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[Meet life goals] Family First

29 Feb 2024

Nearly half of us prioritise supporting our families financially: Learn how to protect your family from life's surprises

Family life is undergoing unprecedented transformations. From social and economic shifts to cultural changes, and with a heightened emphasis on health, people’s perspectives are evolving, redefining what truly matters in life.

At HSBC, we explored these changes by surveying people worldwide about their life quality and how this is reflected in their priorities. The findings, shared in our inaugural Quality of Life Report[@family-first-01] , reveal that family doesn’t just matter, but that it almost always comes first.

Top goal: family financial security

Ensuring the well-being of loved ones is a top priority for families everywhere, regardless of their composition. Our survey found that supporting the family financially was among the top three goals of 47% of respondents. 

Most people share common objectives when it comes to long-term financial planning. They aim to prepare for unexpected events like illness or accidents, provide for their family in the event of their passing, transfer their wealth to their children, and safeguard the interests of their spouse or partner.

The global wellness sector is booming, so it’s no surprise that people are prioritising their family’s well-being - whether that’s everyday budgeting to afford a gym subscription or saving for the future to fund a child’s future studies. Our Quality of Life Report reveals that achieving financial well-being isn’t just about securing wealth for our family, their health is also integral to our own well-being, and it can affect our overall Quality of Life.

Taylan Turan

Global Head of Retail Banking and Strategy, HSBC

Mental health is closely interlinked with financial and physical fitness

In our survey, we asked people to rank the importance of physical and mental wellness and financial fitness as contributors to a good Quality of Life. Collectively, they assigned a total of 64 out of 100 points to these elements.

Moreover, financially fit respondents were 4.3 times more likely to score higher in terms of mental wellness. Those who valued physical wellness had a 9.3 times higher likelihood of above-average mental health and a 1.5 times greater probability of above-average financial fitness. 

These insights underscore the profound impact that financial stability and protection can have on our overall peace of mind, not only for ourselves but also for our loved ones. When we’ve a sense of well-being, it instils confidence to explore new opportunities and pursue dreams.

When is the best time to protect your family’s future?

When it comes to family, there are four top considerations for most customers across Hong Kong and worldwide; financially protecting our loved ones from life’s surprises; providing adequate caregiving support through life stages, wealth planning to fuel their dreams; and protecting our own peace of mind.

Edward Moncreiffe

CEO, HSBC Life Hong Kong

No insurance solution can cover every eventuality, but a timely investment in protection can help safeguard your family from life’s unexpected challenges. Act early and this protection can serve as a cornerstone for your family's well-being.

Encouragingly, we’ve observed that each new generation is growing more financially astute, and more likely to plan ahead compared to their predecessors.

Wondering how to proceed with your family’s protection?

When it comes to putting in safeguards to protect your family’s future, seeking professional guidance is essential. At HSBC, we understand your protection needs at different life stages and secure your peace of mind to protect your families against uncertainties and challenges with our comprehensive wealth solutions.

Explore the possibilities, assess your needs, and embark on the journey of family protection with HSBC.

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