Key facts
- 90% of Hongkongers aim for self-sufficiency in old age.
- Respondents anticipate 14 years of care dependency and 17 years of financial dependence.
- The average expected annual cost for unexpected healthcare needs is HK$94,000 (US$12,000).
- Only 57% feel prepared to cover these healthcare costs.
- 42% of respondents have annual health check-ups, despite 83% considering them vital.
- 52% are using investments for retirement and care needs.
A survey of 1,000 Hongkongers aged 18 and above, conducted by Manulife Asia, revealed a significant disparity between aspirations for old-age self-sufficiency and actual preparedness.
While 90% of respondents expressed a desire to remain self-sufficient in their later years, they also anticipate an average of 14 years of care dependency and 17 years of financial dependence, among the highest in Asia. The survey highlighted a 'clear readiness gap' in preventive healthcare and financial planning.
Regarding healthcare, 83% of participants acknowledged the importance of regular health check-ups, yet only 42% reported having one annually, with 19% never having undergone a check-up. A notable 38% only seek screening when symptoms arise, citing perceived costs of early detection as a barrier. Despite expecting to spend an average of HK$94,000 (US$12,000) annually on unexpected healthcare needs, only 57% felt prepared to cover these costs.
Financially, while 90% prioritized independence, merely 52% are actively using investments to fund their retirement and future care requirements.