Hongkongers break savings record for second year amid shaky economy, survey says
Average monthly savings increased by 9 per cent to US$1,256 this year, Deposit Protection Board survey finds
Hongkongers are stashing away a record amount of money this year, indicating that people are saving for possible lean times amid slow economic growth and an uncertain outlook, according to an annual survey.
The average monthly savings increased by 9 per cent to HK$9,800 (US$1,256) this year from HK$9,000 last year, which was also a record, according to the seventh annual survey by the Hong Kong Deposit Protection Board (HKDPB).
The average annual savings target also jumped 68 per cent to HK$307,000 this year from HK$183,000 last year, according to the survey released on Tuesday.
“This year’s survey was conducted in an environment where global interest rates remain relatively high, and Hongkongers prefer bank deposits as their primary saving method,” said Connie Lau Yin-hing, chairwoman of HKDPB, said at a media briefing on Tuesday.
“This demonstrates a heightened awareness among Hongkongers of the importance of setting money aside for a rainy day.”
The HKDPB is an independent statutory body formed under the Deposit Protection Scheme Ordinance. It oversees a safety net that will provide protection for up to HK$800,000 of deposits in case of a bank collapse.
