Technical Feature - Pensions: Awareness of Retirement Planning in Hong Kong
Source: Asia Insurance Review | Nov 2007
Hong Kong is one of the places in the world with a rapidly ageing population. In 1998 and 2004, people aged 65 and above accounted for only about 10% and 12%, respectively, of the population. However, the figure is projected to rise to 27% by 2033. The trend is attributable to the continuously low birth rate and also the increasing life expectancy in Hong Kong. Mr Rex Auyeung, Senior Vice President and Chief Executive – Asia, Principal International, shares the findings of a survey that shows the gap between the expectation and actual retirement preparation by different income groups and what the challenges are ahead for the Hong Kong population.
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