Millennials are financially savvy but fall short on planning: report

Six in 10 millennials make financial decisions based on research.

Millennials in Hong Kong are the most financially literate generation in Hong Kong, with more than half (61%) making financial decisions based on research.

Despite being financially literate, Sun Life has found that only a few millennials translate their knowledge into action, with only 43% having a financial plan beyond one year.

The same was observed across other generations.

Across all generations, financial confidence is high, but 58% have no financial plan beyond one year.

The study also found that trust and emotion had a vital role in the financial decisions of 42% of Hongkongers.

Meanwhile, financial institutions are the most trusted sources of financial information, followed by friends and family. Social media is a common source of financial advice (43%), but few trust it (14%). 

Nearly half (46%) of Hongkongers seek financial education, emphasising the need for better access and professional help in financial management.