Hong Kong has the longest life expectancy in the world but only one in four Hongkongers believes they will get to enjoy 20 years or more of retired life, a survey sponsored by HSBC Life found.
Ninety-eight percent of the surveyed respondents aged 30 to 70 worried about aging due to healthcare costs, insufficient savings, income security and inflation, the survey showed.
Contrary to traditional convention, 40 percent believe parents should support their children even in adulthood, but only 25 percent have enough savings to do so.
Meanwhile, the insurance firm revealed it recorded double-digit sales growth in the first-half of 2021, and that it now has a total of 320,000 annuities.
The growth was despite border restrictions and a lack of mainland China visitors, said Edward Moncreiffe, the chief executive officer for Hong Kong at HSBC Life.
HSBC Life also said it has launched a new inflation-beating annuity product called the Flourish Income Annuity Plan, offering a 3 percent annual increment on monthly guaranteed annuity for the first 10 years, and growing non-guaranteed annuity supported by accumulated dividends afterward for up to 25 years or until age 99 after as short as a one-year accumulation.