Source:
https://scmp.com/news/hong-kong/economy/article/2047988/hong-kong-debt-levels-double-decade-property-boom-takes-its
Hong Kong/ Hong Kong economy

Hong Kong debt levels double in a decade as property boom takes its toll

Survey also warns that pension savings are inadequate and the elderly will need to accumulate considerably more to support themselves

The report showed that housing accounted for the bulk of spending – 36 per cent of monthly expenditure. Photo: Jonathan Wong

Hong Kong’s households are nearly twice as much in debt as they were a decade ago, with grass-roots families earning less than what they spend every month, research by the city’s legislature has found.

A survey released by the Legislative Council research office on Monday also revealed retirees’ inability to support themselves solely with their Mandatory Provident Fund pension savings, emphasising a need to accumulate “substantial” retirement money to live without financial assistance.