Hong Kong residents, who have a longer life expectancy than the global average, anticipate experiencing poor health during their retirement years, starting as early as their mid-60s. A recent survey underscores the importance of prioritising health planning in Hong Kong, according to the Manulife Asia Care Survey by Media OutReach.
The survey found that Hong Kong residents usually plan to retire at 63 years old and expect to experience chronic or other health issues by 64. With an average life expectancy of 85 years, they may face over 20 years of retirement with poor health. While Hong Kong acknowledges the importance of health planning, the timeline for savings is deemed unrealistic.
Only 10% of respondents considered their physical health to be excellent, while just 11% believe their mental health is excellent, which is less than half the regional average. The survey also revealed that the 25-34 age group is dragging down the overall percentages for Hong Kong.
The rising price of medical treatment is a significant concern in Hong Kong, with 47% of respondents worried about the cost of treatment if diagnosed with a severe illness. Furthermore, 29% of respondents are uncertain who will care for them if they do become ill.
While 37% of respondents consider saving for healthcare or medical needs as one of their top three financial goals, the survey revealed that their expectations of achieving this goal within seven years may not be realistic, given the length of retirement and over-reliance on cash savings.
Nevertheless, more than 9-in-10 respondents said they are taking action to address health issues by increasing exercise, improving their diet, having regular health checks and closely monitoring their health.
