HKers' average monthly savings tops $10,000 for first time: survey

Hong Kong residents are putting aside more money than ever, with average monthly savings reaching a record HK$10,100 for the first time, up 3 percent from last year.

A survey by the Hong Kong Deposit Protection Board and Chinese University of Hong Kong interviewed 1,047 adults and 301 parents of young children between September and October.

The study revealed that more than 67 percent of respondents have a regular savings habit, a similar figure to last year. 

The average monthly savings have hit a record high of HK$10,100, reflecting a 3 percent increase from the previous year.

Among the respondents, 75 percent reported that their primary saving method remains demand deposit and time deposit.

A significant portion of savers are goal-oriented, with over 20 percent having set an annual savings target, averaging HK$279,000.

In terms of their motivations for saving, 37 percent of the respondents noted it was for a “rainy day,” with 31 percent for “retirement.”

Young adults lead in proactive saving

The findings indicate that an impressive 89 percent of respondents aged 18 to 29 are saving regularly, with 32 percent of them having established specific savings targets—the highest proportion among all age groups.

It is reported that the average monthly savings of this age group reached HK$10,900, reflecting a proactive attitude of saving. 

Nest egg over HK$1m

This year's respondents rated their savings’ ability to provide "security" at an average of 54.3 points, an increase from 53.5 points last year, marking the highest score in nearly four years. 

The result revealed 76 percent rated their savings security at 50 points or higher, a slight increase of about two percentage points from last year. 

Meanwhile, 16 percent scored 80 points or above, the same as last year.

The survey also indicated that residents believe they need an average of HK$1.02 million in savings or liquid assets to feel “secure” if they were to maintain their current standard of living for one year, comparable to last year's figure of HK$1.03 million.

80 percent of parents with young children save

For parents with young children, nearly 80 percent of them are regular savers, reflecting a 3 percent increase since 2020.

Notably, they save an average of HK$12,100 monthly—a sharp 40 percent rise from five years ago—and perceive a need for HK$1.16 million to achieve financial security, 14 percent above the general public's benchmark.

Connie Lau Yin-hing, chairperson of the Hong Kong Deposit Protection Board, stated that the total amount of deposits held by members under the Deposit Protection Scheme (DPS) last year was HK$3.49 trillion, with over 92 percent being fully covered by the scheme.

She also highlighted that the number of virtual bank accounts had reached 3.4 million by June of this year.