What did HSBC’s 2011 survey find?
HSBC’s February 2011 “Retirement Planning Indicator” found fewer than half of surveyed Hongkongers had a retirement plan — behind the other Asian Tigers; only 10% felt their plan was adequate. Three-quarters expected their living standard to fall after retirement, and over half weren’t sure their savings would last.
Why so gloomy?
Rising expected medical costs and longer lifespans outpace savings; high MPF fees and uneven returns dent confidence.
What can workers do?
Rather than wait for reform, manage your own account: compare fees and performance at MPF fund comparison, pick low-fee steady long-run funds, and review regularly.
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