Only 32% of Hong Kong couples have discussed holistic financial plans, potentially indicating that the remaining two-thirds of couples do not have a plan in place for their future.
This was according to a survey commissioned by DBS and Manulife which also revealed that 45% of couples in Hong Kong were more likely to prioritise travel planning over their finances.
Another interesting finding is that 62 percent of parents have plans to leave a financial legacy for their children, but only a quarter of them have spoken to a financial planner about how to build wealth and who will receive it. In addition, only half of the parents have a life insurance plan already set up. Achieving financial freedom is also cited as the main life goal for 63 percent of all respondents in Hong Kong, with 33 percent saying they have never consulted a financial advisor for professional advice.
In response to the findings, Mr Wing Lo, Managing Director of Bancassurance at DBS Hong Kong, said: “Our survey shows that there is a discrepancy among Hong Kong citizens between their expectations for long-term financial freedom and actual financial planning.
“Along with the pandemic, which has upended the way we live and work, the world has become more interconnected than ever. Many people are seeking more flexible financial tools to address their ever-changing lifestyles, where kids can study abroad while global wealth portfolios are built for future generations.
“It is increasingly important to maintain international financial capabilities to prepare for any opportunities that may arise. The right financial plan can help individuals gain the flexibility needed to access foreign currencies as a key component for long-term wealth accumulation.”
Ms Tracy Leung, Chief Partnership Distribution Officer at Manulife Hong Kong and Macau, said: “As we start looking towards the future after a difficult couple of years, families need to plan ahead in order to ensure they worry less about their retirement, children’s education, and legacy planning.
“By leveraging smart solutions that cater to various life stages, families are now empowered to capture financial opportunities to reach their life goals in Hong Kong or abroad. Planning early will provide the opportunity for families to grow their long-term wealth which they can pass on to the next generation.”
To help families achieve their wealth goals, a new savings insurance plan called ManuGlobal Saver, which is designed to help customers accumulate wealth and pass it on to future generations with extra flexibility, is now available at all branches of DBS Bank Hong Kong.
Besides tapping into the potential of different currencies to grow wealth and meet evolving needs over time, customers can also benefit from a range of value-added services for legacy planning to safeguard their nest egg for the ones they love.