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Owning an apartment, retiring early and travelling around the world are ranked as the top three life objectives of Hong Kong people1. These goals of course require careful wealth planning and solid financial resources to achieve. People generally consider the “first pot of gold” to be HK$2.4 million1, though only 50% save monthly2. Almost 30% respondents believe they can depend only on luck1 and actually doubt if they can reach their financial goals.
Despite high inflation and low interest rates, almost 50% of people still put half of their cash into their current account2, which does not preserve their capital. Even for those who have purchased financial products such as savings insurance plans, nearly 70% of them have no idea what the actual returns of their investment portfolio are2, and thus miss an opportunity to grow their wealth.
There are different things to look forward to as you enter different stages of life.
A wise allocation of assets helps you to gather ample capital for the future, so that you can seize every opportunity to realise your dreams.
Despite having a financial plan, 67% of them don’t know how long they need to save up before reaching their goal3!
The respondents’ “First Pot of Gold” was on average HK$2.4 million, representing an increase of 20% from the HK$2 million as revealed in AIA’s Survey of Wealth Management Attitudes 2014;
30% of respondents who had their “First Pot of Gold” attributed their wealth to property investment, followed by regular savings (23%). However, there were 29% of people who had not yet earned their “First Pot of Gold” believed they could become wealthy only if they were lucky enough to win the “Mark Six” lottery.
Some surveyed parents shared that they did not save solely to support their own retirement. Almost half (47%) of parents aspire to leave their children a financial legacy, and the average amount is HK$ 2.3 million;
26% of parents listed “helping their children buy an apartment” among their saving goals.
66% of respondents said they had financial planning to realise their saving goals. However, over half (55%) of these respondents were not sure or even had no idea about how much to save;
Deposits (87%) were the most popular savings/investment vehicle among respondents for the past 12 months, followed by stocks (62%) and insurance with savings/dividends (48%).
When asked about their returns over the past year, respondents who had financial planning (10.8%) enjoyed about three times the return on investment over the past year than those who did not (3.8%).
The habit of saving regularly and smart money management are the keys to building wealth. Whether you prefer to take a chance for higher returns or grow money at a steady pace, you will find that our comprehensive range of protection and wealth management solutions
can help you ease your way to a prosperous future.
Set short-term and long-term financial goals, and adjust your strategy by regularly reviewing your progress
The earlier you start, the easier it is to achieve your goal
Select the best wealth management tools based on your attitude to risk and financial needs, and enjoy the long-term returns of capital growth
Ask for a financial planner’s help to find a suitable solution
The above information is for general reference only. It shall not constitute nor should it be taken as a substitute for professional advice from a financial planner on purchasing insurance policies. Your financial planner will make recommendations based on the result of your individual needs analysis (including affordability and suitability, etc.). For detailed analysis and advice, please contact us or your financial planner.
Sources
1 AIA’s Wealth Management Survey 2015 by GfK Hong Kong, an independent market research company (data collected in July 2015).
2 AIA’s Survey of Wealth Management Attitudes 2014 by GfK Hong Kong, an independent market research company (data collected in October 2014).
3 AIA’s Survey of Hong Kong People’s Spending and Wealth Management Attitudes by GfK Hong Kong, an independent market research company (data collected in May 2015).
The above information gathered from external sources is made on a general basis and is for reference only. Please refer to the related data and information collection statement for details.
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