Hong Kong: More 'Smart Consumer' Than 'Smart Investor' Amid COVID-19 Pandemic

| 24 Sep 2020

Haymans Fung, Chief Marketing and Digital Officer of Sun Life Hong Kong Limited

Sun Life Hong Kong Limited has announced its latest "Consumer Finance During Pandemic" survey in Hong Kong. The survey found that over 40% of Hong Kongers who regularly search for consumer discounts do so at least once per day, and 31% indicated that they are sharing offers with friends and family more frequently during the pandemic.

While those who regularly search for investment and savings related information are less in comparison, 21% indicated that they are sharing such information with their close friends and relatives more frequently since the pandemic outbreak.

The survey found a generally cautious attitude towards managing finances. While close to 40% of respondents anticipated around HKD10,000 to HKD30,000 in travel expenses for the year, over half said they will reallocate such expenses to reserve cash for emergency situations or to support normal daily expenditures. It also found that 63% of respondents did not “revenge spend” in the past months, of which 27% were worried about the economic and employment outlook and wanted to keep more cash on hand.

Haymans Fung, Chief Marketing and Digital Officer of Sun Life Hong Kong Limited, said, “At Sun Life, we believe that life is always brighter under the sun. We know that the pandemic has affected the daily lives of everyone in the city. We also understand that retirement savings, financial confidence, and consumption habits are closely related. The recent survey sheds light on the changes during these challenging times, and enables us to provide professional retirement planning advice and devise contemporary wealth management products.”

The pandemic has inspired diligent retirement planning and willingness to save, while 20% remain laid back in managing finances.

Pandemic inspires diligent retirement planning and cost saving

On planning for retirement, many respondents claim they are “trying hard”, rising from 37% before the pandemic to 43% after the pandemic. Those that believe they are “trying very hard” has risen from 5% before the pandemic to 11% after the pandemic.

Half of the respondents said the pandemic has inspired them to devise retirement plans while they have the means to do so, or believe extra effort and comprehensive planning is needed to reach their original goals. Many from the Post-90s Generation, aged 20 to 29, said reduced social activity during the pandemic has given them more time to plan for their future retirement.

Sun Life Hong Kong commissioned Cimigo Limited to survey 1020 Hong Kongers, aged 20 to 40, on their views and thoughts on consumption, financial wellbeing, and retirement savings. The survey was conducted via online questionnaire between August 5 and August 16, 2020.

Sun Life Hong Kong was crowned Insurance Company of the Year at the 5th Asia Trusted Life Agents & Advisers Awards.

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