A survey[2] commissioned by DBS and Manulife finds that only 32 percent of Hong Kong couples have discussed holistic financial plans, potentially indicating that the remaining two-thirds of couples do not have a plan in place for their future. The survey also revealed that couples in Hong Kong were more likely to prioritise travel planning (45 percent) over their finances.
Another interesting finding is that 62 percent of parents have plans to leave a financial legacy for their children, but only a quarter of them have spoken to a financial planner about how to build wealth and who will receive it. In addition, only half of the parents have a life insurance plan already set up.
Achieving financial freedom is also cited as the main life goal for 63 percent of all respondents in Hong Kong, with 33 percent saying they have never consulted a financial advisor for professional advice.
In response to the findings, Mr. Wing Lo, Managing Director of Bancassurance at DBS Hong Kong, said: “Our survey shows that there is a discrepancy among Hong Kong citizens between their expectations for long-term financial freedom and actual financial planning. Along with the pandemic, which has upended the way we live and work, the world has become more interconnected than ever. Many people are seeking more flexible financial tools to address their ever-changing lifestyles, where kids can study abroad while global wealth portfolios are built for future generations. It is increasingly important to maintain international financial capabilities to prepare for any opportunities that may arise. The right financial plan can help individuals gain the flexibility needed to access foreign currencies as a key component for long-term wealth accumulation.”
Ms. Tracy Leung, Chief Partnership Distribution Officer at Manulife Hong Kong and Macau, said: “As we start looking towards the future after a difficult couple of years, families need to plan ahead in order to ensure they worry less about their retirement, children’s education, and legacy planning. By leveraging smart solutions that cater to various life stages, families are now empowered to capture financial opportunities to reach their life goals in Hong Kong or abroad. Planning early will provide the opportunity for families to grow their long-term wealth which they can pass on to the next generation.”
To help families achieve their wealth goals, a new savings insurance plan ManuGlobal Saver, which is designed to help customers accumulate wealth and pass it on to future generations with extra flexibility, is now available at all branches of DBS Bank Hong Kong. Besides tapping into the potential of different currencies to grow wealth and meet evolving needs over time, customers can also benefit from a range of value-added services for legacy planning to safeguard their nest egg for the ones they love.
The 3 key features of ManuGlobal Saver are:
For information about ManuGlobal Saver’s features and risks, please refer to the product leaflet available on the DBS website.
1 ManuGlobal Saver is a long-term participating life-insurance plan underwritten by Manulife (International) Limited (incorporated in Bermuda with limited liability) (“Manulife”). DBS Bank (Hong Kong) Limited (the “Bank”) is acting as a licensed insurance agency of Manulife. The product is an insurance product and is neither a bank deposit nor a bank saving plan.
2 The survey was conducted from 25 January to 14 February 2022 and polled 1,409 respondents in Hong Kong aged between 21 and 65.
3 Exercising the currency switch option entails risk that customers should be aware of. Please refer to the Product Brochure for more information.
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About DBS DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 13 consecutive years from 2009 to 2021. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About Manulife Hong Kong
Manulife Hong Kong, through Manulife International Holdings Limited, owns Manulife (International) Limited, Manulife Investment Management (Hong Kong) Limited and Manulife Provident Funds Trust Company Limited. As a member of the Manulife group of companies, Manulife Hong Kong offers a diverse range of protection and wealth products and services to individual and corporate customers in Hong Kong and Macau.
About Manulife
Manulife Financial Corporation is a leading international financial services provider that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our global wealth and asset management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2021, we had more than 38,000 employees, over 119,000 agents, and thousands of distribution partners, serving over 33 million customers. Our principal operations are in Asia and Canada, and the United States, where we have served customers for more than 160 years. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. In the previous 12 months we made CAD$32.7 billion in payments to our customers.
Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
