Demand for Generating Stable Passive Income Favoured by Over 80% of Respondents

HONG KONG, Feb. 19, 2024 /PRNewswire/ -- Hong Kong's 'Sandwich Generation' – those supporting both elders and children – is known for its disciplined approach to saving for the future. A recent Hang Seng Bank ('Hang Seng') survey revealed that this group is concerned about their retirement, with a majority yet to save half of their retirement funds. While respondents' ideal retirement age is around 60, more than half face a shortfall of 50% or more from their retirement fund target.

The survey interviewed over 300 people with kids and parents across Hong Kong to better understand the financial concerns and needs of the Sandwich Generation. Findings show that they put aside an average of 21% of their household income for savings or investment. Despite over 80% expressing interest in wealth management products and keen to generate stable passive income, many may be missing out on maximising returns or achieving long-term wealth appreciation due to a lack of confidence in selecting the right wealth management products.

Comprehensive Financial Investment Solutions Help the Sandwich Generation Build Stable Passive Income
To aid the Sandwich Generation in achieving long-term financial stability for their families and future aspirations, without compromising current living standards, Hang Seng's 'IncomePower Life Insurance Plan' offers the chance to generate an annual non-guaranteed income of up to 5% of the Total Premiums Paid, with non-guaranteed monthly income payments beginning from the 25th monthiversary. It also includes the Medical Advance Benefit, which covers three major critical illnesses guaranteed acceptance without the need for a physical examination, catering to customers' evolving needs at different life stages, and facilitates effective legacy planning for wealth succession.

Moreover, Hang Seng offers over 60 fixed income fund product choices and capital-protected structured products that span five major asset classes – foreign exchange, funds, stocks, indices, and interest rates. These options facilitate the generation of passive income without compromising the customers' current standard of living.

Rannie Lee, Head of Wealth and Personal Banking at Hang Seng, said: "The market environment is constantly changing, and different life stages require different financial strategies. Early planning for wealth management, value-added goals, and retirement is crucial for the Sandwich Generation, who balance the responsibility of supporting both their children and aging parents. Combining passive income and insurance, 'IncomePower' is a tailored product that answers to the unique needs of the Sandwich Generation."