HSBC survey: Hong Kong trails Asia in financial planning at just 46%

(Editor’s note: this report was originally in English and is rewritten in Chinese per this site’s practice.)

Only 46% of Hong Kong respondents say they have a financial plan for themselves and their families — the lowest among surveyed Asian markets, per HSBC’s “The Power of Planning” report. Malaysia tops the global list at 84%, China and India sit at 76%, and Singapore at 58%.

What worries Hongkongers most?

21% fear the cost of caring for ageing parents. Twenty-one per cent of Hong Kong respondents worry about looking after parents in old age and coping financially in retirement; nearly a third of respondents in China and Singapore expect to struggle. The fear runs strongest among 30–39-year-olds, who are three times likelier than older groups to worry about parental care in retirement.

What will fund their retirement?

Only 11% expect the MPF to be their biggest retirement income source. Globally, 60% have never sought professional advice and 50% say they have no financial plan. In China, 40% say the state pension will provide the largest share of retirement income — the highest of any market.

To start planning and compare retirement fund options, visit MPF fund comparison.