Seven in ten HK retirees expect to leave an inheritance, says study
Seven in 10 (70 per cent) Hong Kong retirees expect to leave an inheritance to their children, with an average amount of USD145,943, according to an HSBC study.
The Future of Retirement Life after work? found that Australians are the most generous retirees in the world, with the average inheritance expected to be USD501,919. The UK’s retirees were the third most generous, after Singapore (USD370,966), with the average inheritance expected to be USD284,145.
HSBC’s research, which surveyed over 16,000 people in 15 countries and territories found that around the world, nearly seven in ten (69 per cent) retirees expect to leave an inheritance to their children with an average value of USD148,205.
Elaine Lai, HSBC’s head of wealth development for Hong Kong, retail banking and wealth management, says: “The findings show that the majority of Hong Kong parents expect to leave an inheritance to their children. However, other needs over the course of one’s life, such as paying for children’s education and preparing for medical care may hinder long-term savings. For people who have planned to leave an inheritance, legacy planning should form an integral part of their overall financial planning so as not to compromise other key wealth needs, such as protection and retirement.”
Retirees in India, Mexico and Malaysia emerged as the most likely to leave a legacy, with 86 per cent, 84 per cent and 78 per cent, respectively, saying they expect to leave an inheritance. This compares to just 56 per cent of retired people in the US and 57 per cent in Canada.
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