{"id":154111,"date":"2025-09-19T10:11:14","date_gmt":"2025-09-19T10:11:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/154111\/"},"modified":"2025-09-19T10:11:14","modified_gmt":"2025-09-19T10:11:14","slug":"more-hongkongers-feel-anxious-about-using-up-their-savings-in-retirement-mckinsey-survey","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/154111\/","title":{"rendered":"More Hongkongers feel anxious about using up their savings in retirement: McKinsey survey"},"content":{"rendered":"

More than 70 per cent of Hongkongers fear running out of savings when they retire, while 50 per cent say they do not have a clear retirement plan, according to a recent McKinsey<\/a> survey in the city, where 22 per cent of residents are over 65<\/a>.<\/p>\n

The survey found only 16 per cent of those aged from 55 to 65 and 23 per cent of those over 65 had set aside assets of more than HK$10 million (US$1.3 million) for retirement, despite financial institutions\u2019 suggestions to have a portfolio worth HK$20 million when they retire.<\/p>\n

The respondents cited a lack of knowledge, urgency and other pressing financial obligations for not adequately preparing for retirement, according to McKinsey.<\/p>\n

The survey revealed \u201ccritical gaps that can be addressed by financial advisers and insurance professionals\u201d, said Bernhard Kotanko, a senior partner at McKinsey Hong Kong.<\/p>\n

Hong Kong has one of the longest life expectancies in the world, revealing an unprecedented phenomenon: people are living longer than ever, but the city\u2019s financial services for retirement preparation are relatively \u201cnascent\u201d, according to Kotanko.<\/p>\n

Existing conversations about retirement from financial advisers \u201ccould be better\u201d, he said. \u201cAdvisers aren\u2019t really equipped to have those conversations, while their empathy and advice sophistication could be better.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"More than 70 per cent of Hongkongers fear running out of savings when they retire, while 50 per…\n","protected":false},"author":2,"featured_media":154112,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[103090,64,63,103091,99,186,10340,941,29385,103089,184,185,1793,39930,5813,103088,14330,6902,18558],"class_list":["post-154111","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-arthur-shek","tag-au","tag-australia","tag-bernhard-kotanko","tag-business","tag-finance","tag-hong-kong","tag-japan","tag-mckinsey","tag-mckinsey-hong-kong","tag-personal-finance","tag-personalfinance","tag-retirement","tag-retirement-plan","tag-south-korea","tag-super-aged-society","tag-survey","tag-united-nations","tag-world-health-organization"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/154111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=154111"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/154111\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/154112"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=154111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=154111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=154111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}