Hong Kong: Financial insecurity remains critical source of stress

| 08 Apr 2021

Finances continue to be the key stressor for the people of Hong Kong, according to the findings of a recent study by Cigna that tracks people's well-being as they move across and between different stages of the pandemic.

The study found that the financial well-being index of Hong Kong citizens remaining stable (49.8 in August to 49.9 in October 2020), with only 13% of respondents saying their current financial situation is positive (increased slightly from 11% in August 2020).

People continue to feel insecure financially and are more pessimistic about their finances, with only 15% of respondents saying they can maintain their current standard of living (same number in August 2020). Only 11% of people said they have the financial ability to meet their own or their family’s medical needs (increased slightly from 10% in August 2020).

The concern on the ability to pay for housing has increased (from 11% in August to 14% in October 2020), and the majority of respondents have a bad outlook on the economic environment and its impact on their financial situation and planning, with only 10% of respondents said they feel optimistic (slightly increased from 9% in August 2020). Only 10% of respondents said they have sufficient money for retirement (slightly increased from 8% in August 2020).

Hong Kong still has one of the higher stress levels across the markets surveyed, with unmanageable stress level staying at 14% in October (slightly dropped from 18% in August 2020). Meanwhile. 90% claim to be stressed, which is slightly lower than Korea (96%), Taiwan (92%), and UAE (92%), and continues to be higher than the global average of 84%. Uncertainty about the future has become the key stress driver, with more than half (52%) of respondents attributing this as the cause of their stress in October 2020.

More on Hong Kong:

Hong Kong: Total gross premiums up 4.9% y-o-y to HK$608.4 billion in 2020

Hong Kong: Manulife reports record-high earnings for 2020

Hong Kong: Study shows insurance agents and advisers in Asia optimistic

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