A recent survey by Prudential reveals that while 52% of Hongkongers save for emergencies, the figure is the lowest among five Asian markets surveyed, Hong Kong, Indonesia, Malaysia, Singapore, and Thailand. Malaysians led with 67% actively setting money aside for unforeseen situations. Overall, 60% of the 5,000 respondents save specifically for health and income-related emergencies. The study found that the Covid 19 pandemic’s socio-economic impacts have driven almost 61% to boost their savings. Prudential’s chief customer and marketing officer, Priscilla Ng, emphasised that the pandemic has highlighted the importance of preparedness amidst uncertainties. Interestingly, millennials, born between the early 1980s and mid-1990s, displayed the highest propensity to save for emergencies, with 74% emphasising the importance of such funds.
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