Hong Kong: Most residents feel they cannot afford their retirement goals
Source: Asia Insurance Review | Nov 2019
About two thirds of affluent Hongkongers feel they are not on track financially to fulfil their retirement dreams, according to the results of a survey released last month.
In a study of 1,000 respondents across Singapore, China, Hong Kong, Malaysia and Taiwan aged between 35 and 59, Standard Chartered looked at retirement trends among consumers who own between $116,200 and $352,100 in assets.
Just over a third of the respondents, at 36%, in Hong Kong felt they were financially on track to achieve the retirement lifestyle they desire, which was the lowest among the five markets surveyed.
That was despite 63% of those surveyed indicating they had started their retirement planning.
“Affluent consumers in Hong Kong flagged the unfavourable global financial climate, lack of investment opportunities that generate adequate returns, and lack of financial knowledge as the top three challenges,” Standard Chartered said in a press release outlining the results.
The survey was conducted in June and July. A