May 17th, 2022, Samuel Tan
91% of consumers in Hong Kong have some concerns about using digital financial services – such as digital-only banks, e-wallets and cryptocurrencies.
Research by YouGov shows that half of consumers feel there is too much risk from hackers when using digital financial services and worry about their identity being stolen (50%).
Additionally, over two in five are concerned about there not being enough fraud protection (43%) and not being able to easily speak to a person if they run into problems while using digital financial services (41%). Just 6% say they do not have any concerns with digital financial services today.
How do concerns about digital finance vary across different generations in Hong Kong?
More than half of Gen X (born 1965 – 1980) and Baby Boomers (born 1946 – 1964) are concerned about the risk of being hacked when using digital financial services, compared to just under half of Millennials (born 1981 – 1996) and a third of Gen Z consumers (born 1997 – 2009).
More than half of Gen X and Baby Boomers also worry about their identity being stolen when using digital services, while two in five feel that not enough fraud protection measures are in place. In contrast, a third of Gen Z and Millennials worry about identity theft, while less than half worry about insufficient fraud protection.
Baby Boomers are much more likely to be concerned about not being able to access their money without an internet connection when using digital financial services (61%) and not being able to easily speak with someone if there’s a problem (51%). In contrast, less than 40% of Gen Z, Millennials and Gen X consumers express such concerns.
Close to two in five Baby Boomers also say they have difficulty understanding digital finance services (38%), compared with a third of Gen X (33%) and around a quarter of Gen Z (27%) and Millennials (23%).
Gen X and Baby Boomers are also twice as likely as Gen Z consumers to feel that there is not enough government regulation of digital finance at present. Meanwhile, almost two-fifths of Baby Boomers and a third of Gen Z are concerned about the reliability of digital financial services, compared to just 29% of Gen X and 28% of Millennials.
Read YouGov's latest consumer research in the finance sector:
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Methodology: YouGov Custom Research is a full end-to-end service from YouGov experts, from sample framing and questionnaire design to analysis and more, which provides bespoke market intelligence and research insights. Hong Kong data figures (N = 513) have been weighted by age and gender to represent the adult online population in Hong Kong (18 years or older), and reflect the latest Hong Kong Census and Statistics Department (C&SD) population estimates. APAC data figures (N = 5,653) include the following markets: Australia, China, India, Indonesia, Hong Kong and Singapore. Learn more about YouGov Custom Research.