6 out of 10 Hongkongers have no financial plan

52%, meanwhile, are concerned about the high cost of living in the future.

A study released by St. James’s Place Wealth Management Asia showed that 63% of HongKongers lack a financial plan. 

31% said that this lack of a financial plan prevents them from committing to savings and investments, whilst 40% said that they are not comfortable with their current amount of savings. 

To combat this, 68% of respondents are prepared to make lifestyle choices in order to enjoy a better future. 71% are looking into acquiring alternative sources of income in the coming 12 to 24 months, with 67% having two or more sources of personal income. 

Meanwhile, asset classes that showed the most investments were cash (92%), equities (89%), and investment-linked insurance policies (49%). On the other hand, property (23%), ETFs (21%), and cash (17%) were the three asset classes that provide the most satisfaction amongst consumers.

Due to this increased attitude towards finances, 82% of respondents are more likely to seek financial advice before making any financial decisions, with 41% of investors in Hong Kong currently engaged with a financial adviser.