generation strategies, combined with personalised advice.