, Hong Kong

How much do Hong Kongers need to save to immigrate?

At least HK$2.5m, 71% of a survey's respondents said.

About 71% of Hong Kongers planning to leave the city for good say they would need to save at least HK$2.5m to be able to do so, a survey from a digital life insurer, Blue, showed.

Based on the survey, it will take 41 years for locals to achieve their immigration budget given their current average monthly savings of HK$5,000. 

For the 59% planning to leave the city in five years, an average monthly savings of HK$41,000 will be needed.

Based on the survey's findings, 90% of Hong Kongers are having trouble saving money due to high expenses, while 10% of them never thought of saving.

In particular, their main reasons for being unable to save were mortgage payment or rental expenses (37%), meal costs and entertainment expenses (30%), and shopping expenses (29%).

Of the married respondents with children, 57% said their children's education fund was the most important factor affecting their savings behaviour.

The survey also revealed that “many Hongkongers did not understand the importance of savings,” with 12% of respondents expressing having no thoughts of starting a savings plan.

Out of the saving tools available, 50% prefer bank deposits; 17% would save by investing in stocks, funds, and bonds; 11% would want savings insurance; 9% prefer time deposits; 6% would store their money at home.

A total of 598 Hongkongers aged between 20 and 49 were surveyed through an online questionnaire for the study.

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