Date
13 December 2017
Hong Kong citizens largely prefer to hold their assets in cash and bank deposits, a survey shows. Photo: Bloomberg
Hong Kong citizens largely prefer to hold their assets in cash and bank deposits, a survey shows. Photo: Bloomberg

Hong Kong people mostly conservative in investment: survey

Hongkongers are largely conservative with regard to their investments, with six out of 10 people mainly holding their assets in cash or bank deposits, a survey showed.

In the survey commissioned by AIA Group Ltd. (01299.HK), one-fifth of the interviewees said they invest in financial products while 14 percent chose real estate, the Hong Kong Economic Journal reported Tuesday.

In terms of personal wealth, an average local considers an amount of HK$2 million (US$257,870) as the “first bucket of gold”, according to the survey.

Yet 96 percent of the interviewees said they are yet to achieve that goal. Three out of 10 people said it would take a mark-six lottery win for them to realize such a fortune.

The survey was based on interviews with 500 workers, aged between 20 and 59, in October. It found that 35 percent of the respondents spend all their income or even have negative cash outflow each month, even though as many as 80 percent said they recognize the importance of saving.

However, people seldom pay much attention to what they are investing, even if they do.

Almost 70 percent of the respondents did not know about the returns on their portfolios over the past year, and roughly the same number of interviewees regretted their investment decisions.

Bonnie Tse, general manager, marketing and business strategy at AIA Hong Kong, was quoted as saying that it is a pity that many people are not utilizing the current low interest rate environment to make sound investments. 

– Contact us at [email protected]

VW/JP/RC

 

Freelance journalist

EJI Weekly Newsletter

Please click here to unsubscribe