Hongkongers’ average monthly savings jumped 17% to HKD7,700 compared to last year. A survey from the Hong Kong Deposit Protection Board has found the total savings Hongkongers believe they need to provide a sufficient sense of security jumped 20% to HKD590,000 from HKD491,000 a year ago. HKDPB said that factors such as the provision of government consumption vouchers, and a decline in overseas travel and entertainment expenses, may have contributed to the increase in average monthly savings. Connie Lau Yin-hing, chairman of the HKDPB, said that the survey results show the increase in crisis awareness and the need for security among people in Hong Kong due to the impact of the Covid-19 pandemic and the economic downturn. More than 80% of respondents rely on bank deposits for their savings.
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