According to a survey by market research firm Cimigo, three out of five Hongkongers will be unable to fund their desired lifestyles by the time they stop working.
In the survey of 1,103 people, respondents hope to retire at age 60.7 on average, but to be able to have enough savings to lead the kind of life they want after retirement, they would have to delay retirement by an average of eight years or cut their desired living expenses by 57 percent to HK$4,705 a month.
With desired retirement reserves of respondents falling about 30 percent from last year to HK$4.3 million, and desired living expenses falling only close to 10 percent to HK$11,814 a month, 60 percent of the respondents will not have enough savings to lead the kind of life they want after retirement. If you are a young professional, it’s definitely time to start planning now!
Source: SCMP
Photo: Yi Chen, Flickr
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