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The average Hongkonger is aiming to save about HK$2.4 million, according to a survey by insurance firm AIA.
That figure is about 20 per cent higher than the savings target in the same survey last year.
Of those who had already reached their savings goal, just under a third achieved it through returns made from the booming property market.
The survey, which questioned 521 people aged between 20 and 59 last month, found a fifth hit their savings target this year.
Aside from property investment, 23 per cent reached their target by saving regularly.
But about 30 per cent who missed their target said winning the Mark Six lottery was their only hope of getting there.
Buying a flat remains one of the top three reasons people save. The other two are travelling overseas and taking early retirement, the survey found.
Asked why Hongkongers wanted to save more than they did last year, Bonnie Tse, general manager of business strategy and marketing for AIA Hong Kong and Macau, said: “Number one is the equity market, which moved [up] quite a lot last year. The increase could be because of people’s experience in the market.”
She said the rising cost of medical care also made people want to save.
But Tse said HK$2.4 million may not be enough to enable people to achieve their life goals.  To retire early, she advised people to make sure they had at least  HK$5.57 million in reserve.
Tse said it was too early to tell whether recent stock markets and currency volatility would affect people’s saving plans.
Research by HSBC last year found 77 per cent of Hongkongers were worried about running out of money in retirement.


Hongkongers aim to save HK$2.4 million each on average, survey says

Hongkongers have a savings target on average HK$400,000 higher than last year. Photo: Martin Chan

Hongkongers have a savings target on average HK$400,000 higher than last year. Photo: SCMP Pictures

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Hong Kong

Hong Kong Economy

Hongkongers have a savings target of HK$2.4 million each on average, with almost a third of those who reached their goal achieving it by returns made from property investment, a survey said.
