42% of affluent Asians feel unprepared for retirement: HSBC

For affluent Asians, retirement planning is the top financial goal behind financial security, according to HSBC’s Quality of Life Report 2024, which studied 11,230 individuals aged 25 to 39 with investible assets ranging from US$100,000 to $2 million on what they would find to be a good quality of life.

The participants include those living in 11 markets worldwide, with Asian respondents making up 60% of the sample size.

Respondents living in Hong Kong, China and Taiwan are less optimistic about retirement than those in other markets, with 47%, 55% and 51% of surveyed individuals from these locations, respectively, saying they do not feel ready for retirement.

Around 60% of respondents in Hong Kong plan to work after retirement, while the figure is 58% and 46% for those in Taiwan and China, respectively.

The report also found that well-off Asians are also less likely to have established a will or succession plan, with just 33% having done so compared to the 43% seen outside the region, according to Asian Banking & Finance magazine.

Globally, 68% of affluent individuals surveyed cite the rising cost of living as their primary concern, followed by inflation's impact on savings with 61% sharing this worry.

Gen Xers, aged 44 to 59, are less likely than other generations to have comprehensive retirement plans, while three in ten baby boomers, aged 60 to 69, are falling behind on their savings goals.