Date
20 October 2017
Almost 40 percent of Hongkongers plan to retire outside the city in part due to the high cost of living. Photo: Bloomberg
Almost 40 percent of Hongkongers plan to retire outside the city in part due to the high cost of living. Photo: Bloomberg

Hongkongers look for cheaper retirement shores

Almost 40 percent of Hong Kong residents plan to retire elsewhere due in part to the exorbitant costs of housing and living in the city, according to a survey by MassMutual Financial Group.

The University of Hong Kong’s Public Opinion Program surveyed 508 people aged between 20 and 55 on behalf of the company and found that nearly half of those looking elsewhere plan to retire to the mainland or Taiwan.

One-third of the interviewees said living and housing costs were their main factors in deciding where to retire, but living standards and the natural environment were also considerations, the report said.

The respondents expected to have monthly expenses of HK$16,000 on average after they stop working and to have a retirement nest egg of around HK$3.9 million.

Up to 74 percent of the interviewees underestimated how much they would need to save for retirement, and over 40 percent had saved less than half of what they need, it said.

The company suggested that residents save more on their own ahead of retirement to supplement benefits from social welfare and the Mandatory Provident Fund schemes.

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JZ/JP/SK

Freelance journalist

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