HKers' savings soar to all-time high: study
A survey found that Hongkongers are saving a record amount of money to better prepare for a rainy day. According to the sixth annual survey on savings trends by the Hong Kong Deposit Protection Board, people's sense of security also went up thanks to their savings. The study found that people's average monthly savings increased to HK$9,000 in 2023 from HK$7,700 last year. That's a 17 percent increase year on year, and the highest amount since the board began its surveys. “After three years of Covid, people would like to go back to their old good life before the pandemic," said Connie Lau, the board’s chairwoman. "Because of the experience they had during Covid, they are hoping to have more money, more usable money around them to save for a rainy day." The survey also found that Hongkongers’ sense of security, brought by the money they save, rose from 51.4 last year to 53.7 this year on a scale of 100, reversing a three-year decline.  Moving forward, people aim to save even more. “While only 20 percent of the respondents have already set a savings target for next year, which represents a slight decline, their average targets have increased by 6 percent to HK$183,000,” according to the survey. It added that people believe they’ll need to save an average of HK$1.08 million a year to generate a strong enough sense of security, up from HK$590,000 last year. The survey also said that young people – those aged between 18 and 29 – are becoming more proactive in saving money. They're found to have saved HK$7,900 a month in 2023, compared with HK$5,000 last year.  Full-time homemakers are also saving more, the study said.