Facing up to an ageing population

Drastic demographic changes as people live longer and have fewer children require a new approach

IT IS OFTEN SAID that Hong Kong's greatest asset is its people. Renowned for hard work, resilience and entrepreneurial spirit, their efforts are credited with creating one of the world's greatest economic success stories.

But sustaining this success for future generations will be a major challenge as a low birth rate, an ageing population and longer life expectancies cause critical changes in demographic characteristics.

At present, 12.1 per cent or 840,000 of Hong Kong's population are considered elderly people. In 2033, this figure is expected to rise to 26.8 per cent, or 2.24 million people. To address concerns related to an ageing population, the Hong Kong government set up a task force in 2001 on policy to meet the needs of the growing number of aged, to foster the concept of active and healthy ageing, to promote social integration of new arrivals, and to ensure the long-term sustainability of economic growth.

One of the world's most comprehensive studies on global attitudes to ageing and retirement, carried out last year by HSBC, found Hongkongers have a different attitude to retirement from people elsewhere in the world.

Choy Chung-foo, chief executive of HSBC Insurance (Asia-Pacific) Holdings, said they did not want to work when they retired, and did not see work as part of a happy retirement.