People nearing or past age 65 are increasingly choosing to work longer. Between 2011 and 2021, the share of labour force participants aged 55 to 64 years rose from 49% to 59%, and that of people aged 65 and over more than doubled, from 6.2% to 12.5%, according to a report released by Prudential plc.

Financial need is a major motivator in Hong Kong in the decision to prolong one’s working life, as lifespans in Hong Kong grow longer, says the report which is titled “Working Longer in Hong Kong Challenges of an Ageing Workforce”. The report is based on an Asia-wide survey conducted by Economist Impact

Only half (52%) of the 300 respondents from Hong Kong are satisfied with the state of their financial health today while 59%, the second lowest percentage across the 13 Asian markets surveyed, are confident of saving enough financially to enable living to or beyond age 80.

More respondents (76%) who are aged 35-44 age in Hong Kong want to work and progress continually in their career until they are ready to retire, compared to the younger cohort, aged 24-34 (63%).

While remaining active is often part of the motivation for choosing to work past retirement age, the primary reason for most people is financial,” said Mr Peace Wong, chief officer of policy research and advocacy with the Hong Kong Council of Social Service, a non-governmental organisation.

Increasingly, people in Hong Kong can expect to live until age 80 or longer: the average life expectancy in the territory is now 86 years.

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