Blue survey finds 30% of Hongkongers perceive HK$2.5 million to HK$4.9 million to be the ideal saving rate needed for future immigration plans


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  • Survey finds more than 40% of Hongkongers plan to immigrate

  • With Hongkongers saving around HK$5,000 per month on average, it may take at least 41 years for people to reach just the lower budget rate of HK$2.5 million

  • In the light of market demand, Blue launches WeSave S3 Insurance Plan (Plus) with flexible and high interest earned features, with the aim of helping Hongkongers to grow their wealth with ease

Hong Kong, 3 November 2021 - ESDlife was commissioned by Blue, the first digital life insurer in Hong Kong, to conduct a survey on Hongkongers’ saving habits in October 2021. A total of 598 Hongkongers aged between 20 and 49 were interviewed through an online questionnaire. The objective of the survey was to gain insights into people’s saving habits and the reasons why they were unable to save money, as well as investigating their estimated budget for immigration. The survey found that Hongkongers save around HK$5,000 per month on average, accounting for nearly 25% of their monthly income. Men were found to be more proactive in establishing savings plans than women, who saved around HKD $1,000 more per month to reach an average total of HK$6,000.

While many Hongkongers desire to immigrate within 5 years, they may face difficulties in achieving this goal with their current savings habits

More than 40% of respondents revealed that they plan to immigrate from Hong Kong, while 59% of respondents stated that they are going to leave the SAR in 5 years. Of these respondents, 71% believe that they need at least HK$2.5 million or more to immigrate. Based on an average monthly saving amount of HK$5,000, the total savings Hongkongers will accumulate after 5 years is HK$300,000, which is far from achieving the target immigration budget amount identified. According to the findings, if Hongkongers want to immigrate in 5 years, they will need to save more than HK$41,000 per month, otherwise it will take them more than 41 years to reach just the lower threshold goal of HK$2.5 million.

Hongkongers have trouble saving money due to the high expenses, while 10% of the respondents never thought of saving

Renowned as a cosmopolitan city, there are diverse attractions available in Hong Kong, which increases people’s daily expenditures and poses challenges to financial savings. According to the survey, the main obstacles to saving money were mortgage payment or rental expenses (37%), followed by meal costs and entertainment expenses (30%) and shopping expenses (29%). Those who were single agreed that cravings for food and entertainment, shopping and travelling were the three main factors that hindered their savings. However, the survey also indicated that nearly 60% of married respondents with children (57%) thought that their children's education fund was the most important factor affecting their savings behavior.

Additionally, nearly 40% of the respondents said they would start saving only when they have surplus funds. The most interesting part of the survey results was that 16% of the respondents thought they would start saving when they had to give money to their parents, and 14% of them even thought they would only start saving when they were in a relationship. Nevertheless, there were still 12% of respondents who never thought of starting a savings plan. Additionally, the survey results revealed that many Hongkongers did not understand the importance of savings, and thus did not have a specific personal savings plan to ensure they could live securely.

More than 70% of respondents have lost money on investments but still look for high return savings tools

The survey found that 72% of the respondents had once lost just under H$100,000 due to investments. Therefore, despite the low-interest rate environment, 50% of respondents would still choose bank deposits as a savings tool, followed by investment in stocks, funds and bonds (17%), savings insurance (11%), time deposits (9%), and storing at home (6%).

Even though many respondents had suffered investment losses, nearly 80% of them still considered high interest return rates as the primary factor in choosing a savings plan. The remaining four criteria included the ability to get back the fund and interest when they surrender the policy (58%), the right to surrender at any time without any charges (52%), entry load (47%), and flexible tenure (45%). The survey showed that although most Hongkongers preferred less risky savings methods, such as low-interest bank deposits, they would still consider high-yield savings measures to increase their wealth.

WeSave S3 Insurance Plan (Plus) features flexible and high rate returns, with a guaranteed average crediting interest rate of as up to 3% per annum*

In response to market demand, Blue has launched WeSave S3 Insurance Plan (Plus) with a limited offer. Its three main features are as follows:

  1. Competitive Return Rate - The Plan offers competitive guaranteed crediting interest rates over its entire five-year benefit term. The guaranteed average crediting interest rate over the entire policy period is as high as 3% per annum*.

  2. Customised Financial Goals - Premium amount from US$8,000 to US$1,000,000, allowing customers to plan their savings goals flexibly.

  3. Flexible Policy Surrender - The Plan offers flexible full withdrawal of funds with zero fees. Customers can withdraw their total funds and enjoy guaranteed returns in a lump sum, with no penalty or charges, whenever they decide to surrender their policy.

Mr. Charles Hung, CEO and Executive Director of Blue, stated, “From the survey results, we can see that Hongkongers always hope to increase their wealth income, but they often fail to choose the right savings plan due to a lack of investment knowledge or because of previous investment losses. We believe that our WeSave S3 Insurance Plan (Plus) Promotion can address the needs of our customers in terms of savings, by providing them with a high interest earned rate, flexible and stable return saving product. We hope that this flexible product will further encourage people to plan for their savings early, not only to help them achieve their savings goals at different stages of their lives, but also to meet any urgent and unexpected expenses so that they can live easily and comfortably.”


* The 3% p.a. refers to the guaranteed annualized rate of return should the policy be held for its entire five-year benefit term.

Respective terms and conditions apply to the above products and offers. For more details about WeSave S3 Insurance Plan (Plus) Promotion, please click here.