7 in 10 Hong Kong families lack financial planning

Hang Seng unveiled a wealth management plan to combat this.

Many young families lack a comprehensive financial plan despite setting a savings goal of $2.31m (HK$18m) for key life objectives, Hang Seng Bank’s latest survey of over 500 affluent Hong Kong residents showed. 

Amongst respondents without a structured financial strategy, 71% were families with children aged 12 or younger. 

Wealth management goals included retirement planning, securing children’s futures, covering parental expenses, medical insurance, and legacy planning.  

In response, Hang Seng launched an enhanced "Wealth Master for Family" tool, designed to provide tailored financial planning support for key life stages. 

The bank also introduced the "FamilyPower Multi-Currency Life Insurance Plan," offering policyholders flexibility with eight currency options, three payment terms, and features such as policy splitting, currency switching, and cash flow management. 

The plan includes coverage for severe dementia, accidental death, and mental incapacity.