Asians not saving enough for old age – study

Asians do not have enough savings to cover their day-to-day needs when they retire, a study by Hong Kong and Shanghai Banking Corp (HSBC) retail banking and wealth management group noted. Retirement savings of Asians can only support them for another 9 to 12 years, but wealth managers said Asians expect to live 15 to 21 years more after retirement. With longer life spans, financial planning is key so Asians can retire comfortably with around $40,000 per year. The most expensive country to retire in Asia and the Pacific region is Australia where retirees need around $60,471 per year. Those from Hong Kong will need $56,217, and from Singapore, $48,773.


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Hongkong business district image via Shutterstock