Media365
Most Hongkongers prioritise stable returns for their long-term financial goals, as longer lifespans reshape retirement needs and create demand for new investment products, according to a report by a government-backed body on Monday.
The Hong Kong Institute for Monetary and Financial Research (HKIMR) said 66 per cent of individuals surveyed highlighted stable returns, while 60 per cent wanted to maintain their current living standards after retirement and for healthcare expenses. The HKIMR is the research arm of the Hong Kong Academy of Finance, a government-backed body.
For 85 per cent of the respondents, inflation was their main concern, while for 75 per cent it was healthcare expenses that significantly affected their financial planning. The survey covered 1,052 Hong Kong residents aged 18 to 79.
Official data showed life expectancy in Hong Kong was 83 years for men and 88 years for women in 2023, with senior citizens expected to account for 31 per cent of the population by 2036.
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Elderly, alone and barely getting by: the plight of Hong Kong’s most underprivileged seniors
Elderly, alone and barely getting by: the plight of Hong Kong’s most underprivileged seniors
In a separate HKIMR survey of 46 market participants, including key financial institutions and fintech companies in the city, 67 per cent indicated that increasing the supply of “decumulation products” – which convert assets into stable, lifelong income streams – was important.
These findings underscored the importance of long-term financial planning amid a rapidly ageing population globally, characterised by rising life expectancies and declining fertility rates, according to the HKIMR.
