Research FindingsBack

The questionnaire comprised a total of 14 opinion questions and ended by registering some basic demographics of the respondents. The key findings are highlighted in this section, please refer to the respective frequency tables for details (Appendix II). It should be noted that, figures reported hereafter have been rounded up to the nearest integer after considering the second decimal place.

The survey began by asking all respondents what would be their most desirable retirement age. Results showed that over one-third of the sample considered retiring at 60-years old as the most desirable (35%) and the mean desirable retirement age of the sample is 58.5-years (S.D = 0.26; Table 3).

With regards the most desirable amount of retirement fund, the mean value registered for the sample is $3.9 million (S.D = 0.13 million), with more than one-fifth respondents respectively believed a retirement fund of HK$1,000,001 to HK$2,000,000 (23%), HK$2,000,001 to HK$4,000,000 (22%), and HK$4,000,001 to HK$6,000,000 (21%) would be most desirable (Table 4).

When asked which would be the major sources of support for their old age life after retirement, nearly two-thirds said they would mainly rely on their 「personal savings」 (65%). Besides, just over a quarter of the sample said 「investment」 (25%) would be a major source whereas over one-fifth mentioned 「earnings from offspring」 (23%). Only a respective of 14% and 12% would regard 「MPF」 and 「Pension」 as their major sources of support for their living after retirement. Meanwhile, other less frequently mentioned sources included: 「Government Social Welfare」 (5%) and 「earnings from spouse」 (4%). Another 5% did not have any idea while a small amount said they would never retire (1%; Table 5).

Which aspects the respondents would spend most of their retirement fund in? Results showed that 「daily life expenditure」 (84%) topped the list as named by majority of the respondents, followed at a large distance by 「medical expenses」 (36%), 「housing」 (23%) and 「enjoying life」 (20%; Table 6).

Among the 341 respondents who were currently working full-time / part-time and retirees, over three-quarters (77%) were currently being or had been covered by an MPF scheme. As high as 89% of these MPF members believed the current MPF contributions were not sufficient for their retirement life. When asked what would be a more preferred retirement protection scheme, a respective of more than one-tenth of these unsatisfied respondents named 「personal investment」 (14%) and 「amending the current system and increase the employer's contribution to an average of 13.4% (S.D=1.16%) of one's monthly salary」 (13%). Other preferred schemes included: 「amending the current system to increase the profit of contribution (9%), 「Government to provide additional subsidies」 (9%), 「amending the current system and increase the employee's contribution to an average of 11.4% (S.D.= 0.62%) of one's monthly salary」 (9%), 「personal savings」 (9%), 「scrap the current system」 (4%), 「more choices of MPF scheme」 (4%), 「amending the current system and lift the salary cap」 (4%), 「implementing a Universal Pension Scheme」 (4%), as well as 「amending the current system and reduce the administration fees」 (3%). Nevertheless, almost 40% of these unsatisfied respondents had no idea on how a desirable retirement protection scheme should be like (38%; Tables 10-12).

When asked if the Government eventually decided to implement the Universal Pension Scheme, would they support or object that all Hong Kong people, including housewives and non-working women, should be entitled to it, the majority of respondents showed support (76%) whereas about one in seven objected (13%). Another 4% opted for the middle ground 「half-half」 while 7% opted for 「don't know / hard to say」 (Table 13).

Results of this survey also revealed that majority thought the existing retirement protection provided for women, including housewives and non-working women, in Hong Kong is 「insufficient」 (79%), with major reasons being 「full-time housewives were not covered by any retirement protection scheme」 (36%) and 「not enough social welfare for elderly women」 (35%). Other less frequently mentioned reasons included 「women could only rely on the support of spouse / family members」 (11%), 「inflation / poor economic prospects」 (6%), 「not enough social welfare for elderly women」 (6%), 「most Hong Kong women still needed to take care of the family, which affected their preparation for retirement」 (6%) and 「there were still sex discrimination against women which affected their opportunity」 (3%). At the same time, one in seven could not give any reasons (14%; Table 15).

As on the current social welfare system, in particular the retirement protection, more than half of the sample regarded it as 「fair」 to both genders, just less than a quarter (23%) thought the opposite, a respective of around one-tenth opted for 「half-half」 (11%) and 「don't know / hard to say」 (11%). Among the 115 respondents who regarded the existing system 「unfair」 to different genders, majority believed that 「providing more medical care protection for women」 (62%) and 「establishing special funds to protect women who were financially supported by spouses / family」 (62%) could improve the unfair situation. At the same time, as high as 58% and 56% regarded 「providing more child-care services, so working women could concentrate on pursuing their career」 and 「establishing a Universal Pension Scheme」 as measures that could improve the unfair situation. Another 47% believed 「educating women to prepare for their retirement」. Last of all just above one-fifth believed 「raising the contribution of MPF for working women」 (22%) could improve the situation, and only 2% of the sample did not have a clue (Tables 16 & 17).

The survey ended by asking all female respondents which existing LegCo member they thought could represent and fight for women's right most. Results showed that Audrey Eu topped the list, as named by 6% of the sample, followed at a distance by Regina Ip (3%), Emily Lau (3%) and Tanya Chan (2%). However, as many as 80% of them actually had no idea at all (80%) and another 3% thought there was 「none」 that could represent and fight for women's right among the existing LegCo members (Table 18).