HSBC Hong Kong reveals findings of the HSBC FinFit Study

Source: IBS Intelligence 2020-06-28

HSBC Hong Kong has apprised through its HSBC FinFit Study, that though the banking population in the region is generally disciplined at saving for the future, it may be missing opportunities to maximise returns on their wealth by using structured, informed and long-term management methods. The study seeks to assess local financial fitness and provide references for HSBC in its upcoming financial education initiatives.

Greg Hingston, Regional Head of Wealth and Personal Banking, AsiaPacific, and Head of Wealth and Personal Banking, Hong Kong, HSBC mentioned, “…The FinFit Study shows that most people are responsible and far-sighted when it comes to planning for their future, but it also shows that they could make their savings work harder for them as part of their behavioural change for better financial planning.”

The HSBC FinFit Index (FinFit Index), which measured the financial fitness of the Hong Kong citizens based on 4 aspects including financial habits, financial knowledge, financial planning and financial security & safety, stood at 67 out of 100. Only 29 per cent of respondents scored 80 or above, but on the bright side, only 20 per cent are had a score of below 50.

Sami Abouzahr, Head of Customer Wealth, Wealth and Personal Banking, Hong Kong, HSBC said, “…By sharpening their financial product knowledge, Hongkongers can better invest their money as part of a balanced financial plan that can help them achieve their long term ambitions and protect them against economic uncertainty or unexpected shocks in their lives and careers.”

The survey found that the banking population is generally good at making ends meet despite average monthly basic expenses of HKD13,900 or 53 per cent of their monthly income. With Hong Kong’s economy reeling from COVID-19, 55 per cent of respondents said they had experienced money worries in the past 6 months.

Brian Hui, Head of Customer Propositions and Marketing, Wealth and Personal Banking, Hong Kong, HSBC said, “When constructing the FinFit Index, HSBC is the first bank in Hong Kong to adopt an algorithmic approach by combining external survey responses with internal customer data to understand the financial behaviours of the local banking population. We plan to refresh the survey regularly to capture changes arising from the fast changing macro environment. It will be a timely indicator to understand the latest financial fitness of people in Hong Kong.”

HSBC Hong Kong reveals findings of the HSBC FinFit Study

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