Hong Kong residents face confidence gap in financial and personal wellbeing
Hong Kong residents face confidence gap in financial and personal wellbeing | Insurance Business Asia
Life & Health
Hong Kong residents face confidence gap in financial and personal wellbeing
Rising healthcare costs deemed major concern
Life & Health
By
Roxanne Libatique
A recent Manulife Asia Care Survey has highlighted a significant confidence gap among Hong Kong residents regarding their financial, mental, and physical wellbeing for the next decade.
This gap underscores the interplay between financial stress, emotional health, and physical wellbeing, suggesting a need for an integrated approach to personal health.
Conducted in January and February, the survey involved over 1,000 adults aged 25 to 60 in Hong Kong.
Healthcare costs challenge Hong Kong residents’ financial stability
The survey identified rising healthcare costs as a primary obstacle to achieving financial wellbeing, with 69% of participants expressing concern.
Respondents perceived an 18% increase in healthcare expenses over the past year, particularly in out-patient services (22%), medications (15%), and preventive care (14%). These rising costs impose a considerable financial strain on individuals.
In response to these rising costs, respondents reported taking various actions to manage their finances, such as:
paying closer attention to their diet (41%)
opting for less expensive healthcare services (25%)
delaying or forgoing medical check-ups (19%)
selecting insurance plans with lower premiums and fewer benefits (18%)
These responses illustrate the financial pressures and complex decisions people face in maintaining their financial and physical health.
Mental health’s impact on physical wellbeing
The survey also examined the relationship between mental and physical wellbeing.
Stress (34%) and anxiety (28%) were identified as leading potential mental health issues affecting future wellbeing. This finding reflects the known connection between mental health and physical conditions.
Concerns about severe illnesses like cancer and heart disease were also noted as major barriers to achieving physical well-being goals.
Patrick Graham, CEO of Manulife Hong Kong and Macau, highlighted the importance of a balanced approach to wellbeing.
“Given the escalating healthcare costs and resulting financial stress, combined with the prevalence of mental health concerns, it is important for people in Hong Kong to reconsider their approach to holistic wellbeing,” he said. “As a steadfast advocate of the ‘mind-body wealth’ concept, which stresses the importance of achieving balance in financial, mental, and physical aspects of wellbeing for a healthier and more fulfilling life, we are dedicated to improving the overall wellbeing of Hong Kong people across these aspects.”
Changing expectations for financial support and retirement
The survey revealed shifts in financial expectations regarding support from future generations.
About 37% of Hong Kong adults with children, or planning to have children, do not expect financial support from their offspring in old age. Consequently, 70% of married respondents with children plan to delay their retirement age, which could affect retirement planning products and services.
“Proactive financial planning is a potent tool for addressing the evolving needs of various life stages,” Graham said. “We encourage Hongkongers not to limit themselves to saving for the future but to adopt an informed, forward-thinking financial planning approach. By consulting with a financial planner, they can uncover comprehensive solutions tailored to their long-term aspirations. This not only empowers them but also puts them in command of their journey towards a secure financial future.”
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
