Most Hongkongers prefer living a fulfilling life up to age 75 rather than an ordinary one until 80, reflecting shifting perceptions of longevity and the growing demand for silver economy-related financial products, according to Manulife’s annual Asia Care survey.
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Nearly 80 per cent of the respondents said they do not want to live longer with poor health and financial conditions, but want to “live independently and do what is important”, according to the study released on Thursday, which polled 1,000 Hongkongers in the first two months of this year.
“As Hong Kong embraces the silver economy, the findings from our latest Asia Care survey underscore a notable shift in Hongkongers’ mindset that people are not just living longer, but they are [also] making a priority of living better,” said Celia Ling Pui, chief marketing officer for Manulife Hong Kong and Macau. “This opens up golden opportunities for insurers to support ageing with purpose and independence.”
Manulife, alongside HSBC and BOC Life, is among the financial firms targeting retirees with new investment products that offer regular income streams amid a broader government-led initiative to capture opportunities in the so-called silver economy.
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Elderly, alone and barely getting by: the plight of Hong Kong’s most underprivileged seniors
Elderly, alone and barely getting by: the plight of Hong Kong’s most underprivileged seniors
People aged 65 and above made up 22 per cent of the 7.5 million residents in Hong Kong last year, according to official data, and senior citizens were expected to account for 31 per cent of the population by 2036.
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The Manulife survey showed that nine in 10 respondents were open-minded about making lifestyle changes to ensure their financial wellness in old age, such as seeking cross-border medical healthcare, which costs less, and buying cheaper meals.