Women in Hong Kong generally retire earlier than men at 62 and expect to incur an average monthly expense of HK$24,235 (US$3,120) in retirement, according to Fidelity International’s Asia-Pacific Investor Study released on Thursday, ahead of International Women’s Day on Saturday.

The amount accounts for nearly 70 per cent of their current monthly income, the study found.

“The sooner women start their investing journey, the better off they will be in achieving long-term capital accumulation,” said Charlotte Chan, the head of Fidelity’s Hong Kong office. “We see that women have the opportunity to take a more active approach to building a better financial future through investing, in addition to increasing their savings.”

A total of 1,002 respondents in Hong Kong between the ages of 18 to 69 with a minimum monthly income of HK$15,000 took part in the survey, which highlighted the importance of preparing for a post-retirement life amid rising inflation and life expectancy.

Fidelity has a 4.3 per cent market share of Hong Kong’s pension funds in terms of assets under management and offers some two dozen investment choices for investors.

For most women who took part in the survey, a monthly stable income was the top priority for retirement-related investing.

Faced with the pressure of a retirement income shortfall, 42 per cent of female respondents said they would consider reducing expenses, increasing their savings through continued investments, and working part time after retirement.

The study also found that women in Hong Kong were ahead of their peers in other markets in the Asia-Pacific region in terms of investment planning. The city had the highest proportion of women adopting a long-term investment approach, with 43 per cent planning to hold their investments for at least five years before selling or redeeming.

However, women tend to prioritise building up their savings rather than allocating more money towards investments or pension contributions, according to the report.

“Women in Hong Kong are more likely to take a more cautious approach to investing, whereas men in Hong Kong tend to embrace the opportunities to invest more aggressively,” the report said.

The main reason for women’s approach was the “lack of confidence due to market volatility and lack of confidence in making investment decisions”.

The top three investment choices for women in Hong Kong were cash savings, term deposits and stocks.

“Having a diversified portfolio that aligns personal risk appetite and financial goals, and investing throughout market cycles can help to capture the upwards path most markets show over the long-term,” Chan said.