Manulife Asia Care Survey 2024 - Financial Well-being
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:
These are the top three financial goals of Hong Kong respondents.
Above all, respondents want to accumulate sufficient savings for emergencies, maintain their current lifestyles, and enjoy financial freedom in retirement.
Adequate emergency funds are seen as a priority
Most people are unsure if their goals can be achieved
70% think that the financial threat comes from rising living costs
70% of respondentsworry about the rising cost of living |
69% of respondentsworry about increasing healthcare costs |
65% of respondentsworry about deteriorating health |
64% of respondentsworry about an economic slowdown or recession |
Hong Kong respondents are most concerned about rising living and healthcare costs. In Hong Kong, people believe that healthcare costs have increased by 18%, on average, over the past 12 months. This perception means a significant gap exists between their expected and desired financial well-being.
At the same time, the rising cost of living is eroding people’s purchasing power and reducing their disposable incomes. The survey showed that respondents think grocery costs have risen the most, followed by eating out and mortgage payments.
In response, 47% have chosen to reduce non-essential spending rather than trim their investment and insurance expenses.
Positively, 68% of respondents agree that insurance is still essential even in an inflationary environment. Also, 67% believe it’s vital that their insurance policy coverage and benefits keep pace with the rising cost of living.
How will people achieve their financial goals when prices rise?
| Cash is still king when inflation bites. |
63% Cash savings or bank deposits |
44% Savings or endowment insurance |
42% Investment in stocks, bonds, and other similar financial products |
41% Additional employment |
32% Health and critical illness insurance |
30% Wealth management/investment-linked insurance |
Regardless of their financial goals, over 63% of respondents still rely on cash savings and bank deposits rather than other investment tools to achieve their goals.
Almost 50% of Hong Kong respondents are reducing non-essential spending to shield themselves from inflation
Cuts in daily spending |
Cuts in investment and insurance spending |
47% are reducing their spending on non-essential items |
20% have reduced their investments in different financial products |
38% are reducing the amount of money they spend on entertainment |
15% have trimmed their insurance expenses |
36% are cutting back on dining-out expenses |
12% have cut their family’s insurance expenses |
35% have lowered their consumption of luxury products or services |
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What can I do?
Source: Manulife Investment Management, May 2024. Cash is king? (manulifeim.com.hk)
Source: Manulife Investment Management, May 2024. Dollar cost averaging and its benefits (manulifeim.com.hk)
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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