Hongkongers prioritise ‘ageing gracefully with dignity’ rather than leaving inheritance as financial goal, poll shows
- ‘Family needs’ still top legacy planning pick in South China Morning Post survey, but one third of respondents choose ‘personal accomplishments’
- Research also finds residents’ desire to support social causes has become significant consideration for both financial and legacy planning
The world has been changing at an unprecedented speed since the start of the 21st century, with rapid technological advances transforming the way people live their lives and interact with one another. This has led many of us to rethink our priorities.
The life goals of previous generations, such as getting married and having children, and then relying on our children to care for us in our later years, are no longer the only options available.
In Hong Kong, official data shows the number of registered marriages has steadily increased since 2020 – rising from 27,900 to 47,500 last year. But the percentage of women choosing not to have children has more than doubled, up from 20.6 per cent in 2017 to 43.2 per cent in 2022, the Family Planning Association of Hong Kong reported.
Achieving financial security independently is the No 1 priority for most people today. One recent South China Morning Post poll found that, when it comes to financial goals, most respondents prioritise the present, with “ageing gracefully and with dignity” the runaway No 1 wish of 64 per cent of them. This was followed by “providing an inheritance for family” (23 per cent) and “supporting causes I care about” (13 per cent).
The same poll found that most of the people who have considered legacy planning want to prioritise family needs, with nearly 58 per cent choosing it as their top choice. “Personal accomplishments” came second at 29 per cent, while more than 13 per cent of respondents chose “charitable causes”.
