Staff reporter

Hong Kong film star and singer Michael Cheung Tin-fu says he once was a spendthrift but now recognizes the need for early financial planning and savings.

Speaking at a Prudential (2378) media briefing yesterday, Cheung said he used to spend without a second thought, with takeaways being his biggest expense because of his love for food.

But he realized the need to plan ahead as he got older and started thinking about retirement.

When asked about his plans for marriage and children, Cheung said he hopes to achieve financial freedom first, with a goal to do so by the age of 40.

Financial freedom would allow him to spend more time with his family, he said.

Cheung said he initially planned to retire after saving millions of Hong Kong dollars when he started his career, but later realized it was not enough, and he now focuses on working harder.

He emphasized the importance of better savings and planning, noting that financial pressures increase when there are additional family members to care for in the future.

He said that when he has children, he will support them just as his father had supported him, giving them the freedom to follow their own paths.

Cheung said he was quite rebellious as a child, always eager to try new things. His father gave him the space and freedom to explore his interests, such as music, arranging guitar lessons and gifting him an MP3 player, all while unconditionally supporting his pursuit of music, he said.

Cheung starred in The Prosecutor, an action thriller directed and produced by Donnie Yen Chi-tan last year.

The film became the top-grossing movie for three consecutive weeks after its premiere on December 21.

Meanwhile, a Prudential Hong Kong survey shows that nearly 60 percent of Hong Kong parents whose offspring make up Generation Alpha - a cohort under the age of 15 - plan to financially support their children, though many have yet to start saving.

Prudential revealed the findings from its annual Financial Wellbeing Tracker, which delves into the outlook, aspirations, concerns, and financial goals of people in Hong Kong.

Gen Alpha parents scored 62.3 points for financial wellness, above the average score of 58.0 points.

Among them, 58 percent plan to support their children financially and of that figure 94 percent expect to do so until their kids turn 25.

However, only 37 percent are saving for their children's future.

Michael Cheung strikes a pose at the briefing. PRUDENTIAL

I was a spendthrift but am now saving, reveals Prosecutor star