MPF only retirement savings for 41.5pc of Hongkongers

PUBLISHED : Wednesday, 07 November, 2012, 1:27pm
UPDATED : Wednesday, 07 November, 2012, 1:45pm

Over 40 per cent of Hongkongers are not setting aside savings specifically for retirement apart from their Mandatory Provident Fund accounts, according to a survey released on Wednesday.

Conducted by the Hong Kong Institute of Education’s department of Asian and policy studies, the poll found 41.5 per cent of respondents were not saving retirement funds apart from their MPF accounts, said Professor Chou Kee-lee, the department’s associate head.

The survey polled 1,005 people, aged 25-65, in August and September.

It did not ask people how big their savings accounts were or if they had children to support them financially. People will struggle to live healthy lives in retirement if they rely only on their MPF account, Chou said.