Hang Seng Research Underlines the Need for Sandwich Generation to Grow Their Retirement Funds [Yahoo! Finance]
HANG SENG BANK LTD S/ADR (HSNGY)
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Source: Yahoo! Finance
HONG KONG Feb. 19, 2024 /PRNewswire/ -- Hong Kong's 'Sandwich Generation' – those supporting both elders and children – is known for its disciplined approach to saving for the future. A recent Hang Seng Bank ('Hang Seng') survey revealed that this group is concerned about their retirement, with a majority yet to save half of their retirement funds. While respondents' ideal retirement age is around 60, more than half face a shortfall of 50% or more from their retirement fund target. The survey interviewed over 300 people with kids and parents across Hong Kong to better understand the financial concerns and needs of the Sandwich Generation. Findings show that they put aside an average of 21% of their household income for savings or investment. Despite over 80% expressing interest in wealth management products and keen to generate stable passive income, many may be missing out on maximising returns or achieving long-term wealth appreciation due to a lack of confidence in selecting the
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