Hang Seng Survey: Youth Prioritise Flexible Financial Freedom Goals

Hang Seng Preferred Banking Offers a Wide Range of Services Accessible Investment Options, $0 Fees on Everyday Banking Services, and 24/7 Live Chat Support via Mobile App for Youth

HONG KONG, Oct. 17, 2024 /PRNewswire/ -- A new survey conducted by Hang Seng Bank ('Hang Seng') reveals a shift in how young people view financial freedom. The survey interviewed over 300 individuals aged 18 to 35 to understand their financial goals and attitudes towards financial freedom. The findings show that a large portion of Hong Kong's youth no longer equate financial freedom solely with early retirement. Instead, they see it as the ability to pursue personal goals and allocate time and resources to what truly matters to them – without being constrained by economic pressure. This reflects a more immediate, flexible approach to managing their finances, where financial freedom means having the autonomy to live life on their own terms.

While the majority (86%) of young respondents believe that increasing passive income through investment is essential to achieving both short-term and long-term financial freedom. However, many young people face challenges in the investment process. Among those with investment experience, 35% find the entry threshold for investment products too high, while nearly half feel unsure about how to start their investment journey or select the appropriate investment products. 

Rannie Lee, Head of Wealth and Personal Banking at Hang Seng Bank, said: "With young people making up around 18% of the population, there's clearly a growing demand for financial tools that cater to their needs. As Hong Kong's largest domestic Bank, we are committed to meeting these evolving needs,  Hang Seng Preferred Banking offers a wide range of accessible investment options, $0 fees on everyday banking services, and round-the-clock Live Chat support via our Mobile App, providing tailored solutions for youth to achieve their financial goals."

Hang Seng's Preferred Banking is designed to support young customers by offering low minimum investment options, $0 fees on everyday banking services, and 24/7 Live Chat support through the Hang Seng Mobile App.  This makes investing and managing finances simple, accessible, and efficient.

1)  Low Minimum Investment Products Starting From $ 1

Hang Seng provides a range of low minimum investment products tailored to young customers. With 'SimplyFund', they can start investing in funds with as little as HKD 1, encouraging the development of healthy financial habits. Additionally, Hang Seng offers foreign exchange investment options, such as the Capital Protected Investment Deposit and MaxiInterest Investment Deposit, with a minimum online investment of HKD 5,000. The FX order watch service threshold is as low as USD 1.

2)  $0 Fees on Everyday Banking Services via the Hang Seng Mobile App

Recognising the increasing need for cross-border financial management, customers can enjoy $0 fees on foreign currency transfers to other accounts via Hang Seng Mobile App. For example, customers can make fee-free transfers in local currencies up to over 50 designated countries or regions via 'Global Money+'. Funds can be credited as quickly as the same day, facilitating hassle-free international transactions.

3)  24/7 Live Chat Support for Managing Everyday Banking and Wealth Management Inquiries

Customers can connect with the Bank's Customer Service Representatives to receive support for everyday banking and wealth management inquiries anytime via the Hang Seng Mobile App Live Chat service.

To raise awareness of these services, Hang Seng has launched a new promotional campaign featuring renowned artist Eric Kot alongside Tung Tung, LaiYing, and Chu Mic from the local online platform "Pomato". In the campaign, they share their personal experiences managing their finances with the Hang Seng Mobile App. The TV commercial is now available on major media outlets and on Hang Seng's official YouTube channel (https://www.youtube.com/watch?v=_rHE9FEJ8Mg).

Additionally, from 21 October until 31 December 2024, customers who complete designated missions via Digital Banking - such as using 'Global Money+' for transfers or subscribing to 'SimplyFund' – will be entered into a lucky draw with a chance to win an Apple Store e-Gift Card worth up to HKD10,000. Stay tuned for the launch of a new Hang Seng Mobile App icon soon.

source: HANG SENG BANK LIMITED