Here’s How Much a Hong Konger Needs to Move to Another Country for Good

Hong Kongers eyeing to leave the city and live elsewhere for good need to fork out HK$2.5 million to do so, a feat that could take them more than two decades to achieve given locals’ current savings pace, according to a survey by digital life insurer Blue.

A Hong Konger needs to save at least HK$41,000 per month if they want to immigrate in five years. With the current average savings at only HK$5,000 a month, or about 25% of an individual’s average monthly income, that immigration dream could materialize in 41 years, the survey said.

Of the 598 Hong Kongers aged 20 to 49 who participated in the survey, 71% indicated their intention to leave the city for good and 59% said they wanted to do so over the next five years.

However, 90% reported having a hard time saving money, attributing such woes to mortgage or rental payments, meal and entertainment expenses, and shopping. Ten percent never considered saving up.

Savings Behaviour

Compared to women, men had a more proactive approach to saving, allotting around HK$1,000 per month to their coffer, the survey found.

Six in 10 married respondents said their children’s education expenses were a major factor in their savings habit.

Meanwhile, the most popular savings tools were bank deposit (50%), stocks, funds, and bonds investment (17%), insurance (11%), time deposit (9%), self-storage at home (6%).

The survey also found that many locals had little understanding of the importance of having a rainy-day fund, with 12% expressing disinterest in starting to save up.