More Hongkongers feel anxious about using up their savings in retirement: McKinsey survey

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 survey in the city, where 22 per cent of residents are over 65. 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' suggestions to have a portfolio worth HK$20 million when the ...