Futu finds nearly 10% of parents spend over HKD 8,000 monthly on children's extracurricular activities starting from the kindergarten stage

(Hong Kong – March 15, 2023) Futu Securities International (Hong Kong) Limited ("Futu") has launched a "Futu Hong Kong's Parental Spending Survey" ("Survey ") unveiling Hong Kong's parents' spending on children, which covered nearly 1,000 respondents. Almost 50% of parents said they would enroll their children in extracurricular activities from the kindergarten stage. Almost one-tenth of the parents spend more than HKD 8,000 per month on extracurricular activities for their children. Additionally, the Survey also says that most parents spend less than 10% of their monthly household income on their children's long-term education spending, with over 40% not preparing for future expenses through investment. In light of these findings, Futu has launched a trial program for a monthly stock investment plan and integrated account to encourage parents to plan early for their children's future expenses in advance.

Over 20% of parents enroll kids in up to three extracurricular activities per month, Investment and programming courses are the "hot picks"

The majority of parents view extracurricular activities as the best approach to equip their children. The report tells that every parent arranges extracurricular activities for their children, with over 20% of parents enrolling their children in at least three classes. Programming and robotics courses (57%), and investment and finance courses (38%) are the "hot picks" among parents. When considering investing in their children's education savings, parents' top concerns are return on investment and flexibility of investment plans, with these options accounting for 63% and 53% respectively. Over 40% of parents also expressed concern about the risks associated with investment plans.

Futu Launches Flexible and Accessible Monthly Stock Investment Plan with Up to $2,600 in Rewards for New Customers

Futu has recently introduced a trial program for a low-barriers, no-lock-in period stocks monthly investment designed specifically for parents to better manage their children's future education expenses. The program allows parents to create a parent-child integrated account, which separates their savings for their children and enables them to track returns independently. New customers who open a parent-child account[1] with Futu and activate the stocks monthly investment plan are eligible for getting up to $1,600 rewards. After making six consecutive payments, they can also receive an additional $1,000 cash voucher[2].

"The high cost of living in Hong Kong has placed a considerable burden on ordinary families' daily expenses, with monthly extracurricular activities becoming a fixed expenditure for most households. This makes it challenging to set aside funds for their children's long-term education. Relying solely on savings accounts with an interest rate of less than 1% interest rate may not be sufficient to cover the long-term costs of their children's education. Surveys have shown that parents value the flexibility and returns of education funds, and investing in stocks through monthly stock investment plans could be a viable solution. Stocks provide greater flexibility since it's a day trade product and can be considered as an emergency fund in case of sudden financial needs. Furthermore, long-term investments in high-quality stocks, such as blue chips or high-yield stocks, can enhance savings, resist inflation, and effectively balance risks through dollar-cost averaging," said Dickson Kwong, Senior Investment Consultant at Futu Securities.

[1]Parent-child account means that the client opens a sub-account under the securities master account held by Futu to facilitate the client's financial management. The account holder and beneficial owner of the account are the clients, not in the name of the child.

[2]Terms and conditions applies: https://j.futuhk.com/008Ry4

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