Hong Kong Deposit Protection Board Survey: The average monthly savings per person in Hong Kong has exceeded 10,000 for the first time, setting a new record.

The Hong Kong Deposit Protection Board has conducted the "Savings Confidence Index" survey of Hong Kong people for the eighth consecutive year. The latest survey shows that the average monthly savings per person in Hong Kong has exceeded HK$10,000 for the first time, reaching HK$10,100, a 3% increase from last year, setting a new record since the survey began. More than two-thirds of the respondents said they have a savings habit, similar to last year. The primary method of savings is still through bank savings accounts, with 75% of respondents using this method. The survey also shows that over 20% of respondents with a savings habit have set a savings goal for the year, with an average amount of HK$279,000. Another result shows that 89% of young respondents aged 18 to 29 have a savings habit, with 32% of them setting savings goals, the highest among all age groups, indicating a strong willingness to save among young people. Additionally, 54% of respondents believe they can achieve their savings goals; while approximately 40% of respondents with a savings habit say they save for unexpected expenses (37%), followed by retirement planning (31%). This year, the score for the sense of security brought by existing savings among Hong Kong people has increased from 53.5 points last year to 54.3 points this year, the highest in nearly four years. 76% of respondents have a savings security score of 50 points or higher, a slight increase of about two percentage points from last year; while 16% of respondents have a score of 80 points or higher, similar to last year. According to the survey, Hong Kong people believe that an average of HK$1.02 million in savings or liquid assets is needed to feel sufficiently secure in maintaining their standard of living for a year, similar to last year's HK$1.03 million. Following the survey in 2020, this year's survey once again conducted in-depth research on local parents (with at least one child aged ten or younger) to compare changes in their savings habits. The survey found that nearly 80% of parents have a savings habit, an increase of about three percentage points from 2020; the average monthly savings per parent is HK$12,100, a substantial increase of 40% from five years ago; and an average of HK$11.6 million in savings is needed for parents to feel sufficiently secure, 14% higher than the overall Hong Kong population (HK$10.2 million). The survey also found that 60% of parents save extra money for their children, with an average of HK$2.26 million needed to feel reassured per child; the main expenses include education (77%), such as local schooling (66%) and studying abroad (27%). The main methods used by parents to save for their children are opening a bank savings account (48%) and purchasing savings insurance (45%). Furthermore, 56% of parents encourage their children to develop a savings habit, with the most common methods being giving children a regular allowance (29%) and requiring them to save money to buy things they like (22%).