Although the city's retirement planning industry has evolved steadily in the past decade, becoming more tightly regulated with a broader array of products, a pension culture has yet to fully develop.
Indeed, investors are savvier in their approach towards saving for the future, but few have yet to link retirement planning with their overall financial planning.
'There is greater knowledge and better information flow about financial planning, so people are focusing not on when to start the process but how to maximise their returns,' says Bonnie Tse, senior vice-president and managing director of AIA Pension and Trustee.
'However, many still think of the Mandatory Provident Fund as an aside that is not part of their investment portfolio. There is still some way to go before the gap between financial planning and retirement planning closes.'
With life expectancy is projected to reach 90 for women and 83 for men by 2039, the ramifications of living and perhaps even working for longer are weighing heavily on the minds of those working today.
A wider and more sophisticated product range, including unit trusts, life insurance and medical insurance, are emerging on the market, helping to address the broader fabric of wealth building.
That is part of the reason why HSBC has, for instance, seen new premiums for life insurance grow sevenfold in the last decade as people seek greater financial independence for themselves and their families, says Francesca McDonagh, head of personal financial services at HSBC.