How financially prepared are Gen Alpha parents in Hong Kong?

Only 33% have concrete financial plans, whilst 18% have not started planning at all.

Half of parents of Gen Alpha children – those born between 2010 and 2024 – in Hong Kong believe they have adequate savings for future daily needs, compared to 39% of the general population. 

The overall financial wellbeing of Hong Kong residents has improved slightly over the past year, according to Prudential’s latest Financial Wellbeing Tracker. 

The annual survey recorded an index score of 58.0 out of 100, up from 53.1 last year.

All four financial wellbeing pillars—"Security Now," "Security in the Future," "Financial Freedom Now," and "Financial Freedom in the Future"—showed gains, with the largest increase of 6.1 points recorded in current financial freedom.  

The survey found that financial well-being declines with age. Those aged 18 to 35 scored 62.7 points, compared to 57.2 for those aged 36 to 49 and 53.5 for those aged 50 to 60.

Younger respondents also reported higher financial freedom scores, with the 18-to-35 group at 64.4 points, whilst those aged 50 to 60 scored 52.9, indicating a more cautious financial outlook amongst older individuals.  

Gen Alpha parents also scored 62.3 points in financial well-being, above the overall average of 58.0, and showed greater confidence in their future financial freedom. 

Whilst 74% of Gen Alpha parents emphasise nurturing their children’s interests and 73% encourage them to stay true to themselves, only 33% have implemented concrete financial plans, whilst 18% have not started planning. 

Although 94% expect to provide financial support until their child turns 25, only 37% are actively saving for their children’s future.  

The survey found that whilst 62% of Gen Alpha parents plan to support their children with family savings, most believe this wealth will last only two (63%) or three (33%) generations.