The gini 2018 Survey: 36% lose over 2 hours a month to managing finances
Towards the end of 2017, we at gini conducted the first in a series of surveys about financial habits of millennials born in the 80’s and 90’s. Of the key results that we can draw from that survey, we found that 25% of respondents born in the 90’s burn through their entire salary before the end of the month, with 43% of respondents in the same group reporting that they save less than 10% of their monthly salary.
While saving has proven to be difficult with millennials, overall financial management has proven to be even harder. We conducted a second survey in October of 2018, with 400 respondents born in the 80’s and 90’s, in an effort to gain a deeper understanding of the difficulties encountered when managing finances in the modern world today.
The results of the 2018 survey paint a reality where average Hong Kongers have to manage incredibly complex and time-consuming financial lives. A quarter of respondents (23%) indicated that they own more than 6 credit cards, and over 60% of respondents own at least 3 credit cards. In addition, 23% of respondents indicated that they own more than 3 MPF accounts.
The complexity gets worse when we expand the scope to include different aspects of one’s financial life. 24% of respondents reported that their finances span across at least 8 different financial accounts, including but not limited to credit card accounts, retirement funds, savings accounts, insurance accounts. 12% of respondents indicated that the total number of accounts for them exceeded double digits.
This type of financial complexity affects us in a variety of ways. There’s the traditional markers of financial management such as stress or the increase risk of error, but on more fundamental level, it affects our time. Keeping up with every aspect of financial lives of this complexity can be very time-consuming. Nearly 25% of respondents reporting that they need at least 3 hours a month to manage their financial lives and 12% indicating that they take more than 5 hours.
As proven from the results of this survey, managing individual financial lives can be time-consuming and can cover a lot of different components, but for Hong Kongers who also manage the finances for dependents (children, parents, etc.), this is all just the beginning. For over 40% of respondents, they indicated that they manage between 3 to 5 different financial portfolios.
Hong Kongers lead busy lives, and with our financial lives becoming more complex by the day, it can be easy to look past and miss a lot of the finer details of financial management. As a result, we’ve seen the rise of financial management service and products with sleek and simple designs that can track multiple accounts from one location to fill this gap.
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