February 28th, 2023, Samuel Tan
In January, our article on APAC’s top New Year Resolutions for 2023 revealed that over half of APAC’s consumers (54%) say that better money management is on their list of goals for this year.
In this article, we explore what residents in Hong Kong think about the state of their household finances – how do perceptions vary across income levels?
Additionally, do Hong Kong’s residents generally expect their household finances to get better or worse over the next 12 months? And how bullish or bearish are workers from specific sectors, like real estate or retail, about their future finances?
Are household finances in Hong Kong getting better or worse?
Latest research from YouGov Profiles show that almost two in three (65%) of Hong Kong residents say there has been no change in their household finances compared to one month ago. Data from YouGov Profiles reflect cumulative responses over the past 52 weeks.
One in five (20%), however, report worsening household finances, while just one in nine (18%) say their financial situation has improved compared to the month before.
Regionally, Hong Kong and Singapore have a relatively high percentage of residents who report no change in their household finances – compared to other APAC markets like Australia, Indonesia and Thailand.
Analysing by income levels reveal that higher income households are more likely to report that their financial situation has improved (3-5 percentage points higher on average than middle to lower income households) this year to date.
The reverse is also true: lower income households are more likely to report a worsening financial situation (13-14 points higher on average than middle to higher income households).
Do Hong Kong households expect their finances to improve or worsen over the next 12 months?
When asked how they anticipate their household finances to change over the next 12 months, around half (51%) of Hong Kong residents expect their situation to remain the same.
In comparison, roughly a fifth expect their household finances to improve (21%) and worsen (19%) over the coming year.
Regionally, Hong Kong has the highest proportion of residents who expect their finances to neither improve nor worsen in the next 12 months – compared to other APAC markets like Australia, Indonesia, Singapore and Thailand.
In which sectors are respondents most bullish and bearish about their household finances in the next 12 months?
Hong Kong residents who work in Construction and Education are most optimistic about their household finances in the next 12 months, with around a third expecting an improvement.
Additionally, over a quarter of Hong Kong residents who work in the Media / Marketing / Advertising / PR & Sales, Accountancy, Hospitality & Leisure and Real Estate sectors are also bullish about their household finances changing for the better over the coming year.
Make smarter business decisions with better intelligence. Understand exactly what your audience is thinking by leveraging our panel of 20 million+ members. Speak with us today.
- To receive monthly insights about the financial services industry register here.
- To read YouGov’s latest intelligence on the finance industry explore here.
- Explore our living data – for free
Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for Hong Kong is representative of the adult online population (18 years or older), weighted by age and gender, and reflect the latest Hong Kong Census and Statistics Department (C&SD) population estimates. Learn more about Profiles.