HANG SENG BANK: Young wealthy families in Hong Kong hope to save HKD 18 million, but lack clarity in planning and confidence in achieving it

HANG SENG BANK found in a survey on family wealth management that young affluent families in Hong Kong generally believe that HKD 18 million is needed to achieve various life goals. However, most respondents do not have a comprehensive financial plan. One-third of respondents have established financial strategies for different family needs; however, over 50% of them expressed a lack of confidence in executing the plans. Among respondents without a financial plan, 71% are young affluent families with children under 12 years old. This survey was conducted from December 2024 to January 2025, interviewing over 500 Hong Kong residents aged between 30 and 55, with liquid assets of HKD 1 million or more. The survey also found that the wealth management goals of respondents cover multiple areas, including preparing for retirement, securing children's futures, covering parents' daily expenses, medical insurance, and family wealth inheritance planning. Additionally, 92% of respondents agree that exclusive and personalized wealth management services help achieve financial goals. Li Hualun, head of wealth management and personal banking at HANG SENG BANK, pointed out that young affluent families are now facing increasingly complex financial needs that go far beyond simple savings