Only 46% of respondents from Hong Kong claimed they have a financial plan for themselves and their family, the lowest percentage compared with other surveyed Asian countries, according to a report from HSBC.

In the recent report titled: ‘The power of planning’ it found 84% of those asked in Malaysia have a financial plan, topping the list globally. Also, 76% of respondents from China and India said they have their own financial plans, while respondents from Singapore also accounts for 58%. The report found Hong Kong appears at bottom of the list compared to other surveyed Asian countries.

Globally, 60% of respondents have never sought professional advice while 50% of respondents claimed they do not have a financial plan.

Meanwhile, 21% cent of Hong Kong respondents worried about the cost of looking after their parents in their old age and that they may not able to cope financially for retirement. Also, nearly one third of respondents from China and Singapore think that they are likely to struggle to cope financially in retirement as to look after aging parents which also topped the list out of respondents from 17 countries and city.

The report stated these fears are greatest among younger workers who aged 30-39 who are three times more likely to worry about looking after their parents in retirement compared with older age groups.

Meanwhile, only 11% of Hong Kong respondents expect MPF could be the largest proportion of income during retirement, while the respondents from China topped the list with 40% said their state pension could provide them the biggest part of income during their retirement.