$2.17m nest egg lost

Business | Avery Chen 23 Oct 2019

Hongkongers are missing out on HK$2.17 million of potential retirement funds as they delay saving for their retirement until the age 42 on average, according to a survey by financial comparison platform GoBear.

The survey took in 4,000 participants across southeast Asia including 1,002 from Hong Kong.

It found about 52 percent of young adults aged between 18 to 25 rank travel as their top financial goal, compared to 41 percent of the general Hong Kong public.

Alongside travel, homeownership ranked high with younger age groups, with 46 percent of 18 to 25-year-olds and 42 percent of 26 to 35-year-olds seeing it as a goal.

Professor Tai Leung-chong, executive director of the Lau Chor Tak Institute of Global Economics and Finance at the Chinese University, said: "The low-interest environment, slow income growth, and high property prices can make long-term financial goals feel unachievable. Even for those people who can afford a property, it takes a long time to repay the mortgage, so they may put off retirement planning."

"We now need to get more people investing for the long-term, because every penny counts, and this will make a big difference to financial security in the long run," he added.

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