Manulife commissioned YouGov to conduct a survey of 1,026 respondents aged 18 or above in Hong Kong between 15-20 October. The survey looked at behavioural changes caused by the pandemic and 12% said they had decided to use the money received from the Hong Kong government’s cash payout scheme to buy health and medical insurance products.
The survey discovered that uncertainties about the impact of the pandemic on the local economy have prompted many Hong Kong residents to think more about their own finances.
More than three-quarters of respondents (77%) said they would spend part of the HK$10,000 ($1,290) received from the Hong Kong government’s cash payout scheme to enhance their financial planning.
The findings indicated that younger people in Hong Kong – those in the 18-24 age bracket – have been harder hit by the pandemic financially. Nearly two-in-five (39%) said they are using the money to subsidise reduced or lost work income, a rate considerably higher than the overall average (24%).
Even though the vast majority (73%) of people in Hong Kong said they feel more stressed since the onset of the pandemic, that rate is considerably higher for the 18-24-age group (83%) – underscoring the increased financial pressure on the city’s youth.
“It’s hard to tell at this point how long it will take for the economy to rebound, but future-minded people in Hong Kong know they need to stash away part of the government’s payout cash to deal with lingering uncertainties and improve their financial well-being also. This is particularly true for younger people who are bearing the brunt of the slowdown in economic activity,” said Mr Kee.