Many people hope to enjoy their retirement by developing hobbies and travelling around the world, but lack of financial knowledge may be an obstacle to that.
A recent study by UK-headquartered bank Standard Chartered found that, on average, 67% of people aged 35 to 59 across Asia have started planning for their retirement.
Malaysia tops the chart with 78% of people who have started planning, followed by Singapore (74%), China and Hong Kong (both 63%) and Taiwan (57%).
Not everyone is happy
But when asked about whether they will meet their goals, on average, only 52% feel they are financially on track to achieve their desired lifestyle.
China took first place with 73% feeling confident about fulfilling their objectives.
Taiwan followed with 59%, and then Malaysia (52%), Singapore (46%), and Hong Kong with the least number of people (36%), who felt like they had the right provisions in place to achieve their dream retirement.
Lacking knowledge
Fernando Morillo, global head of retail products and segments at Standard Chartered, said: “While people in our markets are accumulating more wealth, they are also living longer.
“When you combine this with increased cost of housing and education, and a greater appetite for leisure and travel, it’s clear that retirement savings needs to increase.
“Making the right financial decisions has never been more important but, as our retirement study clearly shows, many consumers feel they lack the financial knowledge to invest.
“We want to ensure that all our clients have the knowledge to make informed decisions to grow their wealth and realise their dreams.”
The study surveyed 1,000 wealthy individuals aged 35 to 59 across China, Hong Kong, Malaysia, Singapore and Taiwan.
