Social and psychological barriers to private retirement savings in Hong Kong

Kee Lee CHOU, Kar Ming YU, Wai Sum CHAN, Alfred C. M. CHAN, Terry Y. S. LUM, Alex Y. F. ZHU

Research output: Journal PublicationsJournal Article (refereed)Researchpeer-review

4 Citations (Scopus)

Abstract

Using a phone survey conducted among Hong Kong workers, we examined the association of institutional, social, and psychological factors with engagement in both private retirement savings and the total amount of savings. Alarmingly, this study demonstrates that approximately 42% of Hong Kong workers do not save privately for their retirement. We found that age, education, number of children, support from spouse and friends, social regulation, perceived financial knowledge, and financial management capacity are associated with engagement in private retirement savings. Among those who saved, age, education, perceived financial knowledge, and financial management capacity are related to the amount of savings. Measures that could increase the social support for retirement savings as well as enhance their financial knowledge and management ability should be developed and implemented so that more workers engage in private retirement savings. A promising policy option for the Hong Kong government is to offer a tax incentive to promote additional savings for old-age income protection.
Original languageEnglish
Pages (from-to)308-323
Number of pages16
JournalJournal of Aging and Social Policy
Volume26
Issue number4
Early online date10 Jul 2014
DOIs
Publication statusPublished - 2014

Fingerprint

Retirement
Hong Kong
retirement
savings
Knowledge Management
Psychology
Financial Management
financial management
knowledge management
worker
Education
Aptitude
Taxes
Spouses
Social Support
Motivation
psychological factors
institutional factors
number of children
old age

Bibliographical note

This study was supported by grants from the Research Grant Council Strategic Public Policy Research (HKIEd 7001-SPPR-11).

Keywords

  • Chinese
  • Hong Kong
  • private retirement savings
  • working adults

Cite this

CHOU, Kee Lee ; YU, Kar Ming ; CHAN, Wai Sum ; CHAN, Alfred C. M. ; LUM, Terry Y. S. ; ZHU, Alex Y. F. / Social and psychological barriers to private retirement savings in Hong Kong. In: Journal of Aging and Social Policy. 2014 ; Vol. 26, No. 4. pp. 308-323.
@article{a5ecbd4475034999bd29dedeaf79cce4,
title = "Social and psychological barriers to private retirement savings in Hong Kong",
abstract = "Using a phone survey conducted among Hong Kong workers, we examined the association of institutional, social, and psychological factors with engagement in both private retirement savings and the total amount of savings. Alarmingly, this study demonstrates that approximately 42{\%} of Hong Kong workers do not save privately for their retirement. We found that age, education, number of children, support from spouse and friends, social regulation, perceived financial knowledge, and financial management capacity are associated with engagement in private retirement savings. Among those who saved, age, education, perceived financial knowledge, and financial management capacity are related to the amount of savings. Measures that could increase the social support for retirement savings as well as enhance their financial knowledge and management ability should be developed and implemented so that more workers engage in private retirement savings. A promising policy option for the Hong Kong government is to offer a tax incentive to promote additional savings for old-age income protection.",
keywords = "Chinese, Hong Kong, private retirement savings, working adults",
author = "CHOU, {Kee Lee} and YU, {Kar Ming} and CHAN, {Wai Sum} and CHAN, {Alfred C. M.} and LUM, {Terry Y. S.} and ZHU, {Alex Y. F.}",
note = "This study was supported by grants from the Research Grant Council Strategic Public Policy Research (HKIEd 7001-SPPR-11).",
year = "2014",
doi = "10.1080/08959420.2014.939840",
language = "English",
volume = "26",
pages = "308--323",
journal = "Journal of Aging and Social Policy",
issn = "0895-9420",
publisher = "Routledge",
number = "4",

}

Social and psychological barriers to private retirement savings in Hong Kong. / CHOU, Kee Lee; YU, Kar Ming; CHAN, Wai Sum; CHAN, Alfred C. M.; LUM, Terry Y. S.; ZHU, Alex Y. F.

In: Journal of Aging and Social Policy, Vol. 26, No. 4, 2014, p. 308-323.

Research output: Journal PublicationsJournal Article (refereed)Researchpeer-review

TY - JOUR

T1 - Social and psychological barriers to private retirement savings in Hong Kong

AU - CHOU, Kee Lee

AU - YU, Kar Ming

AU - CHAN, Wai Sum

AU - CHAN, Alfred C. M.

AU - LUM, Terry Y. S.

AU - ZHU, Alex Y. F.

N1 - This study was supported by grants from the Research Grant Council Strategic Public Policy Research (HKIEd 7001-SPPR-11).

PY - 2014

Y1 - 2014

N2 - Using a phone survey conducted among Hong Kong workers, we examined the association of institutional, social, and psychological factors with engagement in both private retirement savings and the total amount of savings. Alarmingly, this study demonstrates that approximately 42% of Hong Kong workers do not save privately for their retirement. We found that age, education, number of children, support from spouse and friends, social regulation, perceived financial knowledge, and financial management capacity are associated with engagement in private retirement savings. Among those who saved, age, education, perceived financial knowledge, and financial management capacity are related to the amount of savings. Measures that could increase the social support for retirement savings as well as enhance their financial knowledge and management ability should be developed and implemented so that more workers engage in private retirement savings. A promising policy option for the Hong Kong government is to offer a tax incentive to promote additional savings for old-age income protection.

AB - Using a phone survey conducted among Hong Kong workers, we examined the association of institutional, social, and psychological factors with engagement in both private retirement savings and the total amount of savings. Alarmingly, this study demonstrates that approximately 42% of Hong Kong workers do not save privately for their retirement. We found that age, education, number of children, support from spouse and friends, social regulation, perceived financial knowledge, and financial management capacity are associated with engagement in private retirement savings. Among those who saved, age, education, perceived financial knowledge, and financial management capacity are related to the amount of savings. Measures that could increase the social support for retirement savings as well as enhance their financial knowledge and management ability should be developed and implemented so that more workers engage in private retirement savings. A promising policy option for the Hong Kong government is to offer a tax incentive to promote additional savings for old-age income protection.

KW - Chinese

KW - Hong Kong

KW - private retirement savings

KW - working adults

UR - http://commons.ln.edu.hk/sw_master/2391

UR - https://www.scopus.com/inward/record.uri?eid=2-s2.0-84907458305&doi=10.1080%2f08959420.2014.939840&partnerID=40&md5=e565b206697e73de93662f223a9f182b

U2 - 10.1080/08959420.2014.939840

DO - 10.1080/08959420.2014.939840

M3 - Journal Article (refereed)

VL - 26

SP - 308

EP - 323

JO - Journal of Aging and Social Policy

JF - Journal of Aging and Social Policy

SN - 0895-9420

IS - 4

ER -