HK’s young affluent families eye HK$18m in savings, but lack plans

Only a third of respondents have financial strategies to meet their needs.

Hong Kong’s young, affluent families have set an ambitious savings goal of HK$18m on average but lack a financial plan.

In a survey of 500 Hong Kong residents aged 30 to 55, about one-third of respondents said that they have established financial strategies for their families’ needs, according to Hang Seng Bank.

However, 50% of them expressed a lack of confidence in their ability to execute these strategies.

Meanwhile, amongst respondents without a plan, 71% of them were young affluent families with children aged 12 or younger.

Hang Seng Bank unveiled the study's results alongside the launch of its enhanced “Wealth Master for Family” service, which offers customers family wealth planning tools.

The service will grant an analysis on the customer’s asset allocation and past performance of their current portfolio vs the reference portfolio with 8 historical scenario comparisons.

This is expected to help customers formulate their personalised family asset allocation strategies with the support from the bank’s team of financial experts, according to Hang Seng Bank.