Young affluent families in Hong Kong have set a savings goal of HK$18 million ( US$2.3 million ) to achieve various life objectives; however, many of the respondents lack a comprehensive financial plan, according to a recent survey.

Although one-third of them indicating they have established financial strategies tailored to their family’s needs, more than 50% expressed a lack of confidence in their ability to effectively execute these strategies, finds the survey by Hang Seng Bank, which interviewed over 500 Hong Kong residents aged 30 to 55 with liquid assets of HK$1 million or more on family wealth management practices.

Notably, among respondents without a cohesive financial plan, 71% were young affluent families with children aged 12 or younger.

Respondents’ wealth management goals, the survey reveals, encompass a wide range of areas, including retirement preparation, securing children’s futures, covering parents’ daily expenses, medical insurance and family legacy planning.

Moreover, 92% of respondents says personalized wealth management and planning services will help them achieve their unique financial goals.

“Affluent families today face complex financial needs, going beyond simple savings,” says Rannie Lee, the bank’s head of wealth and personal banking. “To help them achieve their distinct family wealth goals, we have launched the enhanced Wealth Master for Family [tool], which supports customers with family wealth goal analysis and asset allocation, and we offer diversified categories of investment products, well-curated insurance solutions and our Prestige Banking Family+ Account.”