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

Core Insights - More than 70% of Hongkongers fear running out of savings during retirement, with 50% lacking a clear retirement plan [1] - Only 16% of individuals aged 55 to 65 and 23% of those over 65 have saved over HK$10 million (US$1.3 million) for retirement, despite recommendations to have a portfolio of HK$20 million [2] - The survey highlights critical gaps in retirement planning that can be addressed by financial advisers and insurance professionals [3] Demographic Trends - Hong Kong has one of the longest life expectancies globally, with women living up to 88.4 years and men up to 82.4 years [5] - The city officially became a "super-aged society," with over 20% of the population aged 65 or older [5] - By 2050, it is projected that 40.6% of Hong Kong's population will be over 65, surpassing South Korea and Japan [6] Financial Services Landscape - Financial services for retirement preparation in Hong Kong are described as relatively "nascent," indicating a need for improvement [4] - There is an urgency to address the retirement needs of the ageing population, as more financial institutions are beginning to offer retirement solutions [4] - Current conversations about retirement from financial advisers are deemed inadequate, with a need for better empathy and advice sophistication [4]