Coronavirus exposes cracks in Hongkongers’ retirement planning as health care costs and weak savings dominate worries, EIU survey finds
The Covid-19 pandemic has left most working adults in Hongkong fearing for their financial position and readiness for retirement, according to a survey by the Economist Intelligence Unit commissioned by HSBC Life Insurance.
Read also UK. Triple lock is far from the biggest pension issue on government’s plate
Some 98 per cent of Hongkongers expressed worries about ageing in the city, with medical and health care costs, insufficient savings and income security dominating their top concerns. Less than a quarter of them expect to have to spend 20 years or more in retirement. Among this group, only 16 per cent have made plans for more than 20 years of life without a salary.
Read also UK. Consultation risks taking DC pension consolidation ‘too far, too fast’
The annual online survey, conducted in June, targeted 600 people aged 30 to 70 in Hong Kong about their needs in preparing for older age. It was also supplemented by interviews with ageing-related non-government organisations or advocacy groups, academics and government bodies.
Read also UK. We need more retirement products to help DC savers
Read more @SCMP
260 views
