Survey: Majority of HK workers plan to increase entertainment spending

With society gradually moving towards a post-pandemic world, over 70% of HongKongers are planning to increase their entertainment spending, according to survey by AIA.

Conducted by research agency Cimigo, the survey was conducted between 31 October and 11 November 2022 among 1,023 workers in Hong Kong who aged 18 to 65 and with at least one MPF account, analysing the need for Hong Kong's working population to refocus on retirement planning as it embraces a post-pandemic world.

The survey found that 47% of respondents have increased their personal savings during the pandemic, of which 41% have achieved extra savings of more than HK$40,000. 73% of respondents said they will increase their entertainment spending as their social lives return to normal. Nearly 60% (58%) plan to use their savings for “revenge travel”, while 46% plan to travel in the next three to six months with an estimated budget of HK$22,918.

"We are pleased to see the community return to a more normal way of life. But while it is understandable that people are looking forward to increasing their spending on travel and social activities in a post-pandemic world, it is still crucial to strike a balance between spending, saving and building healthy financial habits," said Elaine Lau, chief corporate solutions officer of AIA Hong Kong and Macau.

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Furthermore, the survey revealed that among respondents who have been infected with COVID-19, 80% agreed that life was fragile and that they should enhance their medical protection. However, only 17% have purchased additional medical insurance since having the virus. Among all respondents, 22% do not have any medical insurance and 13% have group medical insurance only, meaning 35% may lack medical protection after retirement.

In terms of physical and mental wellbeing, 58% of respondents prefer a hybrid working mode and hope to work from home an average of 2.8 days per week. However, 76% think that work-from-home arrangements cause the boundary between work and personal life to blur. Meanwhile, in terms of retirement investment, 78% of respondents would like to have sustainable investment elements in their retirement investment portfolios, while 80% admit that they do not know how to choose ESG MPF products.

"The survey found that working people have become more aware of their physical and mental wellbeing and are more determined to pursue a healthy lifestyle than before. AIA strives to go beyond traditional employee benefits by bringing together group insurance and workforce wellness, providing employee benefits solutions that cover physical, mental, social and financial wellbeing and help the public live 'Healthier, Longer, Better Lives'," Lau added.

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