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

Hang Seng's Family-oriented Wealth Planning Tool "Wealth Master for Family"

Offers Tailored Financial Solutions for Families through
Prestige Banking Family+ Account

HONG KONG, Feb. 10, 2025 /PRNewswire/ -- Hang Seng Bank ('Hang Seng') recently interviewed over 500 Hong Kong residents aged 30 to 55 with liquid assets of HKD 1 million or more in a survey on family wealth management practices. The survey revealed that young affluent families set a savings goal of HKD 18 million to achieve various life objectives. However, many of the respondents lack a comprehensive financial plan. Although one-third of them indicating 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. Notably, 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.

Rannie Lee, Head of Wealth and Personal Banking at Hang Seng Bank, said: "We recognise that affluent families today face complex financial needs, going beyond simple savings. Hang Seng is committed to providing innovative family wealth management solutions. We have launched the enhanced 'Wealth Master for Family', which supports customers with comprehensive family wealth goal analysis and asset allocation. We also offer diversified categories of investment products ranking first among local retail banks, well-curated insurance solutions and our unique Prestige Banking 'Family+ Account', to meet the evolving needs of customers at every stage of life and help them achieve their distinct family wealth goals."

1)   'Wealth Master for Family': Family Wealth Goal Analysis and Financial Planning

In order to meet the increasingly complex needs of customers regarding family wealth management, Hang Seng has launched the enhanced 'Wealth Master for Family' tool which supports comprehensive family wealth planning by understanding customers' needs for key life stages (wealth management, protection, children's education, retirement, and legacy planning). Through analysis on the asset allocation and past performance of the Current Portfolio vs the Reference Portfolio with 8 Historical Scenario comparison, customers can formulate their personalised family asset allocation strategies with the support from the Bank's team of financial experts.  

2)  Investment: No.1 Investment Product Categories Available for Selection Across Local Retail Banks 

Hang Seng offers choices featuring 23 investment categories across 10 currencies, ranking first among local retail banks. This covers the largest selection of index funds, trading in Hong Kong and US stocks, A-shares, fixed income products, structured products, and a full suite of gold-related products, including paper gold and physical gold. These diverse offerings allow customer flexibility in their asset allocations, enabling them to build a portfolio that best aligns with their family needs.

3)  Protection and Legacy Planning: New 'FamilyPower' Multi-Currency Life Insurance Plan

Hang Seng also launched the new 'FamilyPower Multi-Currency Life Insurance Plan', offering 8 policy currencies and 3 payment terms, with the currency switch option, allowing families to adapt to evolving financial needs. Additionally, the policy split and regular withdrawal options enable families to create cash flows for individual goals. With enhanced protection, 'FamilyPower Multi-Currency Life Insurance Plan' also covers severe dementia, Accidental Death Benefit, and the Mental Incapacity Benefit that was introduced in 2021, to safeguard families with all-round protection.

Hang Seng has once again partnered with award-winning actress Sandra Ng, who reprises her role as the legendary Chief Family Officer ('CFO') in the publicity campaign. Sandra is joined by 'Young CFO' Carlos Chan, Shiga Lin, and 'Mature CFO' Johnny Hui, who represent families at different life stages. Together, they showcase how Hang Seng's family wealth management approach with its innovative products and services helps support every CFO in building secure financial futures for their families and achieve their life goals. The video is now available on major media outlets and the Hang Seng official YouTube channel (https://www.youtube.com/watch?v=cMNzdweZZek).

Additionally, from now (10 February) until 31 March 2025, customers who join Prestige Banking and open Family+ account(s) via mobile and fulfill the designated requirements can enjoy rewards of over HKD 40,000 and a Family+ Fortune Pack.  For details, please visit hangseng.com/wem.  

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SOURCE HANG SENG BANK LIMITED