{"id":72978,"date":"2025-09-19T07:17:15","date_gmt":"2025-09-19T07:17:15","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/72978\/"},"modified":"2025-09-19T07:17:15","modified_gmt":"2025-09-19T07:17:15","slug":"more-hongkongers-feel-anxious-about-using-up-their-savings-in-retirement-mckinsey-survey","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/72978\/","title":{"rendered":"More Hongkongers feel anxious about using up their savings in retirement: McKinsey survey"},"content":{"rendered":"<p>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 <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/topics\/mckinsey-company?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">McKinsey<\/a> survey in the city, where <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/native\/business\/topics\/solutions-changing-hong-kong\/article\/3310090\/how-dbs-drives-changes-lasting-impact-hong-kongs-ageing-population?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">22 per cent of residents are over 65<\/a>.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">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<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">The respondents cited a lack of knowledge, urgency and other pressing financial obligations for not adequately preparing for retirement, according to McKinsey.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">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<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">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<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">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&hellip;\n","protected":false},"author":2,"featured_media":72979,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177],"tags":[50017,50018,79,18,4202,19,17,386,7766,50016,234,235,3887,11756,2428,50015,6285,4913,3497],"class_list":{"0":"post-72978","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-arthur-shek","9":"tag-bernhard-kotanko","10":"tag-business","11":"tag-eire","12":"tag-hong-kong","13":"tag-ie","14":"tag-ireland","15":"tag-japan","16":"tag-mckinsey","17":"tag-mckinsey-hong-kong","18":"tag-personal-finance","19":"tag-personalfinance","20":"tag-retirement","21":"tag-retirement-plan","22":"tag-south-korea","23":"tag-super-aged-society","24":"tag-survey","25":"tag-united-nations","26":"tag-world-health-organization"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/72978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=72978"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/72978\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/72979"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=72978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=72978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=72978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}