Fidelity Charlotte Chan
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Fidelity Global Women & Money Study 2022: Nearly 50% of Women in Hong Kong are Facing Retirement Income Challenges

7th May 2022 | Hong Kong

In the 2022 March findings of the Fidelity Global Women & Money Study 2022, nearly 50% of women (46%) do not feel confident that they have sufficient income for retirement, higher than the 43% of men who feel the same.  As Hong Kong’s border reopens and social restrictions ease, residents in the city may already be making plans on where to travel or how to spend their money.   While prioritising short-term spending over long-term savings can be tempting, it is important not to forget to plan for the future.   Charlotte Chan, Fidelity International Head of Distribution & Hong Kong Workplace and Personal Investing:  ”Maintaining good savings and spending habits, as well as seeking appropriate financial advice, can help maximise the value of their hard-earned income and stay on track to achieving a comfortable retirement.  As Hong Kong reopens and residents plan their spending, they should take a moment to review their long-term financial goals and consider setting aside a bit more money towards their retirement savings and investment pools. Recent market volatility may have weighed on investors’ confidence, but it is worth noting that volatility is an inevitable and inherent part of investing. Experience tells us that some of the most interesting investment opportunities appear during down markets. If investors buy assets with low valuations during this time, it may present favourable returns when the market rebounds. Staying focussed on the longer term and staying invested throughout different market cycles can help investors smooth returns and generate more discretionary income at different stages of life.”

“ Nearly 50% of Women in Hong Kong are Facing Retirement Income Challenges “

 

Fidelity Global Women & Money Study 2022

Fidelity Charlotte Chan
Fidelity Charlotte Chan

Fidelity’s Global Women & Money Study 2022 shows that nearly half of women (46%) do not feel confident that they have sufficient income for retirement, higher than the 43% of men who feel the same.

Nearly half of women in Hong Kong may face retirement income challenges, potentially due to the lack of confidence in financial planning. On average, women in Hong Kong expect to retire at age 63, two years earlier than men’s expected retirement age of 65. Once retired, women expect to fund 21 years in retirement and anticipate relying upon HK$22,000 per month on average. In comparison, men expect to fund 20 years in retirement and anticipate relying upon HK$23,000 per month on average.

Only 32% of women and 37% of men in Hong Kong say they are confident in their financial situation as a whole, and 33% of women say they are confident in their ability to make their pension contributions whereas 40% of men say the same.

Women in particular are less active in their retirement contributions and planning. According to the 2022 study, less than a third (27%) of women say they regularly make additional contributions to their pension and 37% of women say they actively make decisions about how their pension should be invested.

Barriers that prevent women from saving or saving more into their pensions include a lack of available funds after outgoings (37%), not knowing how best to save for retirement (31%) and having other saving priorities, such as for a house or a car (20%).

 

What matters most in retirement to women and men

Both men and women are aligned on the factors to consider when planning how much they need in retirement. Topping the list is the required or desired standard of living in retirement (women: 47%, men: 46%), followed by disposable income in retirement (women: 46%, men: 46%) and what they can save for retirement after essential bills have been paid (women:39%, men: 43%).

Over 60% of women prioritise being able to travel in retirement, followed by maintaining personal hobbies and being able to afford care to stay in their own home. Men rank being able to travel and maintaining personal hobbies in retirement as equally important.

 

Chart 1: What matters most in retirement to women and men

Fidelity Global Women Money Study 2022 Chart 1
Fidelity Global Women & Money Study 2022 Chart 1

 

Long-term investing to navigate through market volatility

The current market conditions continue to be a top concern for many, despite their retirement being years away. The continued pandemic uncertainty (66%), the long-term health of the economy (51%), and market volatility (51%) are a few areas women in Hong Kong are worried about. This may explain why that over the past 12 months, women are more likely than men to have decreased the amount they save, invest or contribute to their pensions.

 

Chart 2: Financial changes over the last 12 months

Fidelity Global Women Money Study 2022 Chart 2
Fidelity Global Women & Money Study 2022 Chart 2

 

Charlotte Chan, Fidelity International Head of Distribution & Hong Kong Workplace and Personal Investing:
Fidelity Charlotte Chan Headshot
Fidelity Charlotte Chan

”With the survey findings suggest that a sizeable proportion of women believing that they do not have sufficient income to fund 21 years in retirement, it is even more critical they plan early and set realistic, achievable goals. Maintaining good savings and spending habits, as well as seeking appropriate financial advice, can help maximise the value of their hard-earned income and stay on track to achieving a comfortable retirement.

As Hong Kong reopens and residents plan their spending, they should take a moment to review their long-term financial goals and consider setting aside a bit more money towards their retirement savings and investment pools. Recent market volatility may have weighed on investors’ confidence, but it is worth noting that volatility is an inevitable and inherent part of investing. Experience tells us that some of the most interesting investment opportunities appear during down markets. If investors buy assets with low valuations during this time, it may present favourable returns when the market rebounds. Staying focussed on the longer term and staying invested throughout different market cycles can help investors smooth returns and generate more discretionary income at different stages of life.”

 

About Fidelity International

Fidelity International offers investment solutions and services and retirement expertise to more than 2.7 million customers globally. As a privately-held, purpose-driven company with a 50-year heritage, we think generationally and invest for the long term. Operating in more than 25 locations and with $812.8 billion in total assets, our clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers and wealth managers, to private individuals.

Our Workplace & Personal Financial Health business provides individuals, advisers and employers with access to world-class investment choices, third-party solutions, administration services and pension guidance. Together with our Investment Solutions & Services business, we invest $610.5 billion on behalf of our clients. By combining our asset management expertise with our solutions for workplace and personal investing, we work together to build better financial futures. Data as at 31 December 2021.


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