Survey Reports One-third of Hongkongers Spend More than HK$6,000 on Subscription Services
Hong Kong is one of the most expensive cities in the world. Many residents have to work really hard just to pay for their monthly rent, and it takes up to 21 years of saving (without spending a single dollar) to be able to afford a home in the city.
In July 2019, the gini team conducted a survey about the spending and saving behaviors of up to 520 respondents. According to the results, 86% of these respondents have short term or long term saving goals. Among the 86% are those who aim to achieve their saving goals by investing (61%), spending less (59%), and doing extra part-time jobs (43%). 4% of the respondents do not know how to achieve their saving goals. From that, we see that most people in Hong Kong have plans on saving, but do they understand their spending patterns enough to find the best ways to lessen their spending?
In today’s mobile-first world, acquiring monthly subscriptions is easier than ever. With one tap, or even through touch/face ID, you could be a premium member in mere seconds. But while that part is easy, it’s actually quite hard for us to keep track of how much we’re really spending on subscriptions. With such busy schedules — not to mention having to remember all the apps you have subscribed to — it’s hard to find the time to actually cross-check through your bank statements! That being said, if you are not careful enough, it is very easy to spend more than you expect on subscription services.
In that same survey, we found that one-third (33%) of the respondents have an average spend of HK$746 on monthly subscription services. They said they tend to forget the apps that they have subscribed to, and that the amount they spend on subscription services is actually 21% more than their expected amount. 28% of them admitted to have more than one unused subscription. We found that the top three subscription services are: music apps (55%), drama apps (43%), and news and media apps (34%).
It is also understood that people in Hong Kong find it hard to track their finances and pay on time because they simply cannot find the time to do so. Survey results showed that 35% of the respondents were charged bank fees in the last 12 months, with 34% of them being charged over HK$500. What’s even more surprising is that 78% of them said it was because they forgot to pay! Only 8% of them did not have money to pay.
In conclusion, we can see that people in Hong Kong actually have saving goals and acknowledges the need to cut their costs in order to achieve said goals. One of the easiest ways to cut unnecessary costs is to actually look at your recurring expenses, like your subscriptions. Despite the fact that subscriptions may not cost a lot each month, the accumulated amounts can actually add up to significantly larger numbers after a year. This is why tracking your bank fees and paying on time is very important to avoid any additional bank charges, as it will cost you more and would even affect your credit score.
In order to save and spend smarter, you have to be disciplined and to make conscious efforts to manage your finances. One smart, simple, and secure tool to help with that is gini. gini is a global smart spending tracker enabling anyone in the world to manage their finances effortlessly. The app gives you valuable and detailed insights, empowering you to take control over your finances. With gini’s new saving feature, you get to set your saving goal and be updated on your spending and saving progress!