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Hong Kongers want HKD3.3m retirement savings

Hong Kongers want HKD3.3m in savings to support them in retirement at the age of 66. This is according to the survey conducted by Prudential Hong Kong to 306 people aged 50 to 60. Most of the respondents expect to retire at age 66.6. More than two fifths do not have enough funds to cover retirement expenses, with close to a quarter not having reached even half of target retirement reserves at the time of the survey. Just 15% said they have prepared sufficiently for retirement and are financially confident about supporting their retirement lifestyles. As for lifespans, more than 92% were prone to underestimates when compared with average life expectancy data from the Census and Statistics Department. About 83% of the men underestimate their life expectancy by eight years on average, while nearly all the women expect a shorter life by 12 years.

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