HK's Young Affluent Families Aim for HKD18 Million Savings, But Lack Plans

Hong Kong's young affluent families have ambitious financial goals, with an average target of HKD18 million in savings for retirement. However, a recent survey by HSBC Premier reveals that many of these families lack comprehensive financial plans to achieve their objectives. The survey found that only 38% of yet-to-retired respondents are confident they can reach their target by their preferred retirement age.

The primary financial goals of young affluent families in Hong Kong include building a substantial retirement fund, providing for family members, and preserving wealth for future generations. However, many respondents struggle with the rising costs of retiring and the need to balance short-term needs with long-term goals. Additionally, the survey highlights a lack of awareness and understanding of investment options among young affluent families, with 59% shifting their investment gaze elsewhere due to property market volatility and rising interest rates.

To achieve their financial aspirations, young affluent families in Hong Kong must develop comprehensive financial plans tailored to their unique needs and circumstances. This includes setting clear financial goals, creating a budget, and regularly reviewing and adjusting their financial strategy. Seeking professional financial advice can also help young affluent families make informed decisions and stay on track to meet their long-term objectives.

In conclusion, while Hong Kong's young affluent families have lofty financial goals, many lack the comprehensive financial plans needed to achieve them. By taking proactive steps to develop and implement effective financial strategies, these families can better navigate the challenges of retirement planning and secure their financial future.