According to the latest jobsDB 2019 Job Seeker Salary Survey, over 80% of Hong Kong employees expressed financial concerns about retirement. The top three concerns expressed by respondents were:
- Increased medical expenses while aging (64%)
- Insufficient government welfare for elderly people (53%)
- Inability to afford housing expenses (39%)
The survey canvassed the opinion of 3,192 job-seekers this year, showing that employees aged 36 or above chose ‘cannot find a job for living’ as their third concern about retirement (40%). Meanwhile, in the over-50 category, almost half of the respondents shared the same concern, 15% of them felt that their financial situations are more challenging than two years ago, and 22% have taken up part-time or freelance work to increase income, the highest among all age groups.
Absence of universal retirement protection, overloaded public healthcare and surging living costs have made local workers wonder if their current financial situations can guarantee post-retirement security.
Middle-aged employees in Hong Kong also worry about their financial conditions despite being a long way from retirement. Respondents who felt stronger financial pressure compared with two years ago (23%) spend more on accommodation (20%) and less on saving or investment (11%). Hong Kong was recently revealed as the least affordable housing market for the eighth year in a row.
Paul Arkwright
Publisher
