Most Hongkongers fear that they will run out of money during their retirement despite saving the largest share of their income among people in 15 countries, a global study has found. The study has prompted calls for the government to introduce a universal retirement scheme - something Chief Executive Leung Chun-ying poured cold water over in his annual policy address last week. The research, commissioned by HSBC, found that Hongkongers on average save 31 per cent of their annual income for retirement, followed by 30 per cent for Taiwanese and 29 per cent for Singaporeans. People in Western countries save far less, with Australians saving 15 per cent, Americans 14 per cent and Britons just 11 per cent. "Adequate preparation for retirement requires long-term planning … the longer the investment horizon, the more likely they will be able to weather market volatility and benefit from compounding returns," said Diana Cesar, HSBC's head of retail banking and wealth management. Wong Hung, associate professor of social work at Chinese University, said Hongkongers needed to save more than people in other countries because they could not depend entirely on the Mandatory Provident Fund. "The contributions made to the MPF accounts are just very small," he said. At present, employees must pay 5 per cent of their monthly salary into their MPF account, while their employers contribute another 5 per cent, capped at HK$1,500. In other countries, he said, employees contributed as much as 20 per cent. The poll also found that 77 per cent of Hongkongers were worried about running out of money during retirement, compared to the Asian and global average of 67 per cent. And among every five Hongkongers polled, two believed that their standard of living in retirement would be worse than it was before they stopped working. In addition, 34 per cent said the global economic downtown had affected their ability to save for retirement, while 24 per cent said paying their home mortgage also had an impact. Wong said that some elderly people were concerned even if they had HK$1 million in the bank, amid rising life expectancy. He called for a universal retirement scheme. Average life expectancy for men in Hong Kong has increased from 67.8 years in 1971 to 81.1 years in 2013. For women it has risen from 75.3 years to 86.7 years. Professor Chou Kee-lee, an expert on retirement at the Institute of Education, said many Hongkongers did not trust the MPF and preferred to save for retirement themselves. Many also felt they could not depend on their children during retirement because the soaring cost of living meant younger generations were often struggling, too. HSBC commissioned Ipsos MORI to poll 16,000 people aged 25 or over, including 1,000 people in Hong Kong, from August to September last year.