Rich Hong Kong families focus on savings but lack strong plans: survey

These families set a savings goal of $18m, which includes retirement planning and medical insurance, amongst others.

Young affluent families in Hong Kong set a savings goal of $18m but most lack a comprehensive financial plan, Hang Seng Bank reported.

One-third of this demographic has established financial strategies tailored to their family's needs but over 50% lack confidence in their ability to effectively execute these strategies.

Notably, 71% of the respondents without a cohesive financial plan were young affluent families with children aged 12 or younger.

Hang Seng Bank revealed that respondents' wealth management goals include retirement planning, securing their children's future, covering parents' daily expenses, obtaining medical insurance, and planning for family legacy.

In addition, 92% of respondents said personalised wealth management and planning services will help them achieve their unique financial goals.

Hang Seng Bank surveyed over 500 Hong Kong residents aged 30 to 55 with liquid assets of at least $1m in their family wealth management practices.