A recent survey by Hang Seng Bank has highlighted a concerning gap in financial planning among Hong Kong families. Despite setting ambitious savings goals, a significant portion of young families lacks a comprehensive strategy to achieve their financial objectives. The survey, which involved over 500 affluent residents of Hong Kong, found that many families, particularly those with children under the age of 12, are not effectively planning for their financial futures.
The survey revealed that 71% of respondents without a structured financial plan were families with children aged 12 or younger. These families, while aiming to save HK$18 million (approximately US$2.31 million) for key life goals such as retirement, children’s education, medical expenses, and legacy planning, are struggling to put solid strategies in place.
In response to this gap, Hang Seng Bank has launched an enhanced financial tool, “Wealth Master for Family,” aimed at providing customized financial planning solutions for families at different life stages. This tool is designed to address the specific needs of families planning for long-term financial security.
Additionally, Hang Seng has introduced the “FamilyPower Multi-Currency Life Insurance Plan,” offering flexibility for policyholders. The plan provides eight currency options, three payment terms, and unique features such as policy splitting, currency switching, and cash flow management. Notably, the plan also covers severe dementia, accidental death, and mental incapacity, further enhancing the financial protection available to policyholders.
These new initiatives by Hang Seng Bank aim to assist families in building a more secure and structured financial future, addressing the growing need for comprehensive financial planning in Hong Kong.
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