Hongkongers are saving a record HK$10,100 per month on average, the highest since the Deposit Protection Board’s annual survey began seven years ago.

The board, collaborating with Chinese University's Hong Kong Institute of Asia-Pacific Studies, polled over 1,000 people in September and October.

Sixty-seven percent said they have a habit of saving, a proportion similar to last year’s result.

At a press briefing on Wednesday, board chairman Connie Lau said the rise in monthly savings reflects a stronger drive for financial security.

“We believe people are setting systematic saving plans to enhance their sense of security. If they feel the need for greater financial assurance, building up reserves for the future is one of the key factors to drive higher savings," she said.

The survey also found that nearly 90 percent of respondents aged 18 to 29 have a saving habit, and 32 percent of them set specific savings goals.

“These two figures are the highest among all age groups, showing that young people have a strong desire to save,” Lau said.

“This also reflects that most young people have developed a clear awareness and understanding of the importance of saving.”

Respondents also said they believe they need about HK$1 million in savings or liquid funds to feel financially secure, which was about the same as last year’s estimate, Lau added.

Parents, meanwhile, said they feel safe if they have set aside HK$2.26 million for each of their children.