Manulife Asia Care Survey 2024 - Family Plan
The Asia Care Survey 2024 shows how people across the region perceive their current and future physical, mental, and financial well-being.
In Hong Kong, Manulife’s study of more than 1,000 residents took place in January 2024. We invite you to explore the survey’s findings and discover how Manulife can be their partner for progress.
Respondents are unsure they will achieve their desired levels of physical, mental and financial well-being.
Respondents in Hong Kong feel the least ready for their ‘financial’ & ‘physical’ well-being in a decade, with 15 points separating their ‘desired’ and ‘expected’ levels of future satisfaction.
People also rate physical well-being as the most crucial attribute, while mental welfare is considered the least important feature. In fact, mental well-being is a vital measure of your overall health, as it can often act as an alarm bell signalling future physical ailments.
Let’s take a closer look at the challenges people face:
Embracing solo: The rise of singlehood
More than 40% of people think that weddings cost too much
For many in Asia, financial insecurity remains a significant deterrent to starting a family.
The Asia Care Survey 2024 reveals that 25% of respondents do not intend to get married, most would worry about financial constraints, including wedding expenses, insufficient income, and the high cost of housing.
60% of the over 25s and single worry about a lack of savings
|
Single |
Married |
Insufficient savings |
60% |
37% |
Unexpected medical expenses |
43% |
36% |
Reduced income |
42% |
32% |
Respondents who are single and over 25 appear to have more financial concerns than those who are married. Single respondents are more anxious about their savings, unexpected medical expenses, and reduced incomes.
Financial literacy is also lacking among singles
|
Single |
Married |
Saving products |
68% |
71% |
Insurance products |
44% |
70% |
Investment products |
45% |
72% |
The financial literacy of single respondents is notably lower than that of married respondents. Furthermore, 41% of single and 77% of married respondents have a financial planner. Not having a financial planner could be a key reason they have greater concerns about economic well-being and could also explain their lower financial literacy.
Shifting family dynamics: couples opting for child-free lifestyles
What keeps Hong Kong couples child-free?
Most are worried about added responsibility and education costs.
Personal concerns |
Financial concerns |
44% of respondentsI want to have more free time for myself. |
58% of respondentsEducation costs too much money. |
41% of respondentsToo much responsibility to raise children. |
32% of respondentsHealthcare for children costs too much money. |
39% of respondentsI don’t like kids in general. |
24% of respondentsI don’t have a stable/good income. |
25% of respondentsI want to focus on my career. |
23% of respondentsIt will delay my retirement plan. |
Among those who are married without kids, 73% do not plan to have any children, and 5% are still unsure if they want to start a family. For many, this decision extends beyond financial factors to encompass personal preferences. Interestingly, 57% of married respondents would rather have pets than kids.
The traditional notion of children as a future income source or ‘insurance’ is evolving. There has been a noticeable shift in Asian culture, whereby children are no longer considered investments. Also, parents are less likely to rely on the next generation to provide for them in old age.
Ageing without children: people don’t want to grow old alone
What can I do?
Take charge of your future. Start planning today.
This Asia Care Survey 2024 is provided for general information purposes only and does not take account of your individual needs and circumstances. It should not be construed as an insurance advice and does not constitute any offer or any solicitation to offer or a recommendation of any insurance product(s).
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