Respondents lament small wages and overspending in meeting their financial goals.
More than half or 59% of Hong Kong adults admitted that they were saddled with financial regrets in 2018, mainly in terms of spending too much or failing to make investment decisions, according to a survey conducted by the Investor and Financial Education Council (IFEC).
The survey, which analysed 688 Hong Kong adults aged 18 to 69 years old via face-to-face interviews, found that 56% of respondents experienced delays in achieving their goals which included property purchase, travelling and retirement on the back of inadequate financial preparation.
Being paid too little (55%) and overspending (40%) were two of the most common reasons cited for delays in meeting their short-term and long-term financial goals.
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In terms of demographics, respondents born after the 90s were found to be the least satisfied with their financial condition and struggled with overspending. Compared with the other generations, millennials found it hardest to accumulate wealth, with only 66% saying they managed to save, whilst the rest barely made ends meet. Across the board, 61% of respondents said they were satisfied with their financial status
Meanwhile, credit card debt was found to be a major concern for millennials, whilst children’s education expenses were said to be the major source of financial stress for respondents between 30 to 40 years old. For those born in the 60’s, their major financial concern was medical expenses.
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