Financial habits
66
/100
3%
The FinFit index adopts an algorithmic approach by combining external survey responses with internal customer data in a financial behaviour study. It covers four areas: financial habits, financial knowledge, financial planning, and cyber security & safety.
Financial habits
Financial knowledge
Financial planning
Cyber security & safety
Impacted by the pandemic and the economic slowdown, Hong Kong people’s FinFit Index dropped in 2022, especially in the areas of financial habits and financial planning. The results indicate that we will need to pay more attention to these areas and look for ways to improve our scores. Let's take a closer look at each pillar for insights.
Day-to-day money management, eg saving money, tracking expenses, paying bills, etc
Day-to-day money management, eg saving money, tracking expenses, paying bills, etc
of respondents save regularly
Rising interest rates have led to larger monthly mortgage and personal loan repayments, which in turn have caused savings to fall.
refrain from making unplanned purchases
monitor their monthly expenses to prevent overspending
use financial products to grow their wealth
As a result of stock market fluctuations, fewer people are using financial products to boost the value of their assets.
Avoid making impulsive buys; let HSBC Budget App help you keep track of your spending.
Set savings goals, and put aside more of your monthly income.
Start investing early to generate long-term returns. Begin your investment journey here.
To guard against the unexpected, maintain a contingency fund that would allow you to survive financially for at least 6 months.
Click here to find out how fit you are financially and how you performed in different areas, then work out the next steps on your journey to financial fitness and new personal milestones!
Motivations or actions you take to plan for your future and reach your financial goals.
Motivations or actions you take to plan for your future and reach your financial goals.
review their financial plans once a year, down from 69% in 2021. Among the financially unfit, only 21% do annual financial reviews.
plan for their retirement, down 6% vs 2021. Again, the decline is more marked among the moderately fit and unfit.
seek professional advice (76% of the very fit and only 20% of the unfit).
understand their life goals and have made financial plans accordingly, down from 67% in 2021.
In other words, the emphasis is shifting from long-term to short-term goals.
Review your plans at least once a year. Make personal financial forecasts with our Future Planner so you can plan ahead with confidence.
Start planning for your ideal retirement. Our retirement tools help you set financial goals to achieve your ideal retirement life.
Want to learn more about investment? Speak to your Relationship Manager or a Wealth Coach* via Live Chat on our website or Chat with Us on the HSBC HK App.
Risk disclosure
Investment involves risk. You should carefully consider whether any investment products or services mentioned herein are appropriate for you in view of your investment experience, objectives, financial resources and relevant circumstances. Please refer to the 'Disclaimer and risk warning' section for details.
*HSBC Premier customers - please speak to your Relationship Manager
HSBC One customers - please connect with a Wealth Coach
If you’re not yet an HSBC customer, discover our full suite of wealth services. Simply download the HSBC HK Mobile Banking app and open an HSBC One account. It will take just a few minutes#.
#Actual time may vary.
Click here to find out how fit you are financially and how you performed in different areas, then work out the next steps on your journey to financial fitness and new personal milestones!
Understanding of financial products and how to make use of them to grow wealth.
Understanding of financial products and how to make use of them to grow wealth.
know about the different types of financial products
for achieving financial goals.
are confident they can choose the investment products that suit their needs.
have reviewed and updated their risk tolerance level in past 12 months.
have become more price-conscious and will do
comparison shopping for financial products.
average age of Hong Kong kids who are starting their financial education.
help their kids to save pocket money/ laisee to help them invest and do career planning.
average age of Hong Kong kids who have just been given their first bank accounts
Log on to your HSBC account and take a few minutes to complete the Risk Profiling Questionnaire to understand your evolving investment needs and risk appetite.
Build up your financial knowledge with our Investment Platform Guide.
The more you know about the available options for managing your money, the better the wealth management decisions you will make to meet your needs at different life stages.
Access more resources from our wealth planning website. Alternatively, speak to your Relationship Manager or a Wealth Coach* via Live Chat on our website or Chat with Us on the HSBC HK App.
*HSBC Premier customers - please speak to your Relationship Manager
HSBC One customers - please connect with a Wealth Coach
If you’re not yet an HSBC customer, discover our full suite of wealth services. Simply download the HSBC HK Mobile Banking app and open an HSBC One account. It will take just a few minutes#.
#Actual time may vary.
Click here to find out how fit you are financially and how you performed in different areas, then work out the next steps on your journey to financial fitness and new personal milestones!
Behaviours and measures that help you guard against cyber fraud.
Behaviours and measures that help you guard against cyber fraud.
of respondents avoid logging on to their online accounts through public wifi.
check transaction records on their banking/credit card statements monthly.
Make online transactions only on secure and trusted websites. Make sure the website address starts with 'https' and that there's a padlock icon in the address bar. Learn more.
Make sure your user information is secure whenever you’re online. Be aware of hidden terms & conditions whenever you make an online purchase. Learn more.
Check your transaction records at least once a month for misappropriations or suspicious transactions.
Your passwords are key to online security. Never disclose your passwords and change them regularly.
Click here to find out how fit you are financially and how you performed in different areas, then work out the next steps on your journey to financial fitness and new personal milestones!