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Managing the challenges

  • Hong Kong people have a long life span. By 2041,the average life expectancy at birth of men and women in Hong Kong is estimated to rise to 84.4 years and 90.8 years respectively 1.
  • Working population in Hong Kong expect to live an average of 23 years in retirement. However, Hong Kong people also expect their savings will be running out after 13 years, leaving a potentially devastating 10 years income gap2.
  • This gives an indication that you will need to manage your financial assets to make sure that they don’t run out during retirement.
  • You need not only to start savings early for your retirement years, but also to protect your funds against the effects of inflation and other economic uncertainties.

Surging inflation

From inflation of 1%3 (in 2004) to inflation of 4.4%3 (in 2015) now, the cost of living is gradually increasing. If we wish to maintain our current lifestyle, we have to keep up with the ballooning price levels.

Rising medical costs

  • Many countries have experienced double-digit growth in medical costs and, in the vast majority (95%), the trend exceeded the rates of general inflation4.
  • You should not underestimate the increased medical expenses during retirement years.

Evolving family dynamics

  • By 2041, 30 per cent of the Hong Kong population will be aged over 655.
  • With the aging population, it is anticipated that funding elderly parents whilst in retirement will become more commonplace.
  • Research6 indicated an ongoing financial responsibilities for elderly parents and other dependents. One should plan their retirement with family in mind.

1Source: Hong Kong Population Projections 2012-2041, Census and Statistics Department, HKSAR.

2Source: 2015 HSBC “Future of Retirement – A balancing act?” Survey.

3Source: Consumer Price Index and Its Movements during 2004 to 2013, Census and Statistics Department, HKSAR.

4Source: Towers Watson 2011 Global Medical Trends Survey Report.

5Source: The 2011 Population Census

6Source: 2013 HSBC “Future of Retirement – Life after works?” Survey

Financial Health Check

Want to review your finances and assess if you are on track with your priorities in life? Complete a Financial Health Check online to understand your financial strengths and identify areas that may need further attention.

Risk Profiling Questionnaire

Want to understand your investment needs and risk appetite? Simply logon to HSBC Personal Internet Banking and it will take you just a few minutes to complete the Risk Profiling Questionnaire.

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You can leverage on our easy-to-use online Financial Health Check (FHC) tool to review your finances and assess if you are on track with your priorities in life.

It highlights your financial strengths and identifies areas that may need further attention, in view of your needs across the following five areas:

  • Protecting you and your family
  • Saving for your children’s future
  • Planning for your retirement
  • Managing and growing your wealth
  • Preparing for critical illness

You can make use of our Risk Profiling Questionnaire to help you find out more about your investment risk tolerance.

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The information as shown on this page is not for sales purpose and it is hypothetical and for illustration only. It is not intended to constitute a recommendation or advice to any prospective customers and is not intended as a substitute for professional advice. You should not act on any information on this page without seeking specific professional advice.

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Note: Investment involves risks. Past performance is no guide to future performance. Investors must refer to the respective fund's offering documents for further details of the fund and the risks involved.

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