Hang Seng Survey: Breadwinner of a Hong Kong Family Manages Finances for an Average of 3 Family Members

80% of Families Have Increasing Needs for Managing Wealth Abroad

Enhanced Prestige Banking ‘Family+ Account’ for Convenient Arrangement of Children’s Overseas Studies, Travels, and Local Wealth Management

HONG KONG, July 3, 2024 /PRNewswire/ — Hang Seng Bank (‘Hang Seng’) has recently conducted a family financial planning survey to understand the financial needs of Hong Kong people. Interviewing nearly 400 residents aged 30 or above with liquid assets of HKD 1 million or more, the survey results show that each breadwinner manages finances for an average of three family members, primarily spouses/partners (55%), parents/in-laws (55%), and children (48%). Conducted against the backdrop of increasing demand for managing wealth abroad among Hong Kong residents, the survey also shows that over 80% of respondents or their family members have overseas spending needs, including expenses for children’s overseas studies, family living costs abroad, short-term work/stays, and overseas investments.

Rannie Lee, Head of Wealth and Personal Banking at Hang Seng Bank, said, “Hong Kong residents have broader needs for banking services and wealth management. They need to plan not only their finances but also the financial needs of their family members. Last year, Hang Seng launched the first-of-its-kind Prestige Banking ‘Family+ Account’ in Hong Kong, which has been well received by customers as it facilitates the management of the entire family’s asset allocation and everyday banking. With more Hong Kong families needing to manage various expenses and spending both domestically and overseas, we have enhanced the features of the Prestige Banking ‘Family+ Account’ this year. Customers can now open Prestige Banking and Family+ Accounts via the Hang Seng Mobile App, and we have upgraded overseas fund transfers, cash withdrawals, and spending to ensure convenient banking and wealth management services wherever they are, providing them easy access just as if they were in Hong Kong. “

1)  Global Money+: Overseas Transfer

To cater to the increasing number of customers who need to use overseas transfer services for their family members’ overseas studies, investments or spending after retirement, Hang Seng has launched Global Money+. This service allows customers to transfer funds in local currencies to over 50 countries or regions, including Australia, the UK, and the US, via the Hang Seng Mobile App with no handling fees. Funds can be credited as quickly as the same day.

2)  Prestige Multi-Currency Debit Mastercard® Facilitates Local and Overseas Cash Withdrawals and Spending

Prestige Banking customers can open a Multi-Currency Debit Mastercard® and supplementary debit cards for their Prestige Banking Account and linked “Family + Accounts.” Cardholders can use these cards for spending in 12 designated currencies, both in Hong Kong and overseas. They can also withdraw cash from ATMs globally and directly debit from the connected Prestige Banking “Family + Account.” Additionally, customers can set monthly spending limits for each Debit Mastercard®.

Customers can independently open Multi-Currency Debit Mastercard® for each family member to meet everyday needs, such as children studying abroad, family overseas stays, travel, or local consumption. Prestige Banking customers can check individual monthly statements and manage the actual consumption status of each family member through the Hang Seng Mobile App.

Helena Chen, Managing Director, Hong Kong and Macau, Mastercard, said, “Mastercard is pleased to join hands with Hang Seng Bank to launch the brand-new Hang Seng Prestige Multi-Currency Debit Mastercard®, which provides cardholders with a seamless spending experience. Prestige Multi-Currency Debit Mastercard® allows flexible currency exchange, and the Mastercard Touch Card TM design also facilitates easy usage for visually impaired people, reinforcing Hang Seng and Mastercard’s long-term commitment to innovation and promoting social inclusion.”

To promote the upgraded features of the Prestige Banking ‘Family+ Account’, Hang Seng has once again featured award-winning actress Sandra Ng and her family in a new TV commercial. Sandra Ng will continue to serve as the Chief Family Officer (‘CFO’) of her family. Along with her partner, film director Peter Chan, her daughter Jillian Chan and her friend Vincent Kok, they will share their experiences using the Prestige Multi-currency Debit Mastercard® and the Global Money+ overseas transfer service. The video is now available on major media outlets and the Hang Seng official YouTube channel (https://www.youtube.com/watch?v=cgLyQ-G8_oE). Additionally, from now until September 30, customers who open Prestige Banking and add a ‘Family+ Account’ and use Global Money+ can enjoy bonus offers. For details, please visit hangseng.com/pse/offer.