Hongkongers have more concerns about their retirement years than their peers on the mainland and in Taiwan, a new HSBC survey has found.

The study, titled Investing in Later Life, surveyed 40,000 people in 25 countries and territories about their thoughts on retirement. Across China, about 5,000 people aged 40 to 79 were polled.

About 65 percent of Hong Kong respondents said they were worried about illness or disabilities.

Comparatively, 54 percent felt the same on the mainland, and fewer than half felt that way in Taiwan.

Lacking money and having to depend on other people in retirement were the biggest concerns by Hong Kong respondents, with 63 percent saying they fear not having enough money.

On the mainland, that number drops to 47 percent, and it's 43 percent in Taiwan.

Joseph Lin, a 55 year old who works for a publishing house in Hong Kong and plans to retire in 10 years, said: "I would be lying if I said I'm not seriously worried. I am very fearful that I won't have enough money to sustain my life after retirement; the issue keeps me awake at night sometimes. I should have planned earlier, like when I was 22 years old, but I started the plan fairly late.

"I have some savings and investments, but I can't totally rely on them, so I'm looking for more efficient investment products".

The survey shows savings are the main source of Hong Kong people's retirement income. Profits from trading shares and funds are also important.

Penelope Kan, 28, is an executive assistant at a Hong Kong law firm. She believes it's best to have a concrete retirement plan in place by the age of 30, and admitted that she is concerned about her life after retirement.

"I will invest in funds and properties and enjoy the shade from the tree I planted at early age," she said. Savings is also the main source of income on the mainland and Taiwan. However, annuities, instead of stocks, are reported as the second main sources of income for retired people in those regions.

The survey, conducted by the Oxford University's Institute of Ageing, found that Hongkongers utilize different means of support than their peers on the mainland and in Taiwan.

In Hong Kong, most respondents ranked children or family as the most important pillars contributing to their retirement income. While on the mainland, the government is considered by most people as the major source of support in retirement.

"I feel pretty secure about my retirement life as long as I am still with a State-controlled institution; I will be all right if the policy doesn't change," said a public servant on the mainland.

(HK Edition 06/13/2008 page2)