Financial knowhow eludes HK elderly

(CHINADAILY) Nearly40percentoftheelderlylackfinancialknowledgeandfacedifficultysavingmoney,accordingresearchfromtheBuildingCapacityforElderlyFinancialEducationinHongKongprojectbyPoLeungKuk.

WithHongKong’srapidlyagingpopulation,theelderlyarefacinguniquefinancialchallengesinretirementwhilecopingwithdiseasesanddisabilities.

Agroupof681elderlyweresurveyed,covering15elderlyservicecentersinHongKong.Thesurveyshowedthataround40percentofrespondentsdonothavelong-termfinancialgoals.Amongthosefacingfinancialdifficulties,morethanhalfonlyfocusonreducingexpensesand20percentwillborrowmoney.

Lackoffinancialknowledgeamongtheelderlyisalsoreflectedinthesurvey,withnearlyhalfpreferringtospendratherthansaveforthefutureandunawareofriskswheninvesting.

Planningforretirementneedstobeemphasizedamongtheelderly.About90percenthavenoideaoftheirlivingexpensesafterretirementandmanyrelyongovernmentwelfareandfamilysupporttopayfortheirretirementlife.

ChairProfessorofSocialGerontologyofLingnanUniversityAlfredChanCheung-mingsaidwhole-lifeplanningshouldbeencouragedbecauseearlypreparationforretirementisimportanttoeveryone.Chansaidtoomanyseniorcitizenspaidlittleattentiontotheirfinancialstatus.

OneoftherecommendationsoftheKuk’sresearchistoprovidefinancialtrainingprogramsforsocialworkerstogivebasicfinancialadvicetoseniors,helpingthosewithdifficultiesindailylife.

Oneelderlypersonsurveyedintheproject,AuYeungFung-chee,saidherinterestinfinancialplanningandhersenseofsafetyhadincreasedbecauseshehasbecomemoreawareofherabilitytosavemoneyduringtheproject.Anothersurveyedsenior,ChowFung-sin,agreedthatitwasimportantfortheelderlytodevelopthehabitofsavingmoneyonadailybasis.

Centre-in-ChargeofPoLeungKuk’sLifePlanningandFinancialEducationCentreRayChongsaidthegroupwouldexpanditsfinancialeducationworkfortheelderlytomoreplaces,inthehopeofraisingseniorcitizens’awarenessoffinancialplanning.Theywillcooperatewithdifferentcentersandsocialworkerstohelptheelderlyinfinancialeducation.