The Wong couple is in their 50s now and has a son in secondary school. Earning around HK$30,000 per month, they don't find it too difficult to afford their $10,000 monthly rent and other living expenditures. However, they can't help but give a frown upon their future: After their retirement in 10 years, their living expenses will solely depend on their son whose income is yet unpredictable, yet their personal saving and Mandatory Provident Fund (MPF) may not last for long.

Many Hong Kong citizens are facing similar situations. With the extending longevity, many have more than 20 years of retired life. The concept of "bringing up children to provide against old age" may not work well in the current social context even if the children still adhere to the Filial Piety tradition: The average starting salary of most university graduates is around $10,000, which can hardly manage to support the parents while first covering one's personal expenses. To make matter worse, the expenses of the children will dramatically increase after they started their own family.

Recommended Citation

Tang, P. H. (2014). Trend: Retirement planning for quality retirement life. Asia Pacific Institute of Ageing Studies Newsletter, 5, 9-10. Retrieved from http://commons.ln.edu.hk/apias_nlj/vol5/iss1/17/