Over 70% of Hongkongers plan to continue work post-retirement age
- Asia First
- Sep 19, 2023
- 1 min read
A recent HSBC report indicates that more than 70% of residents in Hong Kong anticipate working beyond the traditional retirement age of 60 due to financial necessities. Surveying 2,250 respondents across nine markets, including Hong Kong, the study revealed significant concerns among Hongkongers about physical health, inflation, and healthcare affordability. Notably, the perceived healthcare costs were particularly pronounced for the city compared to other markets. Residents rely mainly on personal savings, investments, and retirement schemes. To maintain their desired lifestyle post-retirement, Hongkongers anticipate needing an average retirement savings of HKD8.58m (USD1.1m), second only to US residents. The city's overall quality of life score stood at 68/100, below the global average of 75. Maggie Ng from HSBC stressed the need for comprehensive wealth planning to address these concerns.
