Global survey on ageing and retirement

To better understand the implications of ageing for the global economy as well as for our customers' financial needs, HSBC worked with the renowned Oxford Institute of Ageing to publish the 'Future of Retirement' report. The report is the largest ever global study into the changing attitudes and behaviours to ageing and longevity.

'Future of Retirement' examines the attitudes in Brazil, Canada, mainland China, Hong Kong SAR, France, India, Japan, Mexico, the UK and the USA - countries and territories that contain more than half of the world's population.

Unlike other studies that focus on external factors such as the demographics, economics and politics of an ageing world, HSBC's survey explores people's hopes, dreams, priorities, aspirations and fears surrounding ageing and retirement. It also studies how people prepare for their lives after retirement and reveals emerging models of personal growth, new careers and changing family relationships.

Hong Kong people do not see work as part of a happy retirement. This contrasts with findings elsewhere in the world. In six of the ten societies surveyed, alternating work and leisure was seen by the majority as the ideal 'later lifestyle' - a major shift from the notion that later life is dominated by a passive retirement.

The research interviewed 1,000 individuals and 300 private-sector employers.

  • Help us help ourselves: Most people want to be self-sufficient in funding their retirement, but also want governments to do more such as by introducing enforced private savings.
  • Active and positive: People increasingly want to do something active in their retirement rather than just resting.
  • Most people associate retirement with freedom, happiness and satisfaction. Fitness, families and friends are seen as the key factors of a happy retirement.
  • 85% are against mandatory retirement.
  • 44% never want to work for pay again in retirement.
  • Only 11% have consulted a bank about their retirement arrangements and 15% have contributed to a private pension to prepare for retirement.
  • Age-proof the business: Employers value older workers. The impending skills shortage and experience drain as older people leave the workforce will have a significant effect on recruitment, retention and productivity.

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