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Start saving for retirement now!
18 Jun 2025
In the Chinese culture, the older generation tends to rely on their children to support them after they retire. However, nowadays Hong Kong people life expectancy has increased to older than 80 years old. You can imagine the challenges your children will bear if you just solely depend on them on economic support.
1. Older workers worry about the insufficient retirement fund
According to the annual Global Sentiment Survey1 conducted by Fidelity International, the latest figures indicate that “Preparations for later life” and “Being financially comfortable in retirement ” are primary financial goals for 97% of Hong Kong workers. However, about 30% of them expressed that they have no confidence in achieving these respective goals. Meanwhile, 40% of older workers* are anxious about using up their retirement savings too soon and 19% are worried about the inability to generate income after retirement.
The survey also reveals that on average 34% of respondents expect retirement expenditures to account for 26% to 50% of their pre-retirement income.
As a result, more than 23% of respondents aged 50 and above anticipate delaying their retirement, with 45% of them explaining insufficient retirement savings as the main reason.
To prevent facing a shortage of resources after retirement, workers should commence saving for retirement at the soonest.
2. Saving 20% of income for retirement
Fidelity's Retirement Savings Guidelines2 suggest that Hong Kongers should save 20% of pre-tax pre-retirement income starting from 25 years old. Fidelity estimates that you need to have 12 times pre-retirement income savings by age 65. That 12 times goal may seem ambitious.But you have many years to achieve it. It is recommended to have at least 2 times pre-retirement income by ag 30, 5 times by age 40, 8 times by age 50 and 11 times by age 60.
3. 1% Power of Small Amounts
If you have difficulty saving 20% right now, try to commit to an additional 1% contribution into your workplace pensions scheme. 1% of your income sounds small but the benefits of compounding over 20 or 30 years could may make a significant difference in the size of your pension pot when you retire.
Want to know how much of an impact a 1% increase in savings or workplace pension can make for you? Use our interactive calculator. See how a small change can make a big difference.
Indeed, 1% is just a start. The more you can save, the better. Whether it's 1%, 3% or 5% extra, the additional money saved today could make a big difference when it comes to helping you achieve the retirement you want.
1 The sample consisted of 37,000 respondents with the following qualifying conditions: aged 20-75, employed full-time or part-time and had a minimum household income of: Australia: AUD $45,000 annually; Brazil: BRL $1,501 monthly; Canada: CAD $30,000 annually; China: CNY ¥5,000 monthly ;Denmark: DKK Kr.100,000 annually; France: EUR €20,000 annually; Germany: EUR €20,000 annually; Hong Kong: HKD $15,000 monthly; India: INR ₹55,001 annually; Republic of Ireland: EUR €20,000 annually; Italy: EUR €15,000 annually; Japan: JPY ¥1.5m annually; Mexico: MXN $4,500 monthly; Netherlands: EUR €20,000 annually; Saudi Arabia: SAR ر.س.4,000 monthly; Singapore: SGD $2,000 monthly; South Korea: KRW ₩1.0m monthly; Spain: EUR €15,000 annually; Sweden: SEK kr200,000 annually; Switzerland: CHF ₣20,000 annually; United Kingdom: GBP £10,000 annually; United Arab Emirates: AED دإ. 5,000 monthly; United States: USD $20,000 annually; New markets surveyed in 2024: Argentina: ARS $3,000,001 annually; Chile: 3,000,001 CLP annually; Colombia: COP $7,000,001 annually; Kuwait: KWD د.ك 6,000 annually; Nigeria: NGN ₦1,000,000 NGN annually; Philippines: PHP ₱10,001 monthly; Poland: PLN zł20,000 PLN annually; South Africa: ZAR R20,000 annually; Thailand: 60,000 baht annually; Vietnam: VND ₫24,000,000 VND annually; Taiwan: TWD NT$300,000 annually.
The data collection, research and analysis for the above markets was completed in partnership with Opinium, a strategic insight agency. Data collection took place between June and September 2024. Reporting and analysis took place between August and October 2024.
2 Fidelity Retirement Savings Guidelines is based on four key metrics - savings milestones, savings rate, income replacement rate and probable sustainable withdrawal rate. Fidelity Retirement Savings Guidelines suggest that people in Hong Kong should save 12 times their annual income by the age of 65 and save at least 20% of pre-tax income in order to maintain their current lifestyle in retirement. The Fidelity Retirement Savings Guidelines are for reference only and certain assumptions are applied.
* Younger workers, aged 20-38; Middle-aged workers, aged 39-54; Older workers, aged 55≥
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