Hongkongers save money at highest rate in 5 years but still feel insecure, fearing ‘emergency needs’ amid economic gloom
- Average monthly savings jumped 17 per cent to HK$7,700 compared with last year, a survey from the Hong Kong Deposit Protection Board finds
- The total savings Hongkongers say they need to feel secure jumped 20 per cent to HK$590,000
Hongkongers prioritised savings in 2022, with the average amount squirrelled away each month reaching a five-year high amid fear of “emergency needs” amid prolonged pandemic conditions and economic uncertainty, according to an annual survey.
Average monthly savings increased 17 per cent to HK$7,700 (US$989) from HK$6,600 last year, according to the survey by the Hong Kong Deposit Protection Board (HKDPB), released on Tuesday.
Meanwhile, the amount of savings respondents believe they need to provide a sufficient sense of security jumped 20 per cent to HK$590,000 from HK$491,000 a year ago.
The telephone survey, in its fifth year, polled a total of 1,005 Hongkongers aged 18 and above between August 3 and September 22. It was carried out by the Hong Kong Institute of Asia-Pacific Studies.
Factors such as the provision of government consumption vouchers, and a decline in overseas travel and entertainment expenses, may have contributed to the increase in average monthly savings, HKDPB said.