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Financial goals challenged by rising healthcare costs
Two in three Hong Kongers with children are now putting off retirement plans. Sing Tao
Staff Reporter
Nearly 70 percent of Hong Kong people believe that rising healthcare costs make it difficult for them to achieve their desired financial well-being, according to a survey conducted by Manulife.
The survey, conducted between January and February this year, interviewed more than 1,000 adults aged 25 to 60 in Hong Kong about their confidence in achieving their desired financial, mental and physical well-being within 10 years.
About 69 percent of respondents cited rising healthcare costs as the top challenge affecting their ability to achieve optimal financial well-being, the survey showed.
This concern is magnified by a perceived 18 percent increase in healthcare expenditures over the past year, particularly in areas such as outpatient services (22 percent), medications (15 percent) and preventative health care (14 percent).
To counter the impact of escalating healthcare costs, the survey found that respondents in Hong Kong are resorting to a number of measures, including watching their diet more carefully (41 percent), using cheaper healthcare services ( 25 percent), delaying or skipping body exams (19 percent) and choosing medical insurance plans with lower premiums and fewer benefits (18 percent).
The survey revealed a shift in financial expectations for future generations. The traditional expectation that children serve as future sources of income appears to be disappearing, as around 37 percent of Hong Kong adults surveyed with children or planning to have children do not anticipate their children supporting them financially in their old age. .
With this change in expectations, 70 percent of married people with children intend to postpone retirement, according to the survey.