As the saying goes, “accumulate grain to prevent hunger” in case of emergencies. According to a survey by the Hong Kong Deposit Protection Board, 68% of respondents said they have the habit of saving, an increase of 5 percentage points year-on-year. The “sense of security” score brought by personal current savings has dropped slightly to 51.4 points, which is the lowest in five years. The average interviewee believes that having savings of about 590,000 yuan can provide enough “sense of security”, and the amount is also higher than last year. rose by more than two percent.
For the fifth consecutive year, DPC has conducted a survey on Hong Kong people’s “Savings Sense of Security” indicator. It interviewed 1,005 adults from August to September this year, and conducted an in-depth opinion survey on 301 young Hong Kong people aged 18 to 29. The results showed that 68% of the respondents said they had the habit of saving, an increase of 5 percentage points from last year. The average monthly savings amount increased by 17% compared with last year to 7,700 yuan, mainly due to the impact of the government’s issuance of consumption coupons and Hong Kong people’s reduction of outbound travel and entertainment spending. Eighty-two percent of the savings methods put money in the bank, an increase of nearly ten percentage points compared with last year.
59% of people think that the primary purpose of saving is “to meet unexpected needs”, a significant increase of 20 percentage points from last year, the highest since the five-year survey. The rest are preparing for retirement (23.8%), taking care of family members (18.2%) and order Live better in the future (14.9). A quarter of those who have the habit of saving have set savings goals for the year, and the average target savings amount has been lowered to 170,000 yuan, which is less than 208,000 yuan last year, but more than 70% expressed no confidence in reaching the target.
The “sense of security” score brought by personal current savings dropped slightly from 53.2 to 51.4, the lowest level in five years. Respondents on average believe that having savings of about RMB 590,000 is necessary to obtain a sufficient “sense of security”, and the amount has also increased by more than 20% compared with last year. The data shows that many citizens have a sense of crisis and will carefully evaluate their personal financial situation, believing that in the current environment, they need to increase their savings to feel at ease. Among the respondents who have the habit of saving, when analyzed by age group, those aged 18 to 29 think that having savings of about RMB 360,000 can give them a sufficient sense of “security”, the lowest amount among all groups. Those aged 50 to 59 have 760,000 yuan, the highest among all groups.
3.50% of young Hong Kongers save for shopping trips
The survey further interviewed young Hong Kong people between the ages of 18 and 29. Only 67.6% of young people have the habit of saving, and the average savings amount per person per month is about 5,000 yuan, which is lower than the overall average. The purpose of saving is mostly to meet unexpected needs (48.4%), and the rest focus on specific short-term goals such as satisfying other shopping desires (24%), traveling (11.4%) and buying properties (10.6%).
Liu Yanqing, chairman of the Hong Kong Deposit Protection Board, pointed out that the new crown epidemic has a continuous impact on the economy and people’s livelihood. The survey results reflect that in the face of economic uncertainties, the public’s sense of crisis and the sense of security they need continue to increase. Overall, saving is always an important source of “sense of security”.
Originally published on AM730 https://www.am730.com.hk/Local/68-Hong Kong people have the habit of saving-Have 590,000 to feel safe-/353827?utm_source=yahoorss&utm_medium=referral