A recent survey conducted by Hang Seng Bank revealed that young affluent families in Hong Kong aim to save significantly for the future, but many lack the comprehensive plans needed to succeed.
Hang Seng's survey shows young affluent families aiming to have $2.3 million in savings lack financial plans.
Over 50% struggle with executing strategies, focused on retirement and education.
Hang Seng’s “Wealth Master for Family” tool helps families meet financial goals with personalised asset allocation.
The survey, which involved over 500 residents aged 30 to 55, highlights the challenges of wealth management and financial planning among those with liquid assets exceeding $128,365.
Lack of comprehensive financial plans
The survey also revealed that even though young, rich families have big savings targets such as $2.3 million, most of them have failed to develop coherent financial plans. Surprisingly, while nearly a third of participants have customised financial plans, more than 50% are unsure about implementing these effectively. The case is particularly alarming with families that have young children. Around71% of those without an integrated financial plan have children who are 12 years old and below.
This population is experiencing increasingly sophisticated financial requirements, including planning for retirement, ensuring the future of their children, and paying for medical care of ageing parents. The survey found that most families desire a more customised wealth management experience to address these various objectives. Indeed, 92% of the respondents stated that customised wealth management services can help them address their financial concerns.
Hang Seng’s wealth management innovations
To address the increasing need for more organised wealth planning, Hang Seng Bank has launched its upgraded "Wealth Master for Family" tool. With this service, families are given a detailed analysis of their wealth requirements, whether it is wealth management, retirement planning, or securing education for their children. The tool enables individuals to set up asset allocation plans and provides information on historical performance as well as outlook for future developments.
Hang Seng is also broadening its products to serve its customers' needs better. With over 23 categories of investments and products in 10 currencies, ranging from index funds, stocks, and structured products, the bank is positioning itself as a family wealth management leader. The introduction of the "FamilyPower Multi-Currency Life Insurance Plan" also guarantees that families are properly protected through flexible policies that evolve with their changing financial situation.
With these innovations, Hang Seng Bank is providing young, wealthy families the tools and advice they need to to achieve their wealth goals with confidence.