Over 60% residents stressed over finances

Rising living costs, healthcare expenses, and retirement savings emerged as the top financial concerns.

More than six in 10 Hong Kong residents feel financially strained, as rising daily expenses and healthcare costs weigh on personal financial confidence, according to FWD Hong Kong’s latest Consumer Outlook Survey.

The survey found that 64% of respondents felt “stressed, worried, or getting by” with their personal finances.

Looking ahead to the next five to 10 years, 58% cited the rising cost of everyday living as their top concern, followed by the high cost of healthcare at 48% and insufficient savings for a comfortable retirement at 47%.

Retirement planning also remains a key pressure point. Respondents said they expect to retire at an average age of 62 and need around $6.4m in savings to support their retirement years. However, they expect their savings to last only about 20 years, or until age 82.

Generational differences were also evident. Gen Z respondents aged 21 to 29 expect to retire the earliest at 60 and anticipate needing $7.6m for retirement, the highest among the age groups. However, only 16% said they are actively taking concrete steps to secure their financial future.

Gen Y respondents aged 30 to 44, described as the “sandwich generation,” face pressure from family responsibilities.

About 57% said financial support for parents or children accounts for more than 20% of their income, whilst 71% would prioritise family emergency funds, children’s education, or parents’ future healthcare and long-term care over their own retirement savings.

Among Gen X respondents aged 45 to 65, 62% were concerned that their savings could not keep up with the rising cost of living. Another 36% said they plan to work part-time or on a flexible basis after retirement to supplement their income.

The survey also found a gap between financial goals and action. Around 43% of respondents have not consulted a financial advisor to review their financial plan, whilst 30% are not making regular contributions to a retirement fund.

The survey was commissioned by FWD and conducted by an independent research agency in the first quarter of 2025. It covered 1,008 citizens aged 21 to 65 in Hong Kong and Macau.