The number of people aged 60 years
and over is increasing. ;According to the UN, by ;2050 it is projected
to reach almost two billion, or 22% of the world’s population. Increasing
longevity is changing the way we live and work. HSBC is dedicated to advancing
the global debate on maturing populations and our changing approach to ageing
and retirement. By building a vast resource of knowledge to engage and inform
a range of people worldwide, we aim to help governments, individuals and businesses
better understand the significant changes they are going to experience.
The Future of Retirement: What the
world wants study is the world’s largest
survey on attitudes to ageing, longevity and retirement conducted amongst
21,329 individuals and 6,018 private sector employers in 20 countries and
territories across five continents. The results compare the attitudes of employers
and consumers regarding ageing and retirement.
In Hong Kong, later life is viewed as the ‘golden years’, a time for rest,
relaxation and the enjoyment of accumulated wealth. Hong Kong respondents
feel what is most important is being healthy enough and wealthy enough to
do whatever they please during a pleasant and lengthy retirement. People in
Hong Kong support enforced additional private savings as the best approach
to avoid a retirement funding shortfall.
- Health
is viewed as the most significant source of both happiness and worry in
old age. - They are
unlikely to want to work for money in retirement. However, if they do continue
working, they want there to be a balance between work and leisure and want
to be doing something meaningful with their time. - Most think
they should bear their own retirement costs. In addition, they also expect
their children to care for them and support them in their later years. - Nonetheless,
compared to others, they are only moderately focused on planning and preparing
for their retirement, perhaps because they feel they can rely on their children
and family for significant support and care. In fact, pre-retirees are more
prepared for retirement than those that are already retired. - Family
is a source of money, support and happiness in later life.
Hong Kong is among the countries where employers are actively trying the
hardest to recruit older workers and less than half of companies in Hong Kong
have a mandatory retirement age. However, they do not stand out when it comes
to the flexible working practices they offer older employees and they are
among the most likely to encourage early retirement.
;
