A family wealth management survey recently conducted by Hang Seng Bank that interviewed over 500 Hong Kong residents aged 30 to 55 with liquid assets of HKS1m ($130,000) or more revealed that young affluent families set a savings goal of HK$18m to achieve various life objectives. However, many respondents lack a comprehensive financial plan.
Although a third of respondents indicated they have established financial strategies tailored to their family’s needs, more than 50% expressed a lack of confidence in their ability to effectively execute these strategies. Among respondents without a cohesive financial plan, 71% were young affluent families with children aged 12 or younger.
The survey revealed that respondents’ wealth management goals encompassed a wide range of areas, including retirement preparation, securing children's futures, covering parents’ daily expenses, medical insurance and family legacy planning.
Moreover, 92% of respondents said personalised wealth management and planning services will help them achieve their unique financial goals.