Survey shows decline in regular savers

Business | 18 Sep 2019 5:35 pm

Though Honghongers’ monthly saving amount have gone up 7 percent from last year to HK$7,500 this year, there is a decline in the percentage of regular savers from 70 percent to 65 percent this year, according to the second Hongkongers’ Sense of Security on Savings conducted by the Hong Kong Public Opinion Research Institute.

About 90 percent of the depositors are fully protected under the Deposit Protection Scheme, where every depositor’s deposit in every bank could be protected with a maximum of HK$500,000, said Michael Hui King-man, chairman of Hong Kong Deposit Protection Board, adding that the level at 80 to 90 percent is in line with the performance result of its peers in other regions.

The survey saw a 16 percent rise in the number of those don’t have a specific saving target this year at 67 percent, which Hui said might reflect many people don’t have actual plans or actions to introduce their savings.

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