Interest in GBA retirement high, yet insurance needs underscored

An AIA Hong Kong survey showed nearly 40% of the respondents want to retire in GBA cities.

About nine of 10 Hong Kongers are interested in working or retiring in the Greater Bay Area (GBA), however, 25% may lack medical protection post-retirement, with 12% having no insurance and 13% having only group insurance.

AIA Hong Kong’s 15th AIA Desired Retirement Tracker survey revealed the attitudes of Hong Kong's workforce towards employment or retirement in GBA cities, with 50% of respondents stating their openness to work in the area.

In terms of age, 66% of younger respondents (18-29 years old) expressed openness. Top support needed from employers includes dormitory/housing allowance (77%), medical protection across GBA (71%), and transportation allowance (66%).

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Almost 40% of respondents stated their interest in retiring in GBA cities, with Zhuhai (34%), Shenzhen (31%), and Guangzhou (29%) being top preferences. Reasons for interest include lower cost of living (80%), property prices (58%), and better neighbourhood environments (54%).

Despite the interest, 85% of respondents are confident in their retirement reserves supporting desired lifestyles, but 63% may face shortfalls, with a median shortfall of HK$1.97m.

The survey, conducted by Cimigo, involved 1,085 working people aged 18 to 65 with at least one MPF account, ensuring representation of Hong Kong's working population. It was conducted through online questionnaires and face-to-face interviews between 13 and 27 November.