Healthcare concerns post-retirement force Hong Kongers to save more urgently

Retirement planning age for Hong Kongers has dropped to 40 in 2024 from 45 in 2018.

Concerns about possible healthcare needs in retirement are prompting Hong Kongers to save more urgently, Schroders Hong Kong Retirement Survey 2024 revealed. 

Additionally, 46% of Hong Kongers emphasise the importance of effective wealth management in retirement planning, with 38% willing to make sacrifices in their current lifestyle as part of their retirement strategy.

The retirement planning age for Hong Kongers has shifted to 40 in 2024, down from 45 in 2018.

Meanwhile, Schroders found that some respondents are prioritising experiences even more now over financial security in the future. 

Today, 36% believe investing in immediate experiences is more important than saving for retirement, a higher percentage than pre-COVID.

In terms of financial preparedness, the survey found a potential shortfall, with a $2.4m gap between desired financial reserves for retirement and expected expenditure.

Some 53% of non-retired Hongkongers surveyed feel confident they will achieve their desired financial reserves by retirement. The median intended retirement age is 62.

With this, 73% of non-retired Hongkongers are prepared to work in retirement, compared to 40% of their US counterparts.