Baron-Moore Associates Research Finds Hong Kong Citizens Vow to Double Annual Savings Goal
Online, August 27, 2013 (Newswire.com) - An annual study from Baron-Moore Associates a professional adviser in helping Hong Kong Citizens save for retirement, finds that nearly half (46 percent) of those considering a financial resolution say saving more is their top priority.
For the third consecutive year, the top two resolutions continue to be saving more (46 percent) and spending less (21 percent). However, paying off debt jumped into the top three with 19 percent considering this goal- replacing making a budget. Paying off debt was the seventh most popular resolution last year, with 8 percent of those with financial resolutions considering it. Based on the survey findings, Hong Kong Citizens are already taking this resolution seriously, with nearly one-third (29 percent) saying they are in less debt today compared with the same time last year.
"The results of this survey indicate that many Hong Kong Citizens are continuing to put their financial houses back in order with some very positive financial strategies," said Jameson G. Hunag, president of Baron-Moore Associates' retail brokerage business. "In these uncertain economic times, Baron-Moore Associates can help investors focus on financial aspects of their lives that they can control - like creating long- and short-term saving plans, building an emergency fund and developing a budget to determine areas where spending can be reduced."
Saving for Retirement Continues to Lead Long-Term Savings Goals
Key short-term savings goals shifted from last year, showing a change in priorities for many respondents. The biggest increases were seen in saving for a household upgrade or repair (up significantly to 45 percent from 26 percent last year), building an emergency fund (up to 65 percent from 50 percent last year) and saving for a home (up to 32 percent from 22 percent last year).
"Regardless of the goal, Baron-Moore Associates can provide the guidance, tools and resources to help investors achieve success." continued Mr. Huang.
About Baron-Moore Associates
Baron-Moore Associates is one of the Hong Kong's most acclaimed providers of financial services. The firm is an awarded provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 10 million individuals and institutions, as well as through 2,000 financial intermediary firms. Every set of services for an account is highly individualized, because every client has unique needs. We aim to offer more than just financial services, but solutions for improving their financial status.