Half of Hong Kong workers have insufficient savings

Hong Kong workers are most vulnerable to income loss resulting from illness or disability.

Half of workers in Hong Kong have admitted that they do not have sufficient savings to cover living expenses in case of income loss for more than six months, according to a report released by Zurich Insurance.

Additionally, half (54%) of Hong Kong’s workforce are more likely to experience income loss as a result of serious illness or disability – higher than the report’s global average of 44%.

It comes as no surprise that out of the 11 surveyed countries, Hong Kong workers feel that they are most vulnerable to income loss resulting from illness or disability.

Of those surveyed without income protection insurance, 45% said they would consider investing in protection if not for the high price of insurance packages.

“The lack of protection, combined with Hong Kong's increased longevity and rising healthcare costs, presents a significant protection gap challenge for the city," said Zurich Insurance Hong Kong CEO Eric Hui.