How retirement is financed in the East and West

Abstract

Financing retirement is an important aspect of later life that is related to overall healthy living and wellbeing. Very little is known about the attitudes of people towards their individual future retirement plans, accrued savings or even finances once they are into old age. There are no comparative studies across geographical regions that may help with understanding the complex behaviour of individuals and social norms. This chapter examines how life in retirement in the UK and Hong Kong is financed while also capturing regional disparities. This study uses data collected from primary sources in both territories. A sample of 800 employed people in the UK and 800 employed people in Hong Kong were sampled during 2013-14. The age ranges were 45 – 65, with most people aged 50 and over. Sampling took place across income groups and professions and included both men and women while the sample profile closely matched that of the UK and Hong Kong populations. Quantitative analysis was carried out in order to answer key research questions. The findings suggest that employees plan to work longer than their actual retirement age and are not prepared for retirement whereas educated and higher income groups generally have savings plans in place to finance their later lives. These findings have significant implications for organisations and policy makers